Penn Virginia Corporation Announces Results of the Tender Offer for Its 4.50% Convertible Senior Subordinated Notes Due 2012

Penn Virginia (NYSE: PVA) announced today the expiration and final results of its previously announced cash tender offer for any and all of its outstanding 4.50% Convertible Senior Subordinated Notes due 2012 (the “Convertible Notes”), at a purchase price of $1,035.00 for each $1,000 principal amount of Convertible Notes validly tendered and not validly withdrawn. The tender offer expired at 12:00 midnight, New York City time, on April 12, 2011 (the “Expiration Date”). As of the Expiration Date, approximately $225.1 million aggregate principal amount of the Convertible Notes, representing approximately 98% of the aggregate principal amount of the Convertible Notes outstanding prior to the tender offer, were validly tendered and not validly withdrawn. PVA accepted for purchase all Convertible Notes validly tendered and not validly withdrawn pursuant to the Offer, resulting in aggregate consideration of approximately $233.0 million (plus approximately $4.2 million in aggregate accrued interest), excluding any applicable tax withholding. Payment for the Convertible Notes tendered and accepted for purchase will be made on Wednesday, April 13, 2011. PVA intends to promptly cancel all the Convertible Notes it has accepted for purchase and upon giving effect to such cancellation, approximately $4.9 million aggregate principal amount of the Convertible Notes will remain outstanding.