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Penn Virginia Corporation Announces First Quarter 2013 Results And Updates 2013 Guidance, Including Recent Eagle Ford Shale Acquisition

2013 Oil Production Growth Now Expected to be 60 to 78 Percent

Recent Results Have De-Risked Lavaca County Eagle Ford Shale Potential

Initial Success Identifies Additional Eagle Ford Shale Interval

RADNOR, Pa., May 8, 2013 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (NYSE:PVA) today reported financial results for the three months ended March 31, 2013 and provided an update of its operations and 2013 guidance.

First Quarter 2013 Highlights

First quarter 2013 financial results, as compared to fourth quarter 2012 results, were as follows:

  • Product revenues from the sale of oil, natural gas liquids (NGLs) and natural gas were $82.2 million, or $57.61 per barrel of oil equivalent (BOE), increases of eight percent compared to $76.0 million, or $53.48 per BOE
  • Oil and NGL revenues were $70.2 million, or 85 percent of product revenues, an increase of 11 percent compared to $63.2 million, or 83 percent of product revenues
  • Operating margin, a non-GAAP (generally accepted accounting principles) measure, was $38.55 per BOE, a decrease of two percent compared to $39.29 per BOE
  • Operating loss was $3.0 million, compared to a loss of $6.0 million, excluding impairments in the fourth quarter of 2012
  • Adjusted EBITDAX, a non-GAAP measure, was $60.3 million, a decrease of three percent compared to $62.3 million
  • Loss attributable to common shareholders (which includes our preferred stock dividend) was $18.1 million, or $0.33 per diluted share, compared to a loss of $56.1 million, or $1.05 per diluted share
  • Adjusted loss attributable to common shareholders (which includes our preferred stock dividend), a non-GAAP measure which excludes the effects of certain costs and other gains or losses that affect comparability to other periods, was $10.4 million, or $0.19 per diluted share, compared to a loss of $11.8 million, or $0.22 per diluted share

Recent operational highlights were as follows:

  • Production of 1.4 million BOE (MMBOE), or 15,857 BOE per day (BOEPD), in the first quarter of 2013, compared to 1.4 MMBOE, or 15,444 BOEPD, in the fourth quarter of 2012 (a three percent increase in the daily rate)
  • Eagle Ford Shale net production was 7,523 BOEPD in the first quarter of 2013, compared to 6,872 BOEPD in the fourth quarter of 2012 (a nine percent increase in the daily rate)
  • Oil and NGL production was 58 percent of production in the first quarter of 2013 compared to 56 percent in the fourth quarter of 2012
  • Including the Eagle Ford Shale assets acquired from Magnum Hunter Resources Corporation (NYSE: MHR) in April 2013, we currently have a total of 120 (84.2 net) Eagle Ford Shale producing wells, with 15 (8.8 net) wells either completing or waiting on completion and seven (4.1 net) wells being drilled
  • The average peak gross production rate per well for the 104 (76.1 net) operated wells completed to date was 1,069 BOEPD. The initial 30-day average gross production rate for the 98 of these 104 wells with a 30‑day production history was 683 BOEPD
  • The average peak gross production rate per well for the 15 most recent operated wells was 1,399 BOEPD. The initial 30-day average gross production rate for the 11 of these 15 wells with a 30-day production history was 830 BOEPD. These recent production improvements are likely attributable to a majority of these recent wells being located in Lavaca County, which is structurally downdip of Gonzales County and, therefore, have an increased reservoir pressure and higher oil and gas production rates. In addition, many of these wells had longer lateral lengths and an increased number of frac stages. Going forward, our drilling program in Lavaca County will primarily include wells with longer lateral lengths.
  • Currently, we have a total of approximately 80,200 (54,200 net) acres in the Eagle Ford Shale, approximately 66,900 (47,700 net) of which are operated

Definitions of non-GAAP financial measures and reconciliations of these non-GAAP financial measures to GAAP-based measures appear later in this release. First quarter financial and production results do not reflect any contributions from the acquired MHR assets.

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