PVA Investor Presentation 10/12

October 2012Investor Presentation

NYSE: PVA

Forward-Looking Statements, Oil and Gas Reserves and Definitions

1

Forward-Looking Statements

Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements within the meaning of Section 27A of the SecuritiesAct of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies,actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but arenot limited to, the following: the volatility of commodity prices for oil, natural gas liquids (NGLs) and natural gas; our ability to develop, explore for, acquire and replaceoil and gas reserves and sustain production; our ability to generate profits or achieve targeted reserves in our development and exploratory drilling and well operations;any impairments, write-downs or write-offs of our reserves or assets; the projected demand for and supply of oil, NGLs and natural gas; reductions in the borrowingbase under our revolving credit facility; our ability to contract for drilling rigs, supplies and services at reasonable costs; our ability to obtain adequate pipelinetransportation capacity for our oil and gas production at reasonable cost and to sell the production at, or at reasonable discounts to, market prices; the uncertaintiesinherent in projecting future rates of production for our wells and the extent to which actual production differs from estimated proved oil and gas reserves; drilling andoperating risks; our ability to compete effectively against other independent and major oil and natural gas companies; our ability to successfully monetize select assetsand repay our debt; leasehold terms expiring before production can be established; environmental liabilities that are not covered by an effective indemnity orinsurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements; our ability to maintain adequatefinancial liquidity and to access adequate levels of capital on reasonable terms; the occurrence of unusual weather or operating conditions, including force majeureevents; our ability to retain or attract senior management and key technical employees; counterparty risk related to their ability to meet their future obligations;changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; uncertainties relating to generaldomestic and international economic and political conditions; and other risks set forth in our filings with the U.S. Securities and Exchange Commission (SEC).

Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC, including our Annual Report onForm 10-K for the year ended December 31, 2011. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only asof the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as aresult of new information, future events or otherwise.

Oil and Gas Reserves

Effective January 1, 2010, the SEC permits oil and gas companies, in their filings with the SEC, to disclose not only “proved” reserves, but also “probable” reserves and“possible” reserves. As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Anyreserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves notnecessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. Investors are urged to consider closely the disclosure inPVA’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which is available from PVA at Four Radnor Corporate Center, Suite 200, Radnor, PA19087 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov.

Definitions

Proved reserves are those quantities of oil and gas which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to beeconomically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulationbefore the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether theestimate is a deterministic estimate or probabilistic estimate. Probable reserves are those additional reserves that are less certain to be recovered than provedreserves, but which are as likely than not to be recoverable (there should be at least a 50% probability that the quantities actually recovered will equal or exceed theproved plus probable reserve estimates). Possible reserves are those additional reserves that are less certain to be recoverable than probable reserves (there should beat least a 10% probability that the total quantities actually recovered will equal or exceed the proved plus probable plus possible reserve estimates). “3P” reserves referto the sum of proved, probable and possible reserves. Estimated ultimate recovery (EUR) is the sum of reserves remaining as of a given date and cumulative productionas of that date.

PVA Overview

• Small-cap domestic onshore E&P company • Very active in the Eagle Ford Shale oil play with excellent results to date

• HBP positions in East Texas, the Mid-Continent and Mississippi

• While transitioning to oil and liquids, we remain leveraged to an improvement in natural gas prices

• Executing a strategy of growth in oil and NGL rich plays• The past two years have been transformational, as we have diversified our portfolio towards oil and liquids

• Successful drilling results in the Eagle Ford Shale – 57 wells on-line (50 in Gonzales Co. and 7 in Lavaca Co.)

• Adding to Eagle Ford drilling inventory • AMI in Lavaca County with successful exploratory results to date

• Continued leasing and lease acquisition activity

• Strategy has resulted in significant growth in EBITDAX and cash operating margins

• Focused on improving liquidity• Sold $155MM of common and preferred equity in October 2012

• Sold Appalachia (excluding the Marcellus Shale) for $100MM and eliminated $10MM per year dividend in 3Q12

• Received $32MM federal income tax refund in 3Q12

• Current borrowing base of $300MM, with >$350MM of pro forma liquidity and a zero revolver balance

• Oil production hedged from 4Q 2012 through 2014 at weighted average price of ~$100 per barrel

• Added in 2013 natural gas hedges2

• Continue our “Gas-to-Oil” transition• Grew overall oil/NGL production 257% to 8,780 Bbls/day from 2Q10 to 2Q12

− Up ~70% from 5,165 Bbls/day in 2Q11− Oil/NGLs contributed 55% of total pro forma production and 86% of product revenues in 2Q12− Daily oil production alone grew 160% from 2Q11 to 2Q12

• Eagle Ford position built from initial 6,800 net acres a year and a half ago to ~30,000 net acres currently− Up to 342 total well locations, with up to 285 remaining drilling locations− Includes 117 down-spaced development and exploratory locations

• Continue to expand oil and liquids reserves and drilling inventory• Continued leasing and expansion of Eagle Ford – recently acquired ~3,000 net acres plus ~2,000 net acres

associated with non-consents and miscellaneous leasing• Exploration of other oil prospects

− Initial well in Viola Lime prospect in Oklahoma did not meet our expectations partially due to shorter-than-planned lateral, but prospect is not condemned – additional drilling will be necessary

• Continue to grow oil and liquids production and cash flows• Eagle Ford drilling emphasis in 2012 and 2013, recently increased from 2 to 3 rigs• Continued focus on optimizing drilling and completion costs

• Continue to retain substantial gas assets for eventual price recovery• Haynesville Shale, Cotton Valley and Mississippi Selma Chalk are primarily HBP

Business Strategy

3

Value Has Shifted to Oil

Perception: “6-to-1” Equivalent EnvironmentGas Producer With Little to No Production Growth

Reality: “20-to-1” Price EnvironmentOil/NGL Producer With Revenue Growth

Note: Pro forma production excludes contributions from South Texas and South Louisiana assets sold in January 2010, Arkoma Basin assets sold in August 2011 and Appalachian assets sold in July 2012. Revenues are actual amounts received, prior to the impact of derivatives.

~55%

~45%

• In mid-2010, PVA implemented a strategy to transition from dry gas to oil

• Since then, the decrease in gas prices and increase in oil & liquids prices has shifted the market from a “6:1” to a “20:1” liquids-to-gas price environment (25:1 for oil)

• Examining revenue growth by commodity type reveals PVA’s true growth in value

Pro Forma Production by Commodity Mmcfe per day (1 Bbl = 6Mcfe)

Quarterly Revenue by Commodity Pre-hedging: $MM

0

20

40

60

80

100

120

Oil NGLs Base Gas Shale Gas

86%

14%

4

Strong Margins vs. Peers

Source: Company filings.(1) Excludes regional and corporate G&A expenses.(2) PVA 2Q2012 EBITDAX of $60mm per Company press release. See Appendix for PVA’s reconciliation to EBITDAX method. EBITDAX

for peers calculated as total revenues less lease operating expenses and cash G&A unless otherwise disclosed by the company.

• EBITDAX has increased significantly since mid-2010 when we shifted our strategy to oil and NGLs

• Cash margin per Mcfe has also improved significantly due to the increase in oil prices and declining operating costs per unit

• Eagle Ford cash margin was ~$14 per Mcfe (~$84 per Boe) in 2Q12(1)

Quarterly Adjusted EBITDAX and EBITDAX Margin per Mcfe Comparative EBITDAX Margins (2Q2012 EBITDAX / Mcfe)(2)

$1.87 $2.12 $2.24

$2.41

$2.94 $3.23

$3.53

$3.99

$4.46 $4.62

$4.83

$5.40 $5.45 $5.63

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$ pe

r Mcf

e

$0

$1

$2

$3

$4

$5

$6

$7

$0

$10

$20

$30

$40

$50

$60

$70

$ per Mcfe$

Mill

ions

Adjusted EBITDAX Adjusted EBITDAX Margin

5

2012 Capital Plan2012 Capital Spending Focused on Eagle Ford Drilling and Defining New Oily Plays

• Full-year 2012 capital expenditures are expected to be $315 million to $340 million• Spending ~92% on Eagle Ford• Spending ~7% in the Mid-Continent• Includes new capital expenditures related to acreage acquisitions and increased working interests in

the Eagle Ford

• Maintenance capital for other areas• Expect 2013 capital expenditures to be similar to 2012

Capital Expenditures by Area(1) Capital Expenditures by Type(1)

(1) Mid-point of full-year 2012 guidance.6

• Prefunds capital expenditures in high-return Eagle Ford Shale

• Provides capital to continue momentum of increased oil production, oil reserves, operating margins and cash flows

• Current liquidity of >$350 million and zero revolver balance with use of proceeds

• Repay outstanding balances on the revolving credit facility

• Cash of ~$55 million, undrawn revolver of $300 million and ~$2 million of letters of credit

• Offerings expected to “plug” funding gap through year end 2013, with revolver to cover future outspends

• Enhances flexibility to expand acreage in and maintain pace of development of the Eagle Ford Shale

• Ongoing growth of cash flows and production

• Continued expansion of drilling inventory

• Improves positioning to explore or acquire additional oil prospects

Rationale for Recent Equity Offerings

7

$101 $101$99 $99

$98 $98$100 $100 $100 $100

$65

$70

$75

$80

$85

$90

$95

$100

$105

$110

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

Barr

els p

er D

ay

Weighted Avg. Floors and Sw

aps ($/Bbl.)

Weighted Average Floor /Swap Price by Quarter

$5.31 $5.10

$3.68 $3.68 $3.68 $3.68

$2

$3

$4

$5

$6

0

10

20

30

40

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

MM

Btu

per D

ay (0

00s)

Weighted Avg. Floors and Sw

aps ($/MM

Btu)

Weighted Average Floor /Swap Price by Quarter

Financial Strategy

Crude Oil Hedges (Swaps and Collars)(1)

Natural Gas Hedges (Swaps and Collars) (1)

• Penn Virginia employs a conservative financial strategy• Capital spending driven primarily by rates of return across all

operating areas

• Capital budget focused on high return, oil / liquids areas

• Margins and EBITDAX projected to increase on a pro forma basis by year-end 2012 based on capital plan

• Maintain conservative balance sheet

• Continue to increase Senior Credit Facility borrowing base through reserves additions from organic growth to maximize liquidity

• Target net debt / EBITDAX of less than 3.0x by year-end 2013

• Maintain conservative financial ratios with recent common and preferred issuances, along with cash flow growth and asset sales

• Maintain sufficient liquidity to provide capital to continue drilling and our transition to oil

• Maintain an active oil-focused hedging program to support economic returns and ensure strong coverage metrics

• Hedges in place to protect cash flow and well economics

• Plans to layer in additional oil and gas hedges as prices permit

(1) As of 10/17/12.8

Production Mix and Operating Margins

Production Mix Over Time Cash Margin Over Time ($/Mcfe)

Note: Cash margin per Mcfe is defined as total product revenues, excluding the impact of hedges, less direct operating expenses per unit of equivalent production.

(1) Pro forma for the sale of Appalachian assets and related regional G&A elimination. (2) Production taxes of $(0.02)/Mcfe for 2Q2012 and $(0.03)/Mcfe for PF 2Q2012.

18.0% 28.0%

45.0% 55.0%

82.0% 72.0%

55.0% 45.0%

FY2010 FY2011 2Q2012 PF 2Q2012

Oil & Condensate Gas

(1) (1,2)(2)

(excludes share-based compensation)

Realized price

Cash margins

$2.90

$4.16 $4.92

$6.04 $0.76

$0.79

$0.87

$0.81

$0.30

$0.33

$0.41

$0.38

$0.29

$0.29

$1.07

$0.88

$0.98

$1.07

$5.32

$6.45

$7.16

$8.27

FY2010 FY2011 2Q2012 PF 2Q2012

Cash margin LOEG&P and transportation Production taxesCash G&A

9

Oil / Liquids

Wet Gas

Dry Gas

TX

OK

PA

MS

Note: Based on 8/1/12 operational update; pro forma for the sale of Appalachian assets in July 2012.

Asset Overview

Selma ChalkProved reserves: 170 Bcfe

% Gas: 99%% PDP: 47%

2012E Production: 2.7 BcfeAvg. working interest: 96%

Avg. net revenue interest: 74%Operated wells: 568

Granite WashProved reserves: 96 Bcfe

% Gas: 54%% PDP: 69%



Non-operated wells: 58

MarcellusProved reserves: 40 Bcfe

% Gas: 100%% PDP: 16%




HaynesvilleProved reserves: 147 Bcfe

% Gas: 84%% PDP: 24%



Cotton ValleyProved reserves: 261 Bcfe

% Gas: 67%% PDP: 29%




Eagle FordProved reserves: 60 Bcfe

% Gas: 5%% PDP: 45%



Emerging Oil and Liquids-Rich Plays Plus “Option” in Significant Gas Plays

10

Gonzales

Lavaca

DeWitt

Victoria

Goliad

BeeLive OakMcMullen

Wilson

Atascosa

Karnes

Bexar

San Antonio

Volatile Oil

CondensateRich Gas

Acreage Valuations Have Increased

Significantly in Recent EFS Transactions

Premier Shale Oil & Liquids Play

(1) Internally generated type curve based on production history of wells drilled to date by PVA; YE11 reserve report was prepared by Wright & Company, Inc. and reflected a type curve EUR of 341 MBOE for Gonzales County based on the production history only for the wells completed through YE11.

• ~40,000 gross (≥~30,000 net) acres in Gonzales and Lavaca Counties, TX– Operator in Gonzales with 83% WI– Operator in Lavaca with at least a 57% WI– Avg. IP/30-day rates of 1,001/657 BOEPD– Gonzales type curve EUR of ~400 MBOE(1)

– Lavaca type curve of EUR of ~500 MBOE(1)

– Initial Lavaca wells met/exceeded expectations– 84% oil, 9% NGLs and 7% gas, post processing– Reduced proppant and chemical costs– Significant initial choking thought to improve

EURs– Initial positive down-spacing test of 3-well pad

• Up to 285 remaining drilling locations– 57 wells producing– Includes AMI locations and down-spaced

locations• Rigs, infrastructure in place

– Dedicated rigs and frac crew– Recently increased from 2 to 3 rigs– Gas gathering and processing in place

Eagle Ford Shale

Texas

11

Eagle Ford ShalePremier Acreage Position in Volatile Oil Window; Lavaca AMI Provides Additional Upside

Notable PVA Results

PVA Well NameIP Rates (BOEPD) PVA Well Name

IP Rates (BOEPD) PVA Well Name



IP Rates (BOEPD)

Gardner 1H 1,247 Hawn Holt 13H 1,399 Munson Ranch 6H 1,808 Henning 1H 1,115 Schacherl #1H (Lavaca) 1,277Hawn Holt 9H 1,877 Hawn Holt 15H 1,298 Rock Creek Ranch 1H 1,257 Henning 2H 1,002 Rock Creek Ranch 9H 865Hawn Holt 10H 1,188 Munson Ranch 1H 1,921 Schaefer 3H 1,129 Rock Creek Ranch 5H 969 Rock Creek Ranch 10H 1,036Hawn Holt 11H 1,190 Munson Ranch 3H 1,538 Munson Ranch 5H 1,164 Rock Creek Ranch 6H 960 Sralla #1H (Lavaca) 827Hawn Holt 12H 1,495 Munson Ranch 4H 1,416 D. Foreman 1H 1,202 Effenberger #1H (Lavaca) 922 McCreary #1H (Lavaca) 1,036

PVA’s Eagle Ford Acreage and Potential is Well-Positioned Based on

Overall Excellent Industry Results in Area

Note: Wellhead rates (pre-processing); production “windows” are PVA’s approximation.

Gonzales County Type Curve

12

Eagle Ford ShaleMulti-Year Drilling Inventory

• Due to acreage acquisitions and leasing efforts over the past two years, we have expanded our acreage position to ~40,000 gross (~30,000 net) acres primarily in the volatile oil window

• We also have a multi-year inventory of up to 285 additional locations

• Successful down-spacing testing has added 117 potential locations to our inventory

• Locations will vary over time in terms of lateral length, frac stages, spacing and geology

• Unitizations with other industry participants and continued leasing are expected to yield additional locations

AreaProducing

WellsRemaining Locations

Total Well Locations

Gross Acreage Net Acreage

Acres / Location

Gonzales 50 189 239 24,408 20,519 102

Lavaca 7 96 103 15,670 9,497 152

Total 57 285 342 40,078 30,016 117

13

0

100

200

300

400

500

600

700

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

MBO

E

Net Oil Sales Net NGL Sales Net Gas Sales

• During 2011 and into early 2012, we have quickly ramped up the Eagle Ford Shale• Approximately 95% of volumes are liquids - primarily crude oil• Oil is sold into the Gulf Coast LLS market through multiple purchasers–premium pricing to WTI

Eagle Ford ShalePositive Trend: Volumes Up

2011-2012 Sales Volumes by Commodity

14

Compelling Economics & Value at Varying Costs and Oil Prices

Gonzales County Lavaca County(1)

• Major assumptions• ~500 MBOE EUR type curve (~1,000 BOEPD IP rate,

~670 BOEPD 30-day avg.)• Drilling and completion (D&C) costs of $8.5 - $9.5MM

• Key takeaways• BTAX PV-10 of $4.7 - $5.7MM per well assuming a

flat $85 per barrel NYMEX (WTI) oil price• BTAX PV-10 breakeven NYMEX oil pricing of $51 to

$57 per barrel

(1) Preliminary estimates of economics and EURs; excludes Vana #1H well due to it having a shorter-than-typical lateral length.

• Major assumptions• ~400 MBOE EUR type curve (~1,000 BOEPD IP rate,

~650 BOEPD 30-day avg.)• Drilling and completion (D&C) costs of $7.0 - $8.0MM

• Key takeaways• BTAX PV-10 of $3.8 - $4.8MM per well assuming a flat

$85 per barrel NYMEX (WTI) oil price• BTAX PV-10 breakeven NYMEX oil pricing of $50 to

$57 per barrel

15

0

20

40

60

80

100

120

140

160

180

200

Source: ITG IR, raw data provided by didesktop, Texas RRC.

PVA’s Well Economics Compare Favorably Against Peers

Economics by Operator

Brea

k-Ev

en W

TI ($

/bbl

)

% Wellhead Liquids

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Break-Even WTI ($/bbl)COP $47EOG 48CRZO 50APC 50ROSE 52PVA 54CRK 56PXD 58BHP 58PXP 60CHK 61MHR 63MRO 64COG 66EP 69Riley 75MUR 77SM 81Other 88TLM 91SFY 98XOM 103RDS 103FST 116Lewis BP 120NFX 137Laredo 161

16

Multi-Year Drilling Inventory

(1) Eagle Ford EUR per well in MBOE.

PlayGross Undrilled

LocationsAverage Working

InterestGross EUR

(Bcfe/Well)(1)

Eagle Ford Shale 285 70% ~400-5001

Granite Wash 73 26% 3.7

Horizontal Cotton Valley 82 80% 4.9

Haynesville Shale 149 74% 5.0

Selma Chalk 94 96% 1.8

Marcellus Shale 150 79% 4.0

Total 833

• Total inventory of up to 833 gross undrilled locations

• Approximately 360 gross undrilled locations are economic at today’s commodity prices

• Significant upside in inventory of “gassy” locations

PVA is Well-Positioned in a Number of Leading Oil & Gas Plays

17

• Strategic balance between oil / liquids and natural gas

• Strengthened balance sheet and liquidity

• Core positioning in the volatile oil window of the Eagle Ford Shale

• Multi-year inventory of attractive drilling opportunities

• Optionality of natural gas assets has been retained

• Ongoing growth in oil production and cash flow

• Continued expansion of the Eagle Ford and other oily prospects

Investment Highlights

18

Appendix

19

20

($ in millions, except per unit data)1st Quarter 2nd Quarter

2012 2012Production:

Natural gas (Bcf) 6.3 5.9 3.8 - 4.4 19.8 - 21.0 Crude oil (MBbls) 549 572 520 - 585 2,160 - 2,290 NGLs (MBbls) 215 227 166 - 191 775 - 825 Equivalent production (Bcfe) 10.9 10.7 7.9 - 9.1 37.4 - 39.7

Equivalent daily production (MMcfe per day) 119.5 117.1 86.3 98.7 102.2 - 108.4 Equivalent production (MBOE) 1,812 1,775 1,324 - 1,514 6,235 - 6,615 Equivalent daily production (MBOE per day) 19.9 19.5 14.4 - 16.5 17.0 - 18.1 Percent crude oil and NGLs 42.1% 45.0% 44.3% - 57.9% 43.9% - 50.1%

Production revenues:Natural gas $ 14.9 10.3 10.0 - 12.4 45.2 - 49.9 Crude oil $ 58.7 58.4 46.9 - 53.3 211.0 - 223.7 NGLs $ 9.1 7.6 5.4 - 6.2 27.5 - 29.0 Total product revenues $ 82.7 76.2 62.4 - 71.8 283.7 - 302.6

Total product revenues ($ per Mcfe) $ 7.60 7.16 7.85 - 7.91 7.58 - 7.62 Total product revenues ($ per BOE) $ 45.62 42.94 47.12 - 47.46 45.50 - 45.74 Percent crude oil and NGLs 82.0% 86.5% 80.2% - 84.0% 82.4% - 84.1%

Operating expenses: Lease operating ($ per Mcfe) $ 0.84 0.87 0.82 - 0.85 Lease operating ($ per BOE) $ 5.04 5.22 4.92 - 5.10 Gathering, processing and transportation costs ($ per Mcfe) $ 0.38 0.41 0.34 - 0.38 Gathering, processing and transportation costs ($ per BOE) $ 2.29 2.47 2.04 - 2.28 Production and ad valorem taxes (percent of oil and gas revenues) 4.3% -0.3% 3.5% - 4.0% General and administrative:

Recurring general and administrative $ 10.5 10.4 8.8 - 9.5 38.5 - 40.0 Share-based compensation $ 1.6 1.3 1.5 - 1.8 6.0 - 6.5 Share-based compensation $ - (0.1) 1.1 - 1.6 2.0 - 3.0

Total reported G&A $ 12.1 11.7 11.3 - 12.8 46.5 - 49.5 Exploration expense $ 8.0 9.4 9.3 - 11.3 36.0 - 40.0

Unproved property amortization $ 8.2 8.3 6.8 - 7.8 30.0 - 32.0

Depreciation, depletion and amortization ($ per Mcfe) $ 4.67 4.86 4.90 - 5.10 Depreciation, depletion and amortization ($ per BOE) $ 28.04 29.14 29.40 - 30.60

Adjusted EBITDAX $ 64.2 60.0 50.4 - 60.4 225.0 - 245.0

Capital expenditures(1):Drilling and completion $ 82.6 79.8 56.3 - 61.3 275.0 - 285.0 Pipeline, gathering, facilities $ 3.9 4.4 0.8 - 3.3 10.0 - 15.0 Seismic $ (0.4) 0.7 1.3 - 2.3 3.0 - 5.0 Lease acquisitions, field projects and other $ 4.3 6.6 0.6 - 4.6 12.0 - 20.0

Total oil and gas capital expenditures $ 90.4 91.5 59.0 - 71.5 300.0 - 325.0 (1) Capex guidance as of August 1, 2012. Capex guidance has been revised to $315 million to $340 million since the Company's latest Eagle Ford Shale acquisition in October 2012.

Full-Year2012 Guidance

Average Quarter for3Q12 - 4Q12

2012 Guidance TableAs of August 1, 2012

Non-GAAP ReconciliationAdjusted EBITDAX

($ in mill ions)

LTM2007 2008 2009 2010 2011 2Q12 June-11 June-12

Net income (loss) from continuing operations $26.5 $93.6 ($130.9) ($65.3) ($132.9) ($52.2) ($98.3) ($17.5)

Add: Income tax expense (benefit) 30.5 55.6 (85.9) (42.9) (88.2) (44.1) (54.2) (10.2)

Add: Interest expense 20.1 24.6 44.2 53.7 56.2 58.4 27.6 29.9

Add: Depreciation, depletion and amortization 88.0 135.7 154.4 134.7 162.5 197.2 67.9 102.6

Add: Exploration 28.6 42.4 57.8 49.6 78.9 47.4 48.9 17.4

Add: Share-based compensation expense 1.6 6.0 9.1 7.8 7.4 6.6 3.8 3.0

EBITDAX $195.3 $357.9 $48.7 $137.7 $84.1 $213.3 ($4.3) $125.0

Add/Less: Non-cash derivative loss (gain) 16.1 (37.4) 26.6 (9.1) 11.7 (20.3) 3.4 (28.6)

Add: Impairments 2.6 20.0 106.4 46.0 104.7 62.2 71.1 28.6

Add/Less: Loss (gain) on property and equipment (12.6) (31.4) (0.8) 0.1 (2.5) (2.9) (0.5) (0.8)

Less: Gain on other asset sales – (1.7) (1.2) (1.2) (0.9) (0.9) – –

Add: Loss on extinguishment of debt – – – – 25.4 1.2 24.2 –

Add: Distributions receved from PVG and PVR(1) 29.8 44.0 42.3 11.2 – – – –Adjusted EBITDAX $231.2 $351.4 $222.0 $184.6 $222.5 $252.7 $94.0 $124.2

(1) In June 2010, PVA disposed of its remaining ownership interests in Penn Virginia GP Holdings, L.P. (“PVG”), and Penn Virginia Resource Partners, L.P.(“PVR”). The data reflects distributions PVA received from PVG and PVR with respect to the first quarter of 2010 and each of the four quarters of 2009.

Year ended December 31, 6 Mos. Ended

21

Penn Virginia Corporation

4 Radnor Corporate Center, Suite 200

Radnor, PA 19087

610-687-8900

www.pennvirginia.com

PVA Investor Presentation 10/12

Documents

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forwardlooking statements

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