Penn Virginia Corporation Provides Marcellus Shale Update

Penn Virginia Corporation (NYSE: PVA) today provided an update of its
activity in the Marcellus Shale.

Peak 24-hour production rates from our first three Marcellus horizontal
wells, the Risser #A-1H, Risser #A-2H and Dunn #A-1H, were approximately
3.1, 2.8 and 4.0 million cubic feet (MMcf) per day, with an average rate
over a 72-hour test period of 2.1, 1.7 and 2.7 MMcf per day,
respectively. These three test wells are located in the central portion
of our approximately 35,000 net acre position in Potter and Tioga
Counties, Pennsylvania. Pipeline construction is in progress with sales
expected to begin by early August. One additional well in the western
portion of our acreage is currently waiting on completion. During the
second half of 2011, we plan to test, initially with vertical wells, the
eastern portion of our acreage, comprised of approximately 20,000 net
acres.

H. Baird Whitehead, President and Chief Executive Officer, stated, 'The
Marcellus Shale test wells had initial production rates which fell short
of our expectations. We will monitor longer term production once these
wells are turned into the pipeline and determine if the reserves can
support a development program in this immediate area. As important, we
will begin testing our eastern acreage position during the second half
of the year.?

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