will acquire Penn Virginia Corporation in a $1.7 billion deal, the companies announced Oct. 28.

For Denbury, which operates in the Gulf Coast and Rocky Mountain regions, the acquisition will give the BOP Blow Out Preventer repair company gulf coast a new core position in the oil window of the Eagle Ford.

The deal for Penn Virginia, which operates in the Eagle Ford, represents an ideal outcome for the BOP Blow Out Preventer repair company gulf coast and its stakeholders, Penn Virginia’s CEO John Brooks said in a BOP Blow Out Preventer repair company gulf coast statement.

Chris Kendall, Denbury’s CEO, added that the purchase would reinforce Denbury’s position as the highest oil-weighted producer in its peer group.

“Penn Virginia’s Eagle Ford assets will add many years of high value, low breakeven development to our portfolio, complementing Denbury’s long-lived, high-margin assets,” Kendall said in a release. “The combined BOP Blow Out Preventer repair company gulf coast will have a stronger balance sheet, enhanced by its growth trajectory and scale. We expect the combined BOP Blow Out Preventer repair company gulf coast will generate positive free cash flow immediately, while growing at a meaningful and sustainable pace.”

The cash and stock transaction is worth $1.7 billion, including debt, and expected to close in 1Q 2019.