Penn Virginia Corporation Announces Increased Net Acreage in Its Lavaca County Eagle Ford Shale Position Due to Non-Consent Drilling Elections by Its Partner

Penn Virginia Corporation (NYSE: PVA) today announced that our current
40 percent working interest partner in our Lavaca County Eagle Ford
Shale acreage has elected to go non-consent on the last 17 initial unit
wells we have drilled or expect to drill on this acreage. We intend to
seek a partner to acquire this 40% working interest, but we have not set
a timeframe nor can we give any assurance that our search will be
successful.

Of these 17 initial unit wells, seven have been drilled, two are being
drilled and eight remain to be drilled. Upon the drilling of each of
these initial unit wells, our current 40 percent working interest
partner will have no participatory rights in any subsequent wells
drilled in such unit. As a result, our net Eagle Ford Shale acreage in
Lavaca County will increase from approximately 9,200 acres to
approximately 13,400 acres upon the drilling of all of these initial
unit wells.

We expect that each of the drilling units will support up to an
additional four primary development wells after the initial well. To
date, our Lavaca County wells have generally met or exceeded
expectations with average reserves of approximately 500 MBOE and
attractive economics.

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, Oklahoma, Mississippi and Pennsylvania.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, our ability to drill the proposed wells
that are the subject of the non-consent, the volatility of commodity
prices for oil and natural gas liquids; the projected demand for and
supply of oil and natural gas liquids; 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; leasehold terms expiring before production can be
established; environmental liabilities that are not covered by an
effective indemnity or insurance; the timing of receipt of necessary
regulatory permits; 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 regulations 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 SEC.

Additional information concerning risks related to the statements made
herein 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