Penn Virginia Corporation Announces Amendment and Extension of the Tender Offer for Its 4.50% Convertible Senior Subordinated Notes Due 2012

Penn Virginia Corporation (NYSE: PVA) announced today that it has
amended certain terms of its previously announced tender offer for any
and all of its outstanding 4.50% Convertible Senior Subordinated Notes
due 2012 (the 'Convertible Notes?). PVA has amended the tender offer to
extend the tender offer until 12:00 Midnight, New York City time, on
Monday, April 11, 2011 and to state that the noteholder consent
condition described in the Offer to Purchase has been satisfied.

The tender offer has been extended to allow additional time for
noteholders to tender Convertible Notes. The tender offer will expire at
12:00 Midnight, New York City time, on Monday, April 11, 2011, unless
the tender offer is extended or earlier terminated by PVA.

Holders who have previously validly tendered and not withdrawn
Convertible Notes do not need to re-tender their Convertible Notes or
take any other action in response to the extension of the tender offer.
As of 5:00  p.m., New York City time, on April 4, 2011, holders of
approximately $225 million aggregate principal amount of Convertible
Notes, or approximately 98% of the outstanding Convertible Notes, had
tendered and not withdrawn their Convertible Notes pursuant to the
tender offer.

The terms and conditions of the tender offer, prior to the amendments
described in this release, were set forth in PVA′s Offer to Purchase
dated March 8, 2011 (the 'Offer to Purchase?) and Letter of Transmittal,
dated March 8, 2011 (the 'Letter of Transmittal?), and the other related
materials that PVA distributed to holders of the Convertible Notes,
which were filed with the Securities and Exchange Commission ('SEC?) as
exhibits to PVA′s Schedule TO on March 8, 2011 (the 'Original Tender
Offer Materials?). The Original Tender Offer Materials have been amended
and supplemented by Amendment No. 1 to the Schedule TO, which was filed
with the SEC on March 21, 2011, Amendment No. 2 to the Schedule TO,
which was filed with the SEC on March 24, 2011, and Amendment No. 3 to
the Schedule TO, which was filed with the SEC on April 4, 2011
(collectively, the 'Schedule TO Amendments?). The term 'tender offer,?
when used in this release, shall refer to the terms and conditions
described in the Original Tender Offer Materials, as amended and
supplemented by the Schedule TO Amendments and this release.

PVA has appointed J.P. Morgan Securities LLC to act as dealer manager
for the tender offer and has retained Global Bondholder Services
Corporation to serve as the information agent and the depositary.

Questions regarding the tender offer may be directed to J.P. Morgan
Securities LLC at 800-261-5767 (U.S. toll free). Requests for documents
may be directed to Global Bondholder Services Corporation at
866-540-1500 (U.S. toll free) or at 212-430-3774 (collect), or in
writing to 65 Broadway, Suite 404, New York, NY 10006.

The tender offer is only being made pursuant to the terms of the
Original Tender Offer Materials, as amended by the Schedule TO
Amendments. This press release is for informational purposes only and is
not an offer to sell or purchase or the solicitation of an offer to sell
or purchase any securities discussed herein. The tender offer is not
being made in any jurisdiction in which the making or acceptance thereof
would not be in compliance with the securities, 'blue sky' or other laws
of such jurisdiction.

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.

Penn Virginia Corporation

James W. Dean

Vice President,
Corporate Development

Ph: 610-687-7531

Fax: 610-687-3688

invest@pennvirginia.com