Penn Virginia Corp. has reached out to potential buyers including Hilcorp Energy Co. and WildHorse Resource Development Corp. ahead of a sale process slated to start next month, Bloomberg News reported. The Houston, Texas-based company will open a data room and solicit initial bids in September. Penn Virginia said in July that it had hired Jefferies Financial Group Inc. to help it evaluate a sale. Penn Virginia primarily drills for oil and gas in the Eagle Ford shale basin in South Texas, after selling its operations in Oklahoma in July. The company emerged from bankruptcy in 2016 after eliminating more than $1 billion of debt.
