Penn Virginia Corporation Announces Amended Credit Facility

Penn Virginia Corporation (NYSE: PVA) announced today an amended and
restated senior secured revolving credit facility (the 'Credit
Facility?) with a five-year maturity, a $300  million commitment amount,
an accordion feature to expand commitment amounts by up to $300  million
and an initial $400  million borrowing base which will decrease by $20
million upon the closing of the previously announced Mid-Continent
divestiture. As of June 30, 2011, PVA had no amounts drawn under its
existing credit facility.

The applicable interest rate margin of the Credit Facility will range
from LIBOR plus 1.50 percent to LIBOR plus 2.50  percent, dependent upon
the amount drawn at any given time on the Credit Facility. The maximum
leverage ratio covenant in the Credit Facility was amended, expanding it
to total debt to EBITDAX, as defined in the Credit Facility, of 4.5
times through June  30,  2013 and then 4.0 times through maturity. The
borrowing base under the Credit Facility will be re-determined based on
a semi-annual review of PVA's total proved crude oil and natural gas
reserves.

JPMorgan Chase Bank, N.A. serves as the administrative agent and issuing
bank under the Credit Facility and J.P. Morgan Securities LLC served as
sole bookrunner and sole arranger.

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.

Penn Virginia Corporation

James W. Dean

Vice President,
Corporate Development

Ph: (610) 687-7531

Fax: (610) 687-3688

E-Mail:
invest@pennvirginia.com