Penn Virginia Corporation Announces Pricing of Private Offering of $275 Million of Depositary Shares Representing Convertible

Penn Virginia Corporation Announces Pricing of Private Offering of $275
Million of Depositary Shares Representing Convertible Preferred Stock

RADNOR, Pa., June 11, 2014 (GLOBE NEWSWIRE) -- Penn Virginia Corporation
(NYSE:PVA) announced today the pricing of its private offering to eligible
holders of 2,750,000 depositary shares, each representing a 1/100^th interest
in a share of 6.00 percent Convertible Perpetual Preferred Stock, Series B
with a liquidation preference of $10,000 per share (the "Series B Convertible
Preferred Stock"). PVA has granted the initial purchasers of the depositary
shares a 30-day option to purchase up to an additional 500,000 depositary
shares.The offering is expected to settle and close on June 16, 2014, subject
to customary closing conditions.

PVA estimates that the net proceeds from the offering of depositary shares,
after deducting the initial purchasers' discount and estimated offering
expenses, will be approximately $264.2 million (or $312.5 million if the
initial purchasers exercise their overallotment option to purchase additional
shares in full).PVA intends to use the net proceeds from the private offering
to finance the acceleration of its development program in the Eagle Ford Shale
with the remainder being used to increase its lease acquisition effort in the
Eagle Ford Shale.

The Series B Convertible Preferred Stock has a liquidation preference of
$10,000.00 per share, which corresponds to $100.00 per depositary share. PVA
will pay cumulative dividends, when and if declared, in cash, stock or a
combination thereof, on the Series B Convertible Preferred Stock on a
quarterly basis at a rate of $600.00 per share (or $6.00 per depositary
share), or 6.00 percent, per year and the Series B Convertible Preferred Stock
will be convertible at the option of the holder at an initial conversion rate
of 545.17 shares of PVA common stock per share (or 5.4517 shares of PVA common
stock per depositary share), equivalent to an initial conversion price of
approximately $18.34 per share of common stock. The conversion price
represents a premium of 30 percent relative to the NYSE closing sale price of
PVA common stock on June 10, 2014 of $14.11 per share. Additionally, subject
to certain conditions and after certain time periods, PVA may, at its option,
cause all or a portion of the Series B Convertible Preferred Stock to be
automatically converted into shares of PVA common stock.

The depositary shares, the Series B Convertible Preferred Stock and any shares
of PVA common stock issued upon conversion of the Series B Convertible
Preferred Stock or as a dividend on the Series B Convertible Preferred Stock
will not be registered under the Securities Act of 1933, as amended (the
"Securities Act"), or the securities laws of any state and may not be offered
or sold in the United States absent registration or an applicable exemption
from the registration requirements under the Securities Act and applicable
state securities laws or blue sky laws and foreign securities laws.

The Series B Convertible Preferred Stock will be offered only to qualified
institutional buyers under Rule 144A under the Securities Act.

This press release shall not constitute an offer to sell, or the solicitation
of an offer to buy, any securities, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.Any offers of the depositary shares, the Series B Convertible
Preferred Stock and any shares of PVA common stock issued upon conversion of
the Series B Convertible Preferred Stock or as a dividend on the Series B
Convertible Preferred Stock will be made only by means of a private offering
memorandum.

Penn Virginia Corporation (NYSE:PVA) is an independent oil and gas company
engaged in the exploration, development and production of oil, natural gas
liquids ("NGLs") and natural gas in various domestic onshore regions of the
United States, with a primary focus in Texas, and other properties in the
Mid-Continent and the Marcellus Shale in Appalachia.

Certain statements contained herein that are not descriptions of historical
facts are "forward-looking" statements within the meaning of Section 27A of
the Securities Act 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 are not limited to, the
following: the volatility of commodity prices for oil, NGLs and natural gas;
PVA's ability to develop, explore for, acquire and replace oil and gas
reserves and sustain production; PVA's ability to generate profits or achieve
targeted reserves in its development and exploratory drilling and well
operations; any impairments, write-downs or write-offs of PVA's reserves or
assets; the projected demand for and supply of oil, NGLs and natural gas;
reductions in the borrowing base under PVA's revolving credit facility; PVA's
ability to contract for drilling rigs, supplies and services at reasonable
costs; PVA's ability to obtain adequate pipeline transportation capacity for
its oil and gas production at reasonable cost and to sell the production at,
or at reasonable discounts to, market prices; the uncertainties inherent in
projecting future rates of production for PVA's wells and the extent to which
actual production differs from estimated proved oil and gas reserves; drilling
and operating risks; PVA's ability to compete effectively against oil and gas
companies; PVA's ability to successfully monetize select assets and repay its
debt; leasehold terms expiring before production can be established;
environmental obligations, costs and liabilities that are not covered by an
effective indemnity or insurance; the timing of receipt of necessary
regulatory permits; the effect of commodity and financial derivative
arrangements; PVA's ability to maintain adequate financial liquidity and to
access adequate levels of capital on reasonable terms; the occurrence of
unusual weather or operating conditions, including force majeure events; PVA's
ability to retain or attract senior management and key technical employees;
counterparty risk related to their ability to meet their future obligations;
compliance with and changes in governmental regulations or enforcement
practices, especially with respect to environmental, health and safety
matters; uncertainties relating to general domestic and international economic
and political conditions; and other risks set forth in PVA's filings with the
Securities and Exchange Commission (the "SEC").

Additional information concerning these and other factors can be found in
PVA's press releases and public periodic filings with the SEC.Many of the
factors that will determine PVA's future results are beyond the ability of
management to control or predict.Readers should not place undue reliance on
forward-looking statements, which reflect management's views only as of the
date hereof.PVA undertakes no obligation to revise or update any
forward-looking statements, or to make any other forward-looking statements,
whether as a result of new information, future events, changed circumstances
or otherwise.

CONTACT: James W. Dean
         Vice President, Corporate Development
         Ph: (610) 687-7531 Fax: (610) 687-3688
         E-Mail: invest@pennvirginia.com

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