Penn Virginia Corporation Declares Dividend on Preferred Depositary Shares

The Board of Directors of Penn Virginia Corporation (NYSE: PVA) has
declared a regular quarterly cash dividend of $146.67 per share on its
6.00 percent Series A convertible preferred stock. As a result, on
January 15, 2013, a dividend of $1.4667 per depositary share, each
representing a 1/100^th interest in a share of the Series A
convertible preferred stock, will be paid to holders of record at the
close of business on January 1, 2013.

This dividend reflects the pro rata portion of the PVA′s regular
quarterly cash dividend of $150.00 per share on its 6.00 ?percent Series
A convertible preferred stock ($1.50 per depositary share), representing
the period from October 17, 2012 (the original issue date) through
January 14, 2013.

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.

Penn Virginia Corporation

James W. Dean

Vice President,
Corporate Development

Ph: 610-687-7531

Fax: 610-687-3688

E-Mail:
invest@pennvirginia.com