Penn Virginia Corporation Closes $155 Million in Concurrent Public Offerings of Common Stock and Depositary Shares Representing Convertible Preferred Equity

17.10.2012  |  Business Wire

Penn Virginia Corporation (NYSE: PVA) today announced the closing of its
previously announced concurrent public offerings of $40 million
(8,000,000 shares) of common stock and $115 ?million of depositary shares
(1,150,000 shares) each representing a fractional ownership interest in
a share of convertible perpetual preferred stock (the 'Preferred
Equity?).

The depositary shares issued in the Preferred Equity offering reflect
the full exercise of over-allotment options granted to the underwriters
in the offering. In connection with the common stock offering, PVA has
granted the underwriters a 30-day option to purchase up to 1,200,000
additional shares of common stock to cover overallotments.

The net proceeds from the common stock offering were approximately $38
million, after deducting underwriting commissions and expenses. The net
proceeds from the Preferred Equity offering were approximately
$111 ?million, after deducting underwriting commissions and expenses.

PVA intends to use the net proceeds from the offerings to repay the
remaining outstanding borrowings under its revolving credit facility and
for general corporate purposes.

In connection with the common stock offering, Credit Suisse Securities
(USA) LLC, RBC Capital Markets and Wells Fargo Securities acted as joint
book-running managers and Canaccord Genuity Inc., Scotiabank / Howard
Weil and Johnson Rice & Company L.L.C. acted as co-managers. In
connection with the Preferred Equity offering, Credit Suisse Securities
(USA) LLC, RBC Capital Markets and Wells Fargo Securities acted as joint
book-running managers and Capital One Southcoast, Inc. and Scotiabank /
Howard Weil acted as co-managers.

Each of the offerings was made only by means of a prospectus and related
prospectus supplement, which have been filed with the Securities and
Exchange Commission (SEC). Copies of the prospectuses and related
prospectus supplements for the offerings may be obtained from Credit
Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue,
New York, NY 10010, or by calling 1-800-221-1037.

This announcement is neither an offer to sell nor a solicitation of
an offer to buy any of these securities and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful.

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, Oklahoma, Mississippi and Pennsylvania.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; any impairments, write-downs or write-offs of our
reserves or assets; 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; our ability to compete effectively against other
independent and major oil and natural gas companies; our ability to
successfully monetize select assets and repay our debt; 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; the effect of commodity and
financial derivative arrangements; 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; our ability to retain or
attract senior management and key technical employees; counterparty risk
related to their ability to meet their future obligations; changes in
governmental regulation 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 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.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein, nor
shall there be any sale of these securities in any jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. The offerings may be made only by means of a prospectus
and prospectus supplement meeting the requirements of Section 10 of the
Securities Act of 1933, as amended. The offerings will be made pursuant
to an effective shelf registration statement, which was previously filed
by PVA with the SEC, and prospectus supplements and accompanying
prospectus, which were filed by PVA with the SEC.