Penn Virginia Corporation Successfully Completes Consent Solicitation Relating to Its 10.375% Senior Notes Due 2016

04.04.2011  |  Business Wire

Penn Virginia Corporation (NYSE: PVA) announced today that it has
successfully completed its consent solicitation (the 'Consent
Solicitation?) to amend a provision of the indenture (the 'Indenture?)
governing its outstanding 10.375% Senior Notes due 2016. The Consent
Solicitation passed with approximately 98% of the bondholders consenting
to the amendment.

The amendment to the Indenture will permit PVA to purchase, repurchase,
redeem, defease or otherwise acquire for value PVA′s outstanding 4.50%
Convertible Senior Subordinated Notes due 2012 (the 'Convertible
Notes?), and related call options and warrants issued at the time of the
original issuance of the Convertible Notes, using the proceeds of a new
senior debt financing, notwithstanding the covenant in the Indenture
that restricts the making of certain payments by PVA.

Penn Virginia Corporation (NYSE: PVA) is an independent natural gas
and oil company focused on the exploration, acquisition, development and
production of reserves in onshore regions of the U.S., including Texas,
Appalachia, the Mid-Continent region and Mississippi.

For more information, please visit our website at www.pennvirginia.com.

Certain statements contained herein that are not descriptions of
historical facts are 'forward-looking? statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Because such
statements include risks, uncertainties and contingencies, actual
results may differ materially from those expressed or implied by such
forward-looking statements.

Additional information concerning these and other factors can be found
in our press releases and public periodic filings with the Securities
and Exchange Commission. Many of the factors that will determine our
future results are beyond the ability of management to control or
predict. Readers should not place undue reliance on forward-looking
statements, which reflect management′s views only as of the date hereof.
We undertake no obligation to revise or update any forward-looking
statements, or to make any other forward-looking statements, whether as
a result of new information, future events or otherwise.