Penn Virginia Corporation Provides Operational Update

Penn Virginia Corporation (NYSE: PVA) today provided an update of its
activity in the Eagle Ford and Marcellus Shales.

Eagle Ford Shale

We currently have six producing Eagle Ford Shale wells. These six wells,
in which we have an approximate 83 percent working interest, are
currently producing an aggregate of 4,096 barrels of oil per day (BOPD)
and 2,072 thousand cubic feet (Mcf) of natural gas per day on a gross
basis. The natural gas associated with these wells is also expected to
yield approximately 150 barrels of natural gas liquids (NGLs) per
million cubic feet (MMcf).

• 
  Our initial well, the Gardner #1-H, had a peak 24-hour production rate
  of approximately 1,250 barrels of oil equivalent (BOE) in late
  February 2011 and is still producing approximately 350 BOPD and 240
  Mcf of natural gas per day after 129  days of production, bringing
  cumulative production to approximately 68,000 barrels of oil and
  56  MMcf of natural gas all of which was flared, or approximately
  77,000 BOE.
  
• 
  We recently completed five additional wells, the Hawn Holt #1-H, #2-H,
  #4-H, #6-H and #9-H, which had peak 24-hour production rates, as
  reported to the Texas Railroad Commission, of approximately 726, 986,
  560, 711 and 1,876 BOE per day, respectively. These same wells had
  corresponding peak 24-hour oil production rates of 650, 869, 514, 670,
  and 1,652 BOPD. The Hawn Holt #1-H and #4-H had subsequent increases
  in peak rates of production to 830 and 582 BOE per day, respectively.
  These five new wells were tested at restricted rates with flowing
  pressures that ranged between 1,180 and 2,994 pounds per square inch.
  The total horizontal lateral lengths ranged between 3,827 and 5,063
  feet with between 14 and 18 frac stages per lateral.
  
• 
  In addition to our six producing wells, we are currently drilling
  three wells and have three wells waiting on completion.
  

We extended our agreement with a private service contractor to provide
hydraulic fracturing services primarily in the Eagle Ford Shale, as well
as other plays in east Texas and Oklahoma. This agreement has a one-year
term with an option to extend for additional one-year terms.

Our natural gas midstream service provider in Gonzales County recently
connected our wells to its pipeline and processing facilities. As a
result, we have begun to recognize sales revenue associated with NGL and
residue gas production.

Marcellus Shale

We continue to test our approximately 35,000 net acreage position in
Potter and Tioga Counties, Pennsylvania and have drilled four horizontal
wells. We have completed and commenced testing of three of these wells,
while the fourth well is waiting on completion. The three completed
wells are located in the central portion of our acreage, and the fourth
well is located in the western portion. We plan to move a drilling rig
to test the eastern portion of our acreage during the second half of the
year. In addition, pipeline construction is in progress with sales
expected to begin by early August. Earlier in 2011, we conducted a
formal process to seek a joint venture partner or other alternatives for
this capital-intensive play. Although we are no longer conducting a
formal process, we will continue to consider alternatives for our
Marcellus acreage position.

Management Comments

H. Baird Whitehead, President and Chief Executive Officer, stated, 'The
strong results from our first six Eagle Ford Shale wells are consistent
with our geological and economic models. Extending our fracturing
services agreement in light of potential completion crew availability
issues for the industry, as well as establishing our initial natural gas
midstream takeaway and processing capacity, are important
accomplishments as we look to maximize our returns from this play. We
are currently running three drilling rigs in the Eagle Ford Shale play
and expect to accelerate the growth of our oil and NGL production over
the course of 2011 and beyond.

'We also continue to test our Marcellus Shale position, having recently
completed our initial wells in the central portion of our acreage and
looking to test primarily the eastern area later in the year. Once the
pipeline is completed to these initial wells we will monitor the
production and longer term results.?

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 natural gas, NGLs and crude oil; reductions in our
anticipated capital expenditures; the relationship between natural gas,
NGL and crude oil prices; the projected demand for and supply of natural
gas, NGLs and crude oil; the availability and costs of required drilling
rigs, production equipment and materials; our ability to obtain adequate
pipeline transportation capacity for our oil and gas production;
competition among producers in the oil and natural gas industries
generally; operating risks, including unanticipated geological problems,
incidental to our business; environmental risks affecting the drilling
and producing of oil and gas wells; the timing of receipt of necessary
governmental permits by us; hedging results; accidents; changes in
governmental regulation or enforcement practices, especially with
respect to environmental, health and safety matters; risks and
uncertainties relating to general domestic and international economic
(including inflation, interest rates and financial and credit markets)
and political conditions (including the impact of potential terrorist
attacks); 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

invest@pennvirginia.com