Penn Virginia Corporation Announces Acquisition of Eagle Ford Shale Assets

Penn Virginia Corporation Announces Acquisition of Eagle Ford Shale Assets


                              DRILLING LOCATIONS

RADNOR, Pa., July 10, 2014 (GLOBE NEWSWIRE) -- Penn Virginia Corporation
(NYSE:PVA) today announced that it has entered into a definitive agreement to
acquire approximately 13,125 (11,660 net) Eagle Ford Shale acres in Lavaca
County, Texas for approximately $45 million, of which approximately $34
million will be paid at closing and the balance of approximately $11 million
will be paid over time as a drilling carry. The sale is expected to close in
August 2014 and is subject to customary closing conditions.

The transaction, combined with recent leasing, will bring our total Eagle Ford
Shale acreage position to approximately 142,500 (101,800 net) acres. The
acquired acreage is adjacent to our Shiner area and is estimated to contain
approximately 150 gross potential drilling locations, most of which we expect
will be prospective in the Upper Eagle Ford Shale.

A graphic accompanying this release is available at

Management Comment

H. Baird Whitehead, President and Chief Executive Officer stated, "This
acquisition is an optimal fit with our current acreage position in Lavaca
County, and we believe is primarily prospective in the Upper Eagle Ford Shale,
but could also have potential in the Lower Eagle Ford Shale and Austin Chalk.
With the recently announced results of the Welhausen #A-2H, which was
completed in the Upper Eagle Ford Shale, and its performance of approximately
730 barrels of oil per day and 1,390 barrels of oil equivalent per day after
almost two months of production, we are increasingly confident about the Upper
Eagle Ford potential across a large portion of our acreage position, including
this acquired acreage.We will also hit our minimum corporate target of
100,000 net acres in the Eagle Ford Shale, and will continue to expand our
position primarily through an ongoing leasing effort."

Penn Virginia Corporation (NYSE:PVA) is an independent oil and gas company
engaged in the exploration, development and production of oil, natural gas
liquids 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.For more information,
please visit our website at

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.The forward-looking statements include
statements about future operations, estimates of reserve and production
volumes and the anticipated timing for closing the pending transaction.
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: our ability to successfully
complete the pending acquisition, integrate that business with ours and
realize the anticipated benefits from the acquisition; any unexpected costs or
delays in connection with the acquisition; the volatility of commodity prices
for oil, NGLs and natural gas; our ability to develop, explore for, acquire
and replace oil and natural 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 borrowing base under our
revolving credit facility; our ability to contract for drilling rigs, supplies
and services at reasonable costs; our ability to obtain adequate pipeline
transportation capacity for our 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 our wells
and the extent to which actual production differs from estimated proved oil
and natural gas reserves; drilling and operating risks; our ability to compete
effectively against other independent and major oil and natural gas companies;
our ability to successfully monetize select assets and repay our debt;
leasehold terms expiring before production can be established; environmental
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; our 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; 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 regulation 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 our filings with the
Securities and Exchange Commission.

CONTACT: James W. Dean
         Vice President, Corporate Development
         Ph: (610) 687-7531 Fax: (610) 687-3688

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