Penn Virginia Corporation Announces the Closing of Its Divestiture of Non-Core Mid-Continent Properties for $30.5 Million

Penn Virginia Corporation (NYSE: PVA) today announced that it has closed
the previously announced sale of substantially all of its Arkoma Basin
properties for $30.5 million in cash. PVA intends to use the net
proceeds from this sale to fund, in part, its 2011 capital expenditure
plan, as well as for general corporate purposes.

RBC Richardson Barr served as PVA′s financial advisor in connection with
the transaction.

H. Baird Whitehead, President and Chief Executive Officer, stated, 'We
are pleased to have completed this sale of non-core, natural gas assets.
Given their gassy nature and our current focus on drilling higher
rate-of-return, oily locations in the Eagle Ford Shale and Anadarko
Basin, as well as our substantial retained inventory of natural gas
drilling locations in east Texas, Mississippi and Appalachia, we were
unlikely to develop these assets in the future. Barring further
investment on our part, the divested assets were expected to generate
negative operating income and undergo substantial declines in both
production and reserves from 2012 forward. Furthermore, the divestiture
further enhances our strong liquidity position, which, together with
increasing cash flows, continues to be more than sufficient to fund our
expected capital expenditures program in 2011 and 2012.?

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, natural gas liquids (NGLs) and oil;
our ability to develop, explore for, acquire and replace oil and gas
reserves and sustain production; any impairments, write-downs or
write-offs of our reserves or assets; the projected demand for and
supply of natural gas, NGLs and oil; reductions in the borrowing base
under our revolving credit facility; our ability to contract for
drilling rigs, supplies and services at reasonable costs; our ability to
obtain adequate pipeline transportation capacity for our oil and gas
production at reasonable cost and to sell the production at, or at
reasonable discounts to, market prices; the uncertainties inherent in
projecting future rates of production for our wells and the extent to
which actual production differs from estimated proved oil and gas
reserves; drilling and operating risks; our ability to compete
effectively against other independent and major oil and natural gas
companies; uncertainties related to expected benefits from acquisitions
of oil and natural gas properties; environmental liabilities that are
not covered by an effective indemnity or insurance; the timing of
receipt of necessary regulatory permits; the effect of commodity and
financial derivative arrangements; our ability to maintain adequate
financial liquidity and to access adequate levels of capital on
reasonable terms; the occurrence of unusual weather or operating
conditions, including force majeure events; our ability to retain or
attract senior management and key technical employees; counterparty risk
related to their ability to meet their future obligations; changes in
governmental regulation or enforcement practices, especially with
respect to environmental, health and safety matters; uncertainties
relating to general domestic and international economic and political
conditions; 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

610-687-7531

Fax: 610-687-3688

invest@pennvirginia.com