RADNOR, Pa., April 24, 2013 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (NYSE:PVA) announced today that, as of 5:00 p.m., New York City time, today (Consent Expiration), as reported by the tender agent, it had received tenders and consents from holders of approximately $173 million, or 58 percent, of the principal amount of its outstanding 10.375 percent senior notes due 2016 (2016 Senior Notes), in connection with its previously announced tender offer (Offer) and consent solicitation respecting the 2016 Senior Notes. PVA intends to execute later today a supplemental indenture with respect to the indenture governing the 2016 Senior Notes (Indenture) that will shorten to three business days the minimum notice period for optional redemptions and eliminate substantially all restrictive covenants and certain default provisions contained in the Indenture. The supplemental indenture, however, will not become operative until PVA has purchased a majority in principal amount of the 2016 Senior Notes pursuant to the terms of the Offer. PVA's obligation to accept for purchase, and to pay for, any 2016 Senior Notes pursuant to the Offer is subject to a number of conditions that are set forth in the Offer to Purchase and Consent Solicitation Statement, dated April 11, 2013, as amended on April 18, 2013, including the closings earlier today of PVA's previously announced Eagle Ford Shale acquisition and its private placement of $775 million in principal amount of 8.50 percent senior notes due 2020. Subject to the satisfaction or waiver of the remaining customary conditions to the Offer, PVA expects to pay tomorrow to all holders who validly tendered their 2016 Senior Notes prior to the Consent Expiration, and did not withdraw them prior to 5:00 p.m., New York City time, today (Withdrawal Time), the Total Consideration of $1,065.34 for each $1,000 principal amount of 2016 Senior Notes, which includes a $30.00 consent payment.