13D Filing: Contrarian Capital and Penn Virginia Corp (PVAC)

Page 3 of 7 – SEC Filing

Item 1. SECURITY AND ISSUER.

This statement on Schedule 13D relates
to the shares (“Shares”) of common stock, par value $0.01 per share, of Penn Virginia Corporation, a Virginia
corporation (the “Issuer”). The principal executive office of the Issuer is located at 14701 St. Mary’s
Lane, Suite 275, Houston, Texas 77079.

Item 2. IDENTITY AND BACKGROUND.

(a) This statement is filed by Contrarian
Capital Management, L.L.C. (the “Reporting Person”). The Reporting Person, a registered investment adviser engaged
in the management of institutional client accounts, serves as investment manager to and has voting and investment discretion over
certain investment vehicles and managed accounts (the “Contrarian Funds”). The managing member of the Reporting
Person is Jon R. Bauer (the “Managing Member”).

(b) The principal business address of
the Reporting Person and the Managing Member is 411 West Putnam Avenue, Suite 425, Greenwich, CT 06830.

(c) The principal business of the Reporting
Person and the Managing Member is investing for accounts under their management.

(d) Neither the Reporting Person nor the Managing
Member has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e) Neither the Reporting Person nor
the Managing Member has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with
respect to such laws.

(f) The Reporting Person is a limited
liability company organized in Delaware. The Managing Member is a citizen of the United States of America.

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

The 1,118,075 Shares reported herein as beneficially
owned by the Reporting Person at an aggregate cost of approximately $24.6 million. The Reporting Person
may effect purchases of the Shares through margin accounts maintained for them with prime brokers, which may extend margin credit
as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock
exchange rules and such firms’ credit policies. Positions in the Shares may be held in margin accounts and may be pledged
as collateral security for the repayment of debit balances in such accounts. Since other securities may be held in such margin
accounts, it may not be possible to determine the amounts, if any, of margin used to purchase the Shares reported herein.

Item 4. PURPOSE OF TRANSACTION.

The Reporting Person acquired the Shares to
which this Schedule 13D relates in the ordinary course of business for investment purposes because it believed that the Shares
were undervalued and represented an attractive investment opportunity.

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