 HOUSTON, July 26, 2021 GLOBE NEWSWIRE -- Penn Virginia Corporation Penn Virginia NASDAQ: PVAC today announced that, subject to market conditions and other factors, its indirect, wholly owned subsidiary Penn Virginia Escrow LLC the Escrow Issuer intends to offer 400 million aggregate principal amount of senior unsecured notes due 2026 the Notes. The gross proceeds of the offering and other funds will initially be deposited in an escrow account pending satisfaction of certain conditions, including the expected consummation of Penn Virginias merger the Lonestar Merger with Lonestar Resources US Inc. Lonestar on or prior to November 26, 2021. Upon satisfaction of the escrow release conditions, Penn Virginia Holdings, LLC Holdings will assume the obligations under the Notes, the Escrow Issuer will be merged with and into Holdings with Holdings as the surviving entity, the Notes will be guaranteed by the subsidiaries of Holdings that guarantee its reserve-based revolving credit facility, and the escrowed proceeds relating to the offering of the Notes will be released. 