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Penn Virginia Corporation Announces Year-End 2012 Proved Reserves And Provides Operational Update

Excluding all PUD wells with negative PV-10 value, the PV-10 value for our proved reserves was $839 million. The estimated year-end 2012 proved reserves included proved developed reserves of 46.5 MMBOE, with a PV-10 value of $628 million, and PUD reserves of 66.5 MMBOE, with a PV-10 value of $64 million (excluding all PUD wells with negative PV-10 value, the PV-10 value of PUD reserves was $211 million). During 2012, we added 18.3 MMBOE of proved reserves from extensions, discoveries, purchases and other additions in the Eagle Ford Shale play.

For the 12-month period ended December 31, 2011, the average HH price for natural gas was $4.12 per MMBtu and the average WTI price for oil was $96.19 per barrel. As a result of the declines in natural gas and NGL prices, together with the situation that we will not be able to develop a portion of our PUD reserves within a five-year time period required under the reserve rules of the Securities and Exchange Commission (SEC), we had 28.7 MMBOE of negative revisions, in the Selma Chalk, Marcellus Shale, Haynesville Shale, Cotton Valley and Granite Wash plays.

Operational Update

Eagle Ford Shale

Net production from the Eagle Ford Shale was 6,872 BOEPD in the fourth quarter of 2012, compared to 6,317 BOEPD in the third quarter of 2012. During the fourth quarter of 2012, we drilled ten (9.0 net) operated wells in the Eagle Ford Shale, all of which were successful. Since late October, we have completed ten (9.0 net) Eagle Ford Shale wells. This brings the total number of on-line wells to 66 (55.1 net), with one (0.9 net) well waiting on completion, two wells being drilled in the Eagle Ford Shale and one horizontal exploratory well being drilled in the Pearsall Shale in Gonzales County.

As previously disclosed, we have initiated the process and are actively seeking a 40 percent working interest partner for our Lavaca County acreage. We expect to have this process completed late in the first quarter. In addition, beginning in 2013, we will initiate the use of pad drilling, which we believe will decrease costs and improve fracture efficiency.

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