Penn Virginia Corporation Announces Fourth Quarter and Full-Year 2012 Results; Provides Initial 2013 Guidance

Oil / NGLs Represented 56 Percent of Production and 83 Percent of Product Revenues in the Fourth Quarter

Oil / NGLs Expected to Be over 60 Percent of 2013 Production and over 85 Percent of Product Revenues

2013 Oil Production Growth Expected to Be 23 to 37 Percent

Hedges Cover over 55 Percent of Projected 2013 Oil Production and over 53 Percent of Projected 2013 Gas Production

Year-End 2012 Financial Liquidity of Approximately $316 Million, with a Leverage Ratio of 2.3 Times Adjusted EBITDAX

2012 Adjusted EBITDAX of $248 Million and Fourth Quarter Adjusted EBITDAX of $62 Million