EnerVest, a company with operations in Oklahoma City and Elk City completed the sale of its South Texas Division to TPG Pace Energy Holdings Corporation.
As a result, TPGE changed its name to Magnolia Oil and Gas Corporation and will see its Class A Common Stock and Warrants traded on the New York Stock Exchange under the ticker symbols “MGY” and MGY WS.” Magnolia will also be headquartered in Houston.
“We are happy to have completed our acquisition of EnerVest Ltd.’s South Texas Division,” said Steve Chazen, President, Chief Executive Officer and Chairman of Magnolia. “We look forward to delivering on our objective of maximizing shareholder returns by generating steady production growth, strong pre-tax margins and significant free cash flow.”
Additionally, in connection with the closing, Chazen’s long-time colleague Christopher Stavros was appointed as the Company’s Chief Financial Officer. Most recently, Stavros served as Chief Financial Officer of Occidental Petroleum Corporation. Chazen and Stavros share the philosophy of generating attractive full-cycle returns while maintaining a strong balance sheet with low leverage.
On or about August 14, 2018, Magnolia expects to file its quarterly report on Form 10-Q for the quarter ended June 30, 2018 and to release certain financial and operating results for the second quarter and first half of 2018 of the assets Magnolia acquired in the business combination.
