Penn Virginia Corporation is investing more capital in oil and natural gas liquids plays. It plans to spend $320-370 million on capital expenditures in 2011, with 77% directed towards oil and liquids-rich projects. The company maintains a diversified portfolio of assets concentrated in several core operating regions, including the Eagle Ford shale, where it is continuing to build its acreage position and drill its multi-year inventory of locations. Penn Virginia aims to generate value through a track record of growth, high-quality operating assets, and a focus on rate-of-return based capital allocation decisions.

1. PENN VIRGINIA
CORPORATION
Investor Presentation
May 2011
NYSE: PVA
Eagle Ford Shale Drilling Rig
Gonzales County, Texas

2. Forward‐Looking Statements, Oil and Gas Reserves and Definitions
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 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 natural gas, natural gas liquids (NGLs) and oil; our ability to develop, explore for, acquire and replace
oil and gas reserves and sustain production; any impairments, write‐downs or write‐offs of our reserves or assets; the projected demand for and supply of natural gas,
NGLs and oil; 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 gas reserves; drilling and operating risks; our ability to compete effectively against other independent and major oil and natural gas companies; uncertainties
related to expected benefits from acquisitions of oil and natural gas properties; 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 the other risks, uncertainties and contingencies set forth in PVA’s Annual Report on Form 10‐K for the fiscal year
ended December 31, 2010.
Additional information concerning these and other factors can be found in our press releases and public periodic filings with the U.S. Securities and Exchange
Commission (SEC), including our Annual Report on Form 10‐K for the year ended December 31, 2010. 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.
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. Any
reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves not
necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in
PVA’s Annual Report on Form 10‐K for the fiscal year ended December 31, 2010, available from PVA at Four Radnor Corporate Center, Suite 200, Radnor, PA 19087
(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 estimated quantities of oil and gas that geological and engineering data demonstrate with reasonable certainty to be economically
producible in future years from known oil and gas reservoirs under existing economic and operating conditions and government regulation prior to the expiration of the
contracts providing the right to operate, unless renewal of such contracts is reasonably certain. Probable reserves are those additional reserves that are less certain to
be recovered than proved reserves, but which are more likely than not to be recoverable (there should be at least a 50% probability that the quantities actually
recovered will equal or exceed the proved plus probable reserve estimates). Possible reserves are those additional reserves that are less certain to be recoverable than
probable reserves (there should be at least a 10% probability that the total quantities actually recovered will equal or exceed the proved plus probable plus possible
reserve estimates). “3P” reserves refer to 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 production as of that date.
PENN VIRGINIA
CORPORATION
2

3. Strategic Road Map
Near‐Term and Long‐Term Catalysts for Generating Value
 Maintain liquidity
• Completed $300 million senior note offering
• Considering sale of non‐core assets
 Increase oil/NGL exposure
• Targeting high rate of return projects in low gas price environment
 Retain optionality of core gas assets
• Horizontal Cotton Valley, Haynesville Shale, Selma Chalk, etc.
 Explore and develop:
 Eagle Ford Shale
• Continue to build acreage position; drill multi‐year inventory
 Marcellus Shale
 Mid‐Continent
• Active exploration and development programs
PENN VIRGINIA
CORPORATION
3

4. Strategy
Three Core Competencies for Value Growth
• Rate‐of‐Return Based Decisions
– Conservative commodity price outlook
– Diversified portfolio allows for efficient
allocation of capital to projects and plays Fiscal Discipline
offering the best returns
• High‐Quality Operating Assets
– Seek predictable, profitable growth
 Production and reserves have grown annually 16%
and 23% respectively over the last five years
– Organic growth remains the preference,
although periodic acquisitions replenish Value
multi‐year drilling inventory
– Prefer operatorship and “reasonably long” Creation
runway of prospects; not a land bank
– Divestitures of non‐core assets narrows focus
and provides supplemental liquidity
• Build on Strong Technical Staff Engineering Focused
– Continuously generate ideas Excellence Geology
– Focus on driving down unit costs, driving up
margins and increasing efficiencies
• Maintain Strong Financial Position
PENN VIRGINIA
– Maintain strong credit statistics and liquidity CORPORATION
4

5. Core Operating Regions
Emerging Oil and Liquids‐Rich Plays, Plus “Option” in Significant Gas Plays
2011E CAPEX: $320MM ‐ $370MM
77% Oil & Liquids‐Rich Plays
2011E Production: 50‐54 Bcfe
28‐30% Oil & Liquids
2011E Production
2010 Proved Reserves: 942 Bcfe
Oil / Liquids
Wet Gas
Dry Gas
PENN VIRGINIA
CORPORATION
5
Note: 2011 data based on latest guidance announced 5/4/11

6. Track Record of Growth
Quality Assets are the Foundation for Growth in All Cycles
• Solid growth over the past five years
• Increasing proportion of growth from oil and NGLs
– Trend should accelerate as a majority of future drilling activity is for oil and NGLs
• Retention of “gas option,” allowing for greater growth in future periods
PENN VIRGINIA
1 ‐ Pro forma to exclude proved reserves and production from Gulf Coast assets divested in January 2010; CORPORATION
6
2011 data based on latest guidance announced 5/4/11

7. Track Record of Value Creation
Experienced People Provide the Foundation of Value Creation
• Record of delivering growth at relatively low operating cost
– Helps preserve margins, along with hedges, when commodity prices are low
• Historically ranking among the best in drill‐bit reserve replacement and value
associated with investment; 2010 was no exception
1
Lease Operating Expenses 2010E High‐Return Reserve Replacement
$/Mcfe
1.40 $14 60%
$1.27
1.20 $1.15 $12 50%
$1.09 $1.06
1.00 $10 40%
$0.88
0.80 $8 30%
0.60 $6 20%
Median: 13.7%
0.40 $4 10%
Median: $2.91/ Mcfe
0.20 $2 0%
0.00 $0 ‐10%
PVA
2006 2007 2008 2009 2010
Ex‐Leasehold PD F&D ($/Mcfe, left axis) Return on Drilling Dollars (right axis)
PENN VIRGINIA
1 ‐ Source: JPMorgan PD F&D Survey (3/14/11); peers: APA, APC, AREX, ATPG, BEXP, BRY, CHK, CLR, COG, CRZO, CXO, DNR, DPTR, DVN, EOG, CORPORATION
7
EP, EQT, GDP, HK, MMR, NBL, NFX, PETD, PQ, PXD, PXP, QEP, RRC, SD, SFY, SM, SWN, UPL, VQ, WLL, WMB, XEC

8. Resource Profile
PVA is Positioned in a Number of Compelling Plays in the U.S.
Net
Risked Henry Hub
Gross Average Reserve Gas Price
Undrilled Working Gross EUR Potential for
Play Locations Interest (Bcfe/Well)1 (Bcfe)2 10% IRR3
Eagle Ford Shale 90‐115 83% 280 – 3801,4 ‐‐‐ N/A
Granite Wash – S. Clinton 81 28% 5.3 174 N/A
Marcellus Shale – Core 200‐250 90% 4.0 – 6.04 ‐‐‐ $3.48
Horizontal Cotton Valley 79 79% 5.0 267 $2.54
Haynesville Shale 183 74% 6.7 505 $3.50
Selma Chalk 183 97% 1.7 279 $3.84
1 – Eagle Ford in MBOE
2 – 3P reserves as of 12/31/10; no reserve potential reflected for Eagle Ford or Marcellus Shales and other prospects PENN VIRGINIA
3 – Well economics; price per MMBtu Henry Hub; assumes oil price of $85.00 per barrel WTI and NGL price of $42.00 per barrel CORPORATION
8
4 – There were no Eagle Ford and Marcellus Shale proved or unproved reserves at year‐end 2010

9. Rates of Return
PVA is Positioned in a Number of the Most Compelling Plays in the U.S.
Pre‐Tax Rates of Return
Gas Price Sensitivity
100
90
80
70
60
50
40
30
20
10
0
$2 $3 $4 $5 $6 $7 $8 $9 $10
NYMEX Gas Price (Flat) ‐ $/MMBtu
Eagle Ford Shale Horizontal Cotton Valley
(EUR = 371 MMBOE (8/8ths) / Capex = $7.000 MM) (EUR = 5.0 Bcfe (8/8ths) / Capex = $5.770 MM)
Selma Chalk Haynesville Shale
(EUR = 1.7 Bcfe (8/8ths) / Capex = $2.380 MM) (EUR = 6.7 Bcfe (8/8ths) / Capex = $10.000 MM)
Marcellus Shale Granite Wash ‐ South Clinton
(EUR = 4.2 Bcfe (8/8ths) / Capex = $4.500 MM) (EUR = 5.3 Bcfe (8/8ths) / Capex = $6.250 MM)
PENN VIRGINIA
CORPORATION
9
Note: Well economics; assumes oil price of $85.00 per barrel WTI and NGL price of $42.00 per barrel

10. Investing More in Oil & Liquids
2007 ‐ 2011 Capital Spending Increasingly Allocated to Oil & NGLs
PENN VIRGINIA
CORPORATION
10
Note: 2011 data based on latest guidance announced 5/4/11; see Appendix

11. 2011 Capital Expenditures
$320 ‐ $370MM of 2011 Capital Spending, 77% Targeting Oil & Liquids‐Rich Plays
Forecast uses $4.25/MMBtu and $90.00/Barrel
PENN VIRGINIA
CORPORATION
11
Note: 2011 data based on latest guidance announced 5/4/11; see Appendix

12. Eagle Ford Shale: Volatile Oil
Promising Early Results and Expanding Acreage Position in Emerging Oily Core Area
• Positioning
Eagle Ford Shale – ~12,700 net acres in Gonzales Co., TX
– Volatile oil window
– Operator with 83% WI and 63% NRI
– 90 to 115 gross drilling locations
– Actively leasing
• Reserve Characteristics / Geology
– Deeper with >100 feet thickness
– First well IP’d at 1,250 BOE/d, excl. NGLs
– 75% oil, 15% NGLs and 10% dry gas
– Potential upside in Austin Chalk, Buda
• 2011 Activity
– 3 rigs drilling; up to 29 (24.3 net) wells
– Up to $187MM of CAPEX (48% of total)
– 11% of 2011E production (20% of 4Q11E)
PENN VIRGINIA
CORPORATION
12
Note: 2011 data based on latest guidance announced 5/4/11

13. Eagle Ford Shale: Play Activity Map
Located in the “Volatile Oil” Window Near Strong, Early Industry Results
• PVA’s Gonzales County Eagle Peers With Peers Fayette
County
Ford Acreage and Potential Acreage PVA
PVA / MHR (1H11)
Gardner 1H (1,250 BOEPD)
Near PVA
is Well‐Positioned Based Southern Hunter 1H (1,335 BOEPD)
Gonzo North 1H (1,039 BOEPD)
EOG Furrh 1H (>900 BOEPD)
on Overall Excellent Hunt MHR (1Q11)
Gonzales Gonzo Hunter 1H
Industry Results in MHR County
PVA Acreage
~12,700 Net Acres (605 BOEPD)
FST
Area
EOG (2Q10)
Brothers Unit (1,798‐2,508 BOEPD)
EOG (2Q10‐3Q10)
Marshall Unit (703‐1,658 BOEPD) Lavaca
Cusack Clampit (1,044‐2,107 BOEPD) County
Wilson Riley Expl. (1Q10)
Maali 1H (968 BOEPD)
County
Karnes EOG (2Q09‐4Q10)
Milton Unit (668‐914 BOEPD)
County Harper Unit (695‐1,070 BOEPD) Dewitt
Dulling (1,255‐1,353 BOEPD) County
PENN VIRGINIA
CORPORATION
13
Note ‐ Industry results based on peers’ investor presentations; IP wellhead rates (pre‐processing); production “windows” are PVA’s approximation

14. Marcellus Shale: Economic Gas
Exploration Efforts Under Way in North Central Pennsylvania
• Positioning
Marcellus Shale – ~42,000 net core acres in PA and NY
• Potter / Tioga Cos. ~35,000 net acres
• SW PA / NY ~7,000 net acres
– ~13,000 net non‐core acres
– Operator with ~87% WI and 76% NRI
– 200 to 250 gross drilling locations
– Currently seeking alternatives to monetize a
portion of acreage position
• Reserve Characteristics / Geology
– Moderate depth and thickness
– Expected to be dry gas
• 2011 Activity
– 1 rig drilling; up to 11 (10.0 net) wells
– Up to $64MM of CAPEX (18% of total)
– 2% of 2011E production (3% of 4Q11E)
PENN VIRGINIA
CORPORATION
14
Note: 2011 data based on latest guidance announced 5/4/11

15. Marcellus Shale: Play Activity Map
Located in the North Central “Dry Gas” Part of the Play Near Encouraging Industry Results
• PVA’s Potter / Tioga
Marcellus Position is
McKean
Located in Areas County
SM
With Strong Well IP XOM / PGE
Results Reported
NFG
by Peers RRC
NFG
PVA Acreage
~35,000 Net Acres
UPL
Button 3H, 4H (7‐12 MMcfd)
Tioga
Kenton 4H (11.3 MMcfd) County
SM XOM / PGE Mitchell 5H (7.7 MMcfd)
Potato Cr. 1H, 3H Potter
(4‐11 MMcfd) County
Cameron Peer Wells Clinton Lycoming
County PVA Wells County County
PENN VIRGINIA
CORPORATION
15
Note ‐ Industry results and locations based on peers’ investor and other presentations; IP wellhead rates

16. Mid‐Continent: Liquids Rich Play Types
High‐Margin, Liquid‐Rich Production Growth Led by the Granite Wash
• Positioning
Anadarko Basin – CHK development drilling JV
• ~9,700 net acres in Washita Co.
• Operate about 1/3rd; ~35% WI
• ~80 drilling locations in JV
– ~40,000 net acres in exploratory plays
• Reserve Characteristics / Geology
– 5.3 Bcfe PUDs in JV; 48% liquids; high IRRs
– Pursuing liquids‐rich play types
• Tonkawa, Cleveland, Granite Wash,
other exploratory plays
• 2011 Activity
– Up to 21 (9.7 net) Granite Wash wells
– Non‐operated drilling through YE11
– Up to $85MM of CAPEX (23% of total)
PENN VIRGINIA
CORPORATION
16
Note: 2011 data based on latest guidance announced 5/4/11

17. East Texas & Mississippi: Gas Optionality
Low‐Cost, High‐Potential Natural Gas
Cotton Valley / Haynesville Shale • ETX ‐ Horizontal Cotton Valley
Selma Chalk – 5.0 Bcfe PUDs; 35% liquids
– $2.54 PV10 breakeven gas price
– 79 gross drilling locations
– 267 Bcfe of 3P reserves at YE10
• ETX ‐ Haynesville Shale
– 6.7 Bcfe PUDs; dry gas
– $3.50 PV10 breakeven gas price
Wet Gas – 183 gross drilling locations
– 505 Bcfe of 3P reserves at YE10
Dry Gas
• Mississippi ‐ Selma Chalk
– 1.7 Bcfe PUDs; dry gas
Summary of Gas Option – $3.84 PV10 breakeven gas price
445 gross locations – 183 gross drilling locations
1.1 Tcfe of 3P reserves – 279 Bcfe of 3P reserves at YE10
PENN VIRGINIA
CORPORATION
17
Well economics; price per MMBtu Henry Hub; assumes oil price of $85.00 per barrel WTI and NGL price of $42.00 per barrel

18. East Texas Horizontal Cotton Valley
Recent Success With this Oil and Liquids‐Rich Horizontal Play
Cotton Valley Production Comparisons
2010 Horizontal Completions vs. Typical Horizontal & Vertical Well
6,000
Post Processing Gas Equiv. Rate (Mcfepd)
5,000
4,000
3,000
2,000
1,000
0
0 30 60 90 120 150 180 210 240 270 300
Days on Line
Gibson 3H McClendon 6H Fogle 8H
Williams 12H Foreman 3H Brown 11H
Rosehaven 11H Typical Vertical Well Typical Horizontal Well
PENN VIRGINIA
CORPORATION
18

19. Strong Financial Position
Financial Flexibility to Execute Growth Plan
• Over the past few years, we have prudently managed our balance sheet
• Liquidity has remained strong over the past few years
• PVA remains well‐positioned to fund its 2011 capital spending plan
Conservative Leverage
4.0x 40%
35.9% 35.6% 34.7%
31.6%
30.0% 3.0x
3.0x 28.2% 30%
2.3x
2.2x
2.0x 1.7x
1.8x 20%
1.2x
1.0x 10%
0.0x 0%
1 1
2006 2007 2008 2009 2010 Pro Forma
1Q11
Net Debt/EBITDAX Net Debt/Capitalization
PENN VIRGINIA
1 ‐ Pro forma for 4/5/11 offering of $300MM of senior notes; pro forma liquidity at 3/31/11 of $310MM is comprised of pro forma cash of approximately $100MM and 19
CORPORATION
availability under our revolving credit facility, subject to covenant compliance, of approximately $210MM (approximately $398MM pro forma borrowing base)

20. Natural Gas Hedges
Protecting our Capital Budget and Well Economics
1
Natural Gas Hedges
Swaps and Collars
Weighted Avg. Floors and Swaps ($/MMBtu)
80 $8
70 Weighted Average Floor / $7
Swap Price by Quarter
60 $5.65 $5.67 $5.70 $6
MMBtu per Day (000s)
$5.31 $5.31
$4.96 $4.96 $5.10
50 $5
$5.00 $5.00 $5.00 $5.00
40 $4.25 $4.25 $4.25 $4.25
Budget Price by Quarter $4
30 $3
20 $2
10 $1
0 $0
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
PENN VIRGINIA
CORPORATION
20
1 – As of 5/4/11; crude oil hedges include 425 BOPD @ $80 x $102 for 1H11, 860 BOPD @ $97 x $107 for 2H11 and
500 BOPD @ $100 x $120 for CY12

21. Value Proposition
PVA Appears Significantly Undervalued on a “Sum‐of‐the‐Parts” NAV per Share
YE 2010 Net Asset Value @ Flat
SEC Pricing NYMEX Pricing of:
$4.38 1 $5.00 2 $6.00 2
Proved Developed Reserves3 $786.2 $918.6 $1,093.9
3
Proved Undeveloped Reserves 92.0 191.5 310.4
3
Probable and Possible Reserves 95.8 311.3 607.1
3
3P Reserves $973.9 $1,421.4 $2,011.4
4
Eagle Ford Shale 95.3 95.3 95.3
Marcellus Shale5 168.0 168.0 168.0
6
Mid‐Continent Exploratory 50.0 50.0 50.0
Asset Value $1,287.2 $1,734.7 $2,324.6
7
Less: Long‐Term Debt (net of cash; pro forma 3/31/11) (497.1) (497.1) (497.1)
Net Asset Value (NAV) $790.1 $1,237.6 $1,827.6
Shares Outstanding (2/18/11) 45.7 45.7 45.7
NAV per Share $17.30 $27.10 $40.02
Recent Stock Price (5/10/11 close) $14.74 $14.74 $14.74
Upside to NAV per Share 17% 84% 171%
Asset Value Per Proved Reserve ($/Mcfe; 941.8 Bcfe) $ 1.37 $ 1.84 $ 2.47
2H11 2012 2013 2014
NYMEX Gas Futures Strip Prices @ 5/10/11 close $4.49 $4.89 $5.27 $5.61
NYMEX Oil Futures Strip Prices @ 5/10/11 close $104.59 $104.28 $101.17 $98.91
1 ‐ SEC pricing of $4.38 per MMBtu (natural gas) and $79.43 per barrel (crude oil)
2 ‐ Natural gas price varies between $5 and $6 per MMBtu, while assuming an $85 per barrel WTI price and $42 per barrel NGL price
3 ‐ Third‐party 3P reserve report as of 12/31/10; pretax PV‐10% values
4 ‐ Approximately 12,700 net Eagle Ford acres, using midpoint of recent transactions’ value range of between $5K and $10K per net acre
5 ‐ Approximately 42,000 net Marcellus acres, using midpoint of PVA’s estimated value range of between $3K and $5K per net acre PENN VIRGINIA
6 ‐ Approximately 40,000 net exploratory acres, using midpoint of PVA’s estimated value range of between $500 and $2,000 per net acre
CORPORATION
21
7 ‐ Pro forma for 4/5/11 offering of $300MM of senior notes

22. Why PVA?
A Track Record of Growth and Value Generation
• Diversified portfolio of high‐quality assets
• Management team with a track record
• Allocating capital to build oil and liquids production
• High rate of return play types
• Option on natural gas assets
• Strong balance sheet
• Value proposition
PENN VIRGINIA
CORPORATION
22

23. Appendix
PENN VIRGINIA
Granite Wash Pump Jack
CORPORATION
Washita County, Oklahoma

24. 2011 Guidance Table
As of May 4, 2011
Full‐Year
2011 Guidance
Production:
Natural gas (Bcf) 36.2 ‐ 37.8
Crude oil (MBbls) 1,300 ‐ 1,500
NGLs (MBbls) 1,000 ‐ 1,200
Equivalent production (Bcfe) 50.0 ‐ 54.0
Equivalent daily production (MMcfe per day) 137.0 ‐ 147.9
Operating expenses:
Lease operating ($ per Mcfe) $ 0.75 ‐ 0.80
Gathering, processing and transportation costs ($ per Mcfe) $ 0.32 ‐ 0.33
Production and ad valorem taxes (percent of oil and gas revenues) 7.0% ‐ 7.5%
General and administrative:
Recurring general and administrative $ 44.5 ‐ 45.5
Share‐based compensation $ 6.0 ‐ 8.0
Restructuring $ 0.1 0.1
Total reported G&A $ 50.6 53.6
Exploration:
Dry hole costs $ 18.5 ‐ 19.5
Unproved property amortization $ 40.0 ‐ 42.0
Other $ 11.5 ‐ 13.5
Total reported Exploration $ 70.0 ‐ 75.0
Depreciation, depletion and amortization ($ per Mcfe) $ 3.00 ‐ 3.25
Capital expenditures:
Development drilling $ 225.0 ‐ 255.0
Exploratory drilling $ 35.0 ‐ 50.0
Pipeline, gathering, facilities $ 7.0 ‐ 8.0
Seismic $ 8.0 ‐ 10.0
Lease acquisitions, field projects and other $ 45.0 ‐ 47.0
Total oil and gas capital expenditures $ 320.0 ‐ 370.0
PENN VIRGINIA
CORPORATION
24
Dollars in millions, except per unit data

25. Non‐GAAP Reconciliations
Year ended December 31, LTM 3 Mos. Ended
2006 2007 2008 2009 2010 1Q11 Mar‐10 Mar‐11
EBITDAX dollars in millions
Net income (loss) from continuing operations $ 44.2 $ 26.5 $ 93.6 $ (130.9) $ (65.3) $ (102.4) $ 10.8 $ (26.3)
Add: Income tax expense (benefit) 50.0 30.5 55.6 (85.9) (42.9) (63.8) 6.8 (14.2)
Add: Interest expense 6.0 20.1 24.6 44.2 53.7 53.5 13.7 13.5
Add: Depreciation, depletion and amortization 56.7 88.0 135.7 154.4 134.7 139.5 30.0 34.8
Add: Exploration 34.3 28.6 42.4 57.8 49.6 73.2 6.0 29.5
Add: Impairments 8.5 2.6 20.0 106.4 46.0 46.0 ‐ ‐
Add: Share‐based compensation expense 1.1 1.6 6.0 9.1 7.8 6.6 3.0 1.8
Add/Less: Derivatives (income) expense included in net income (30.7) 2.0 (29.7) (31.6) (41.9) (13.4) (29.9) (1.3)
Add/Less: Cash receipts (payments) to settle derivatives 10.5 14.1 (7.6) 58.1 32.8 31.1 8.4 6.7
Add/Less: Net loss (gain) on sale of assets ‐ (12.6) (33.2) (2.0) (1.2) (1.9) 0.3 (0.5)
Adjusted EBITDAX $ 180.6 $ 201.5 $ 307.4 $ 179.7 $ 173.3 $ 168.3 $ 49.1 $ 44.1
PENN VIRGINIA
CORPORATION
25

26. Penn Virginia Corporation
4 Radnor Corporate Center, Suite 200
Radnor, PA 19087
610‐687‐8900
www.pennvirginia.com
PENN VIRGINIA
Marcellus Shale Drilling Rig CORPORATION
Potter County, Pennsylvania