Penn Virginia Corporation Acquires Additional Eagle Ford Shale Acreage

Penn Virginia Corporation (NYSE: PVA) announced today that it acquired
approximately 4,100 net Eagle Ford Shale acres in Gonzales and Lavaca
Counties, Texas for approximately $10 ?million. Under existing joint
venture agreements, other non-operated working interest owners are
expected to acquire approximately 17 percent of the net acreage in
Gonzales County and approximately 46 ?percent of the net acreage in
Lavaca County, increasing our Eagle Ford Shale acreage position by
approximately 3,000 net acres to a total of approximately 30,000 net
acres (approximately 40,100 gross acres). The acquired 3,200 net acres
of leasehold in Gonzales County is adjacent to our development area and
is estimated to contain approximately 20 ?horizontal well locations,
excluding any down spaced drilling opportunities. The acquired 895 net
acres of leasehold in Lavaca County is complementary to existing
leasehold in nine units, with an estimated addition of approximately
10 ?horizontal well locations.

Penn Virginia Corporation (NYSE: PVA) is an independent oil and gas
company engaged primarily in the development, exploration and production
of natural gas and oil in various domestic onshore regions including
Texas, Appalachia, the Mid-Continent 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. These risks, uncertainties and contingencies
include, but are not limited to, the following: the volatility of
commodity prices for oil, natural gas liquids (NGLs) and natural gas;
our ability to develop, explore for, acquire and replace oil and gas
reserves and sustain production; our ability to generate profits or
achieve targeted reserves in our development and exploratory drilling
and well operations; the projected demand for and supply of oil, NGLs
and natural gas; reductions in the borrowing base under our revolving
credit facility; our ability to contract for drilling rigs, supplies and
services at reasonable costs; our ability to obtain adequate pipeline
transportation capacity for our oil and gas production at reasonable
cost and to sell the production at, or at reasonable discounts to,
market prices; the uncertainties inherent in projecting future rates of
production for our wells and the extent to which actual production
differs from estimated proved oil and gas reserves; drilling and
operating risks; leasehold terms expiring before production can be
established; environmental liabilities that are not covered by an
effective indemnity or insurance; the timing of receipt of necessary
regulatory permits; our ability to maintain adequate financial liquidity
and to access adequate levels of capital on reasonable terms; the
occurrence of unusual weather or operating conditions, including force
majeure events; changes in governmental regulations or enforcement
practices, especially with respect to environmental, health and safety
matters; uncertainties relating to general domestic and international
economic and political conditions; and other risks set forth in our
filings with the Securities and Exchange Commission (SEC).

Additional information concerning these and other factors can be found
in our press releases and public periodic filings with the SEC. 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.

Penn Virginia Corporation

James W. Dean

Vice President,
Corporate Development

Ph: 610-687-7531 Fax: 610-687-3688

E-Mail:
invest@pennvirginia.com