Market Overview

Penn Virginia Resource Partners Announces Approval of Merger

Penn Virginia Resource Partners, L.P. (NYSE: PVR) today announced that a majority of PVR unitholders have approved the Agreement and Plan of Merger, dated as of September 21, 2010, as well as the transactions contemplated by such agreement. At its special meeting of unitholders today, 35.31 million PVR units, or 67.52% of the PVR units outstanding and entitled to vote, voted in favor of the merger agreement and related matters.

In addition, approximately 35.32 million PVR units, or 67.54% of the PVR units outstanding and entitled to vote, voted in favor of approval of PVR's Fourth Amended and Restated Partnership Agreement. Of the total votes cast by PVR unitholders, 98.53% voted in favor of the merger

Penn Virginia GP Holdings, L.P. (NYSE: PVG) announced today that it has adjourned the special meeting of the PVG unitholders that was convened this morning, until March 9, 2011 at 10:00 AM local time. Prior to the adjournment of the special meeting, 20.68 million units, or approximately 53% of the PVG units outstanding and entitled to vote, voted in favor of a proposal to adjourn the special meeting to a later date to allow for further time to solicit additional proxies from PVG unitholders.

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