Penn Virginia Corporation Announces Redemption of Remaining 10.375 Percent Notes Due 2016

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RADNOR, Pa., May 10, 2013 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (NYSE:PVA) announced today that it has redeemed the remaining approximately $127 million, or 42 percent, of the original $300 million aggregate principal amount of its outstanding 10.375 percent senior notes due 2016 (Notes). For each $1,000 principal amount of Notes, the redemption price was $1,061.31 in cash, plus accrued and unpaid interest, up to, but excluding, the redemption date of May 10, 2013. The other approximately $173 million, or 58 percent, of Notes were repurchased pursuant to PVA's previously announced tender offer, which expired on May 8, 2013.

Penn Virginia Corporation (NYSE:PVA) is an independent oil and gas company engaged primarily in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in Texas, and to a lesser extent, the Mid-Continent, Mississippi and the Marcellus Shale in Appalachia. For more information, please visit our website at www.pennvirginia.com.

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.

Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission. Many of the factors that will determine our 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. We undertake 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 or otherwise.

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

Source:Penn Virginia Corporation