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

Penn Virginia Corporation (NYSE: PVA) announced today the expiration and
final results of its previously announced cash tender offer for any and
all of its outstanding 4.50% Convertible Senior Subordinated Notes due
2012 (the 'Convertible Notes?), at a purchase price of $1,035.00 for
each $1,000 principal amount of Convertible Notes validly tendered and
not validly withdrawn. The tender offer expired at 12:00 midnight, New
York City time, on April 12, 2011 (the 'Expiration Date?).

As of the Expiration Date, approximately $225.1 million aggregate
principal amount of the Convertible Notes, representing approximately
98% of the aggregate principal amount of the Convertible Notes
outstanding prior to the tender offer, were validly tendered and not
validly withdrawn. PVA accepted for purchase all Convertible Notes
validly tendered and not validly withdrawn pursuant to the Offer,
resulting in aggregate consideration of approximately $233.0 million
(plus approximately $4.2 million in aggregate accrued interest),
excluding any applicable tax withholding. Payment for the Convertible
Notes tendered and accepted for purchase will be made on Wednesday,
April 13, 2011. PVA intends to promptly cancel all the Convertible Notes
it has accepted for purchase and upon giving effect to such
cancellation, approximately $4.9 million aggregate principal amount of
the Convertible Notes will remain outstanding.

J.P. Morgan Securities LLC acted as dealer manager and Global Bondholder
Services Corporation served as information agent and depositary for the
tender offer for the Convertible Notes.

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. 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