Penn Virginia Corporation Announces Third Quarter 2007 Results

New Records for Quarterly Operating Cash Flow and Oil and Gas Production

RADNOR, Pa.--

Penn Virginia Corporation (NYSE:PVA) today reported financial and operational results for the three months ended September 30, 2007 and provided an update of full-year 2007 guidance.

Third Quarter Highlights

Operational and financial results for the third quarter of 2007, with comparisons to results for the third quarter of 2006, included the following:

    --  Eighth straight quarterly record for oil and gas production of
        11.1 billion cubic feet of natural gas equivalent (Bcfe), or
        120.7 million cubic feet of natural gas equivalent (MMcfe) per
        day, a 40 percent increase as compared to 7.9 Bcfe, or 86.0
        MMcfe per day;

    --  Record operating cash flow, a non-GAAP (generally accepted
        accounting principles) measure, of $78.9 million as compared
        to $66.6 million;

    --  Operating income of $51.9 million, as compared to $44.6
        million;

    --  Net income of $17.1 million, or $0.45 per diluted share, as
        compared to $22.9 million, or $0.61 per diluted share; and

    --  Adjusted net income, a non-GAAP measure which excludes the
        effects of a non-cash change in derivatives fair value, of
        $18.7 million, or $0.49 per diluted share, as compared to
        $14.2 million, or $0.38 per diluted share.

A reconciliation of non-GAAP financial measures appears in the financial tables later in this release.

The overall increase in operating income for the quarter over third quarter 2006 resulted from a $9.1 million, or 50 percent, increase in operating income from the oil and gas segment and a $2.9 million, or 26 percent, increase in operating income from the natural gas midstream segment. The increase in oil and gas segment operating income was due primarily to an increase in oil and gas revenues resulting from a 40 percent oil and gas production increase and from a gain on the sale of working interests. These increases in operating income were partially offset by a $1.0 million, or six percent, decrease in operating income from the coal and natural resource management segment, an increase in operating expenses related to the production increase, a nine percent decrease in natural gas prices and a $3.7 million increase in corporate expenses, resulting primarily from an increase in staffing and benefits, general and administrative (G&A) expense for PVG (defined below) that were not incurred in the prior year quarter and the granting of stock-based compensation in 2007.

The decrease in net income was primarily due to an unfavorable change in the valuation of unrealized derivative positions and an increase in interest expense, partially offset by the increase in operating income and a decrease in minority interest and income tax expense.

Management Comment

A. James Dearlove, President and Chief Executive Officer of PVA, said, "We are pleased with the performance of our oil and gas operations which delivered a 40 percent production increase over the prior year quarter and a 10 percent sequential production increase over the prior quarter. As a result of our record oil and natural gas production in the first nine months of 2007, we have increased our full-year 2007 oil and gas production guidance.

"Our results benefited from accelerated drilling activity and the strategic acquisitions we completed during the year, with year-over-year production increases in quarterly production in all five of our core operating areas. The production increases were the highest in the Mid-Continent, Cotton Valley and the Selma Chalk, which were up 130 percent, 77 percent and 29 percent, and we also began to benefit from restored Appalachian production, which increased four percent over the prior year quarter and seven percent over the second quarter of 2007.

"In the Cotton Valley, where production increased 27 percent from the prior quarter, we continue to make progress in hooking up recently completed wells and have added a sixth drilling rig to drill mainly 100 percent working interest wells in our new Woodlawn Field acreage. We anticipate continued growth in the Cotton Valley and expect it to become our leading production area during 2008. In Mississippi, we have recently shifted from drilling solely vertical Selma Chalk wells, which have been attractive, to a combination of both vertical and horizontal drilling.

"In the Mid-Continent, we continue our Hartshorne horizontal coalbed methane (HCBM) drilling efforts, which have delivered solid growth, and have recently added acreage, and we continue to explore the Fayetteville Shale and test horizontal Granite Wash wells. In addition, we expect to begin Woodford / Caney shale exploration in 2008. In Appalachia, we are currently utilizing two rigs to drill multi-lateral HCBM wells and expect continued production growth from these efforts. During the third quarter, we reported a 10 percent production decrease in the Gulf Coast from the prior quarter due to the normal declines, including in our recently successful south Louisiana wells. The region continues to exceed our production estimates and we anticipate additional drilling in south Louisiana and south Texas during 2008.

"The natural gas midstream segment (PVR Midstream) for Penn Virginia Resource Partners, L.P. (NYSE: PVR) experienced a strong increase in operating income and cash flow in the third quarter of 2007 as compared to the prior year quarter. Third quarter 2007 processing margins increased from high levels in the third quarter of 2006 as the fractionation or "frac" spread - which is the difference between the price of natural gas liquids (NGLs) sold and the cost of natural gas purchased on a per MMBtu basis - was at record high levels in our areas of operation and has remained there into the fourth quarter. In PVR's coal and natural resource management segment (PVR Coal & NRM), production by our lessees remained strong and was highlighted by an increase in Illinois Basin lessee production during the third quarter due to contributions from recent acquisitions in that region. In addition, during the third and fourth quarters of 2007, PVR Coal & NRM completed approximately $124 million in acquisitions of forestlands and oil and gas royalties in Appalachia. The overall market for coal has improved during 2007 as spot prices have increased, primarily due to a reduction in utilities' coal stockpiles as well as increased exports of Appalachian coal.

"The pretax value of our 82 percent stake in Penn Virginia GP Holdings, L.P. (NYSE: PVG), the owner of the general partner and largest limited partner of Penn Virginia Resource Partners, L.P. (NYSE: PVR), has increased by approximately $542 million, or approximately $14.30 per PVA share, since its initial public offering in December 2006. Considering the increased market value of PVG and the approximate $39 million current annualized run rate of distributions that we receive from PVG, we are very pleased with the performance of this investment.

"We look forward to continued growth in the fourth quarter of 2007, and believe that we have the proper strategies in place at each business segment and the financial strength to achieve that growth."

Oil and Gas Segment Review

Oil and gas production grew 40 percent from 7.9 Bcfe in the third quarter of 2006 to a record 11.1 Bcfe in third quarter of 2007, the eighth straight quarterly record for oil and gas production. See today's separate operational update news release for a more detailed discussion of third quarter 2007 drilling and production operations for the oil and gas business segment.

Oil and gas operating income for the third quarter of 2007 was $27.2 million, or 50 percent higher as compared to $18.1 million in the third quarter of 2006. Total oil and gas revenues increased by 29 percent from $56.5 million in the third quarter of 2006 to $72.9 million in the third quarter of 2007. The increase in revenues was primarily attributable to the production increase, partially offset by a nine percent decrease in the realized natural gas price. In addition, other revenues increased by $12.0 million primarily due to a $12.3 million gain on the sale in September 2007 of non-operated working interests in oil and gas properties.

Total oil and gas segment expenses increased 51 percent to $58.2 million, or $5.24 per thousand cubic feet of natural gas equivalent (Mcfe) produced, in the third quarter of 2007 from $38.8 million, or $4.91 per Mcfe produced, in the third quarter of 2006, as discussed below:

-- Cash operating expenses, which include operating expense, taxes
 other than income and G&A expense, increased to $20.8 million, or
 $1.87 per Mcfe produced, in the third quarter of 2007 from $12.8
 million, or $1.62 per Mcfe produced, in the third quarter of 2006 and
 $18.2 million, or $1.89 per Mcfe produced, in the second quarter of
 2007. The increase was due primarily to the production increase and
 the increases in taxes other than income and operating expense per
 unit of production as discussed below:

     -- Operating expense increased to $12.2 million, or $1.10 per
      Mcfe produced, in the third quarter of 2007 from $7.9 million,
      or $1.00 per Mcfe produced, in the prior year quarter. In
      addition to a general increase in oilfield service costs and
      activity in all operating areas, the increase was due to the
      production increase and additional expense in a number of
      operating areas related to workovers, water disposal and other
      operating activity;

     -- Taxes other than income increased to $4.4 million, or $0.39
      per Mcfe produced, in the third quarter of 2007 from $1.8
      million, or $0.22 per Mcfe produced, in the prior year quarter.
      The increase per Mcfe produced was primarily due to a severance
      tax refund in east Texas and property tax adjustments in West
      Virginia in the prior year quarter; and

     -- G&A expense increased to $4.1 million, or $0.37 per Mcfe
      produced, in the third quarter of 2007 from $3.2 million, or
      $0.40 per Mcfe produced, in the prior year quarter. The increase
      was due primarily to an increase in staffing and benefits costs
      related to an expansion of operations across the oil and gas
      segment as the result of increased drilling activity and
      acquisitions.

-- Exploration expense increased two percent to $12.9 million in the
 third quarter of 2007 from $12.7 million in the prior year quarter.
 Approximately $3.5 million of expense in the third quarter of 2007
 was attributable to a dry hole in south Louisiana (Cotton Land #2,
 Bayou Postillion).

-- Impairment charges increased to $2.4 million in the third quarter
 of 2007 from zero in the prior year quarter. The impairment charges
 related to changes in reserve estimates for several smaller fields in
 Louisiana and the Mid-Continent region.

-- Depletion, depreciation and amortization (DD&A) expense increased
 to $22.2 million, or $2.00 per Mcfe produced, in the third quarter of
 2007 from $13.4 million, or $1.69 per Mcfe produced, in the prior
 year quarter. The increase was primarily due to the production
 increase and the increase in the average depletion rate related to a
 greater percentage of production from higher-cost Cotton Valley and
 HCBM wells.

Coal and Natural Resource Management Segment Review (PVR)

Third quarter 2007 operating income for PVR Coal & NRM was $17.7 million, or six percent lower than the $18.8 million in the prior year quarter. Revenues decreased five percent to $28.4 million in the third quarter of 2007 from $29.9 million in the prior year quarter, including an eight percent decrease in coal royalty revenue to $24.4 million in the third quarter of 2007 from $26.6 million in the prior year quarter. Coal production by PVR's lessees of 8.8 million tons in the third quarter of 2007 was unchanged from the prior year quarter. The mix of production shifted from the prior year quarter, with higher lessee production in the Illinois Basin, the San Juan Basin and northern Appalachia, offset by lower lessee production in central Appalachia.

The decrease in coal royalty revenue for the third quarter of 2007 was primarily due to a decrease in lessee production in relatively higher royalty rate central Appalachia, which was mainly due to the movement of a longwall mining operation off of a subleased PVR property during the quarter. This longwall movement is also expected to reduce lessee coal production in central Appalachia in the fourth quarter of 2007. In addition, PVR expects northern Appalachian production to decrease in the fourth quarter of 2007, as the startup of a new panel in a lessee's longwall operation has been delayed pending completion of development work. Despite these developments, PVR expects overall lessee production to remain within previously provided guidance for 2007. Primarily due to the combination of increased production in the relatively lower royalty rate Illinois Basin and reduced production in central Appalachia, the average coal royalty per ton decreased nine percent from $3.03 in the third quarter of 2006 to $2.76 in the third quarter of 2007. Net of coal royalties expense, the average coal royalty per ton decreased $0.05, or two percent, from $2.70 in the third quarter of 2006 to $2.65 in the third quarter of 2007. The decrease in coal royalty revenue was partially offset by a 29 percent increase in coal services revenue and a 15 percent increase in other revenues, which are expected to increase due to recent acquisitions of forestlands and oil and gas royalties.

Expenses decreased four percent from $11.1 million in the third quarter of 2006 to $10.7 million in the third quarter of 2007. The decrease was primarily due to a $1.9 million decrease in coal royalties expense as a result of lower production from the subleased property in central Appalachia, partially offset by a $0.6 million increase in other operating expense, primarily due to an increase in mine maintenance and core-hole drilling expenses in central Appalachia and the Illinois Basin, a $0.5 million increase in G&A expense, largely related to increased staffing costs, and a $0.3 million increase in DD&A expense, primarily due to the construction and acquisition of coal services facilities.

Natural Gas Midstream Segment Review (PVR)

Third quarter 2007 operating income for PVR Midstream increased 26 percent to $14.1 million from $11.1 million in the prior year quarter. System throughput volumes at PVR's gas processing plants and gathering systems increased eight percent to 17.8 Bcf, or approximately 194 MMcf per day, in the third quarter of 2007 from 16.6 Bcf, or approximately 180 MMcf per day, in the prior year quarter. The increase in system throughput volumes was primarily due to a short-term gathering contract that was entered into and completed during the third quarter of 2007.

The gross midstream processing margin increased 18 percent to $24.2 million, or $1.35 per Mcf, in the third quarter of 2007, from $20.5 million, or $1.24 per Mcf, in the prior year quarter. Adjusted for the cash impact of derivatives, the gross midstream processing margin increased 48 percent to $20.8 million, or $1.16 per Mcf, in the third quarter of 2007, from $14.0 million, or $0.85 per Mcf, in the prior year quarter. The increase in the gross midstream processing margin was primarily the result of a higher frac spread caused by higher NGL sale prices and lower natural gas purchase costs in the third quarter of 2007 relative to the third quarter of 2006, along with the increase in system throughput volumes. Additionally, producer services revenue increased by $0.6 million, or 78 percent, during the third quarter of 2007 as compared to the prior year quarter.

Expenses, other than the cost of midstream gas purchased, increased by $1.4 million, or 13 percent, during the third quarter of 2007 as compared to the prior year quarter primarily due to a $0.6 million increase in G&A expense, largely due to increased staffing costs, and a $0.5 million increase in DD&A expense, due to acquisitions and gathering system construction.

    Partnership Distributions and Consolidated Financial Statements

As previously announced, on November 19, 2007, PVG will pay to unitholders of record as of November 5, 2007 a quarterly cash distribution covering the period July 1 through September 30, 2007 in the amount of $0.30 per unit, or an annualized rate of $1.20 per unit. This annualized distribution represents a $0.08 per unit, or seven percent, increase over the annualized distribution of $1.12 per unit paid in the prior quarter.

As the result of PVG's distribution increase, PVA will receive a cash distribution of approximately $9.6 million in the fourth quarter of 2007.

PVA is the largest unitholder of PVG and reports its financial results on a consolidated basis with the financial results of PVG. Similarly, PVG owns PVR's general partner, including the incentive distribution rights, and is PVR's largest limited partner unitholder, and reports its financial results on a consolidated basis with the financial results of PVR. PVG currently has no separate operating activities apart from those conducted by PVR and derives its cash flow solely from cash distributions received from PVR.

A conversion of the GAAP-compliant financial statements ("As reported") to the equity method of accounting ("As adjusted") is included in the "Conversion to Non-GAAP Equity Method" section of this release. Using the equity method, PVG's results are reduced to a few line items and the results from oil and gas operations and corporate are therefore highlighted. Management believes that this is useful since the oil and gas and corporate segments provide a majority of the cash flow from operations generated by PVA, as compared to distributions PVA receives from PVG and PVR. Management believes that the financial statements presented using the equity method are less complex and more comparable to those of other oil and gas exploration and production companies.

Capital Resources and Impact of Derivatives

As of September 30, 2007, PVA had borrowed $414.5 million under its revolving credit facility as compared to $221.0 million at December 31, 2006. The increase in borrowings was primarily due to higher spending to fund PVA's oil and gas capital expenditures and acquisitions in the first nine months of 2007. PVR's outstanding borrowings as of September 30, 2007 were $364.2 million, including $12.6 million of senior unsecured notes classified as current portion of long-term debt, an increase from $218.0 million as of December 31, 2006. The increase was primarily due to higher spending to fund PVR's coal reserve and forestland acquisitions and natural gas midstream capital expenditures. Consolidated interest expense increased $3.7 million from $7.1 million in the third quarter of 2006 to $10.8 million in the third quarter of 2007, due primarily to the higher weighted average level of outstanding borrowings during the third quarter of 2007 as compared to the third quarter of 2006.

PVA reported a derivative loss of $4.5 million the third quarter of 2007, as compared to a gain of $17.9 million for the same period of 2006, primarily due to a $17.1 million decrease in the fair value, on a "mark-to-market," basis of open natural gas midstream hedging positions. Cash settlements of derivatives during the third quarter of 2007 resulted in net cash receipts of $0.6 million, compared to $4.2 million of net cash payments in the prior year period. The increase in net cash receipts was primarily due to $5.3 million of net cash receipts from oil and gas hedging positions, partially offset by net cash payments of $4.7 million from natural gas midstream hedging positions.

See the Guidance Table included in this release for detail of derivative positions as of September 30, 2007.

Guidance for 2007

See the Guidance Table included in this release for guidance estimates for full-year 2007. These estimates, including capital expenditure plans, are meant to provide guidance only and are subject to revision as PVA's and PVR's operating environments change.

2007 Third Quarter Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss third quarter 2007 financial and operational results for PVA, is scheduled for Thursday, November 1, 2007 at 3:00 p.m. ET. Prepared remarks by A. James Dearlove, President and Chief Executive Officer, will be followed by a question and answer period. Investors and analysts may participate via phone by dialing 1-877-407-9205 five to ten minutes before the scheduled start of the conference call, or via webcast by logging on to PVA's website at www.pennvirginia.com at least 20 minutes prior to the scheduled start of the call to download and install any necessary audio software. A telephone replay of the call will be available until November 15, 2007 at 11:59 p.m. ET by dialing 1-877-660-6853 and using the following replay pass codes: account #286, conference ID #257715. An on-demand replay of the conference call will be available at PVA's website beginning shortly after the call.

Headquartered in Radnor, PA and a member of the S&P SmallCap 600 Index, Penn Virginia Corporation (NYSE: PVA) is an independent natural gas and oil company focused on the exploration, acquisition, development and production of reserves in onshore regions of the U.S., including the Appalachian Basin, the Cotton Valley play in east Texas, the Selma Chalk play in Mississippi, the Mid-Continent region and the Gulf Coast of Louisiana and Texas. PVA also owns approximately 82 percent of Penn Virginia GP Holdings, L.P. (NYSE: PVG), the owner of the general partner and the largest unit holder of Penn Virginia Resource Partners, L.P. (NYSE: PVR), a manager of coal and natural resource properties and related assets and the operator of a midstream natural gas gathering and processing business. For more information, please visit PVA's 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. These risks, uncertainties and contingencies include, but are not limited to, the following: the volatility of commodity prices for natural gas, crude oil, NGLs and coal; the cost of finding and successfully developing oil and gas reserves; our ability to acquire new oil and gas reserves and the price for which such reserves can be acquired; energy prices generally and specifically, the price of natural gas, crude oil, NGLs and coal; the relationship between natural gas and NGL prices; the price of coal and its comparison to the price of natural gas and crude oil; the projected demand for natural gas, crude oil, NGLs and coal; the projected supply of natural gas, crude oil, NGLs and coal; the availability of required drilling rigs, production equipment and materials; our ability to obtain adequate pipeline transportation capacity for our oil and gas production; non-performance by third party operators in wells in which we own an interest; competition among producers in the oil and natural gas and coal industries generally and among natural gas midstream companies; the extent to which the amount and quality of actual production of our oil and natural gas or PVR's coal differs from estimated recoverable proved oil and gas reserves and coal reserves; PVR's ability to generate sufficient cash from its midstream and coal and natural resource management businesses to pay the minimum quarterly distribution to its general partner and its unitholders; hazards or operating risks incidental to our business and to PVR's coal or midstream business; PVR's ability to acquire new coal reserves or natural gas midstream assets on satisfactory terms; the price for which PVR can acquire coal reserves; PVR's ability to continually find and contract for new sources of natural gas supply for its midstream business; PVR's ability to retain existing or acquire new natural gas midstream customers; PVR's ability to lease new and existing coal reserves; the ability of PVR's lessees to produce sufficient quantities of coal on an economic basis from PVR's reserves; the ability of PVR's lessees to obtain favorable contracts for coal produced from its reserves; PVR's exposure to the credit risk of its coal lessees and natural gas midstream customers; hazards or operating risks incidental to natural gas midstream operations; unanticipated geological problems; the dependence of PVR's natural gas midstream business on having connections to third party pipelines; the occurrence of unusual weather or operating conditions including force majeure events; the failure of equipment or processes to operate in accordance with specifications or expectations; the failure of PVR's infrastructure and its lessees' mining equipment or processes to operate in accordance with specifications or expectations; delays in anticipated start-up dates of our oil and natural gas production and PVR's lessees' mining operations and related coal infrastructure projects; environmental risks affecting the drilling and producing of oil and gas wells, the mining of coal reserves or the production, gathering and processing of natural gas; the timing of receipt of necessary governmental permits by us and by PVR or PVR's lessees; the risks associated with having or not having price risk management programs; labor relations and costs; accidents; changes in governmental regulation or enforcement practices, especially with respect to environmental, health and safety matters, including with respect to emissions levels applicable to coal-burning power generators; uncertainties relating to the outcome of current and future litigation regarding mine permitting; risks and uncertainties relating to general domestic and international economic (including inflation and interest rates) and political conditions (including the impact of potential terrorist attacks); the experience and financial condition of PVR's coal lessees and natural gas midstream customers, including their ability to satisfy their royalty, environmental, reclamation and other obligations to PVR and others; PVR's ability to expand its natural gas midstream business by constructing new gathering systems, pipelines and processing facilities on an economic basis and in a timely manner; coal handling joint venture operations; changes in financial market conditions; and PVG's ability to generate sufficient cash from its interests in PVR to maintain and pay the quarterly distribution to its general partner and its unitholders.

Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2006. 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 the result of new information, future events or otherwise.


                      PENN VIRGINIA CORPORATION
                          OPERATIONS SUMMARY

                            Three Months Ended     Nine Months Ended
                               September 30,         September 30,
                           --------------------- ---------------------
                              2007       2006       2007       2006
                           ---------- ---------- ---------- ----------
Production
   Natural gas (MMcf)         10,406      7,332     27,872     21,009
   Oil and condensate
    (MBbls)                      116         97        336        283
   Total oil, condensate
    and natural gas
    production (MMcfe)        11,102      7,914     29,888     22,707
   Coal royalty tons
    (thousands)                8,842      8,781     25,186     24,467
   Midstream system
    throughput volumes
    (MMcf)                    17,844     16,586     50,763     45,234

Prices and margin
   Natural gas ($/Mcf)     $    6.28  $    6.89  $    6.96  $    7.63
   Oil and condensate
    ($/Bbl)                $   65.42  $   61.48  $   54.89  $   57.87
   Average gross coal
    royalty ($/ton)        $    2.76  $    3.03  $    2.92  $    3.00
   Gross midstream
    processing margin (in
    thousands)             $  24,178  $  20,537  $  59,095  $  50,725


           CONSOLIDATED STATEMENTS OF EARNINGS - unaudited
                (in thousands, except per share data)

                            Three Months Ended     Nine Months Ended
                               September 30,         September 30,
                           --------------------- ---------------------
                              2007       2006       2007       2006
                           ---------- ---------- ---------- ----------
Revenues
   Natural gas             $  65,310  $  50,540  $ 193,961  $ 160,384
   Oil and condensate          7,589      5,964     18,443     16,378
   Natural gas midstream     100,370    100,809    310,095    305,340
   Coal royalties             24,426     26,612     73,455     73,288
   Gain on the sale of
    properties                12,312          -     12,436          -
   Other                       5,751      4,468     16,036     13,060
                           ---------- ---------- ---------- ----------
      Total revenues         215,758    188,393    624,426    568,450
                           ---------- ---------- ---------- ----------
Expenses
   Cost of midstream gas
    purchased                 76,192     80,272    251,000    254,615
   Operating                  17,602     14,259     47,557     33,440
   Exploration                12,873     12,660     23,610     26,061
   Taxes other than income     5,156      2,322     15,995     11,217
   General and
    administrative            16,439     10,900     46,539     33,287
   Impairment of oil and
    gas properties             2,405          -      2,405          -
   Depreciation, depletion
    and amortization          33,207     23,336     89,823     66,581
                           ---------- ---------- ---------- ----------
      Total expenses         163,874    143,749    476,929    425,201
                           ---------- ---------- ---------- ----------

Operating income              51,884     44,644    147,497    143,249

Other income (expense)
   Interest expense          (10,843)    (7,108)   (25,878)   (17,292)
   Derivatives                (4,455)    17,940    (22,068)    11,403
   Other                         576        379      2,536      1,138
                           ---------- ---------- ---------- ----------

Income before minority
 interest and income taxes    37,162     55,855    102,087    138,498

   Minority interest           9,135     18,539     27,659     31,187
   Income tax expense         10,913     14,435     29,033     42,105
                           ---------- ---------- ---------- ----------

Net income                 $  17,114  $  22,881  $  45,395  $  65,206
                           ========== ========== ========== ==========

Per share data

Net income per share,
 basic                     $    0.45  $    0.61  $    1.20  $    1.75
                           ========== ========== ========== ==========
Net income per share,
 diluted (a)               $    0.45  $    0.61  $    1.19  $    1.73
                           ========== ========== ========== ==========

Weighted average shares
 outstanding, basic           37,898     37,358     37,748     37,316
Weighted average shares
 outstanding, diluted         38,213     37,790     38,045     37,744

(a) - The diluted EPS numerator includes an adjustment for the
 dilutive effect of PVR's net income.


                      PENN VIRGINIA CORPORATION
                     CONSOLIDATED BALANCE SHEETS
                           (in thousands)

                                          September 30,  December 31,
                                              2007           2006
                                          -------------  -------------
                                           (unaudited)
Assets
   Current assets                         $    181,351   $    192,383
   Net property and equipment                1,775,083      1,358,383
   Other assets                                 90,122         82,383
                                          -------------  -------------
      Total assets                        $  2,046,556   $  1,633,149
                                          =============  =============

Liabilities and Shareholders' Equity
   Current liabilities                    $    186,216   $    172,690
   Long-term debt                              414,500        221,000
   Long-term debt of Penn Virginia
    Resource Partners, L.P.                    351,618        207,214
   Other liabilities and deferred taxes        231,332        211,448
   Minority interest - (a)                     189,820        438,372
   Shareholders' equity - (a)                  673,070        382,425
                                          -------------  -------------
      Total liabilities and shareholders'
       equity                             $  2,046,556   $  1,633,149
                                          =============  =============

(a) - The decrease in minority interest and corresponding increase in
 shareholders' equity is primarily due to a gain recognized on the
 sale of PVR's common units in its initial public offering in 2001 and
 each subsequent PVR equity issuance to third parties. In accordance
 with SEC Staff Accounting Bulletin No. 51, PVA deferred recognition
 of the gain until all PVR junior securities converted to common units
 in May 2007.

          CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited
                            (in thousands)

                            Three Months Ended     Nine Months Ended
                               September 30,         September 30,
                           --------------------- ---------------------
                              2007       2006       2007       2006
                           ---------- ---------- ---------- ----------
Operating Activities
   Net income              $  17,114  $  22,881  $  45,395  $  65,206
   Adjustments to
    reconcile net income
    to net cash provided
    by operating
    activities:
   Depreciation, depletion
    and amortization          33,207     23,336     89,823     66,581
   Commodity derivative
    contracts:
      Total derivative
       losses (gains)          6,053    (17,675)    25,569    (10,042)
      Cash receipts
       (payments) to
       settle derivatives
       for period                586     (4,216)     2,281    (10,433)
   Deferred income taxes       9,218     13,248     21,902     32,071
   Minority interest           9,135     18,539     27,659     31,187
   Gain on sale of
    properties               (12,312)         -    (12,436)         -
   Impairment of oil and
    gas properties             2,405          -      2,405          -
   Dry hole and unproved
    leasehold expense         11,991      9,566     20,707     17,925
   Other                       1,523        919      2,918      5,483
                           ---------- ---------- ---------- ----------
   Operating cash flow
    (see attached table
    "Reconciliation of
    Certain Non-GAAP
    Financial Measures")      78,920     66,598    226,223    197,978
   Changes in operating
    assets and liabilities    (2,736)   (19,437)   (17,242)      (917)
                           ---------- ---------- ---------- ----------
      Net cash provided by
       operating
       activities             76,184     47,161    208,981    197,061
                           ---------- ---------- ---------- ----------

Investing Activities
   Proceeds from sale of
    property and equipment    29,142         30     29,385      2,505
   Acquisitions             (162,794)    (6,816)  (239,018)  (171,479)
   Additions to property
    and equipment           (109,685)   (76,700)  (308,987)  (182,239)
                           ---------- ---------- ---------- ----------
      Net cash used in
       investing
       activities           (243,337)   (83,486)  (518,620)  (351,213)
                           ---------- ---------- ---------- ----------

Financing Activities
Dividends paid                (2,130)    (2,101)    (6,370)    (6,298)
   Distributions paid to
    minority interest
    holders                  (12,937)    (9,827)   (36,402)   (28,144)
   Proceeds from issuance
    of partners' capital
    by PVG                         -          -        860          -
   Net proceeds from
    (repayments of) PVA
    borrowings                86,000     35,000    193,500    101,000
   Net proceeds from
    (repayments of) PVR
    borrowings                89,000     10,000    146,000     71,500
   Other                        (188)     1,833      6,516      2,567
                           ---------- ---------- ---------- ----------
      Net cash provided by
       financing
       activities            159,745     34,905    304,104    140,625
                           ---------- ---------- ---------- ----------

Net decrease in cash and
 cash equivalents             (7,408)    (1,420)    (5,535)   (13,527)
Cash and cash equivalents-
 beginning balance            22,211     13,806     20,338     25,913
                           ---------- ---------- ---------- ----------
Cash and cash equivalents-
 ending balance            $  14,803  $  12,386  $  14,803  $  12,386
                           ========== ========== ========== ==========


                      PENN VIRGINIA CORPORATION
              QUARTERLY SEGMENT INFORMATION - unaudited
              (Dollars in thousands except where noted)



                                                      Coal and Natural
                                                          Resource
                                     Oil and Gas         Management
                                --------------------- ----------------
                                 Amount  (per Mcfe) *
                                -------- ------------
Three Months Ended September
 30, 2007

Production
Total oil, condensate and gas
 (MMcfe)                          11,102
Natural gas (MMcf)                10,406
Crude oil and condensate
 (MBbls)                             116
Coal royalty tons (thousands of
 tons)                                                           8,842
Midstream system throughput
 volumes (MMcf)

Revenues
   Natural gas                  $ 65,310 $       6.28 $              -
   Oil and condensate              7,589        65.42                -
   Natural gas midstream               -            -                -
   Coal royalties                      -            -           24,426
   Gain on the sale of
    properties                    12,312            -                -
   Other                             120            -            3,990
                                -------- ------------ ----------------
      Total revenues              85,331         7.69           28,416
                                -------- ------------ ----------------
Expenses
   Cost of midstream gas
    purchased                          -            -                -
   Coal royalties expense              -            -              979
   Other operating expense        12,247         1.10            1,020
   Exploration                    12,873         1.16                -
   Taxes other than income         4,380         0.39              242
   General and administrative      4,124         0.37            2,630
   Impairment of oil and gas
    properties                     2,405         0.22                -
   Depreciation, depletion and
    amortization                  22,152         2.00            5,833
                                -------- ------------ ----------------
      Total expenses              58,181         5.24           10,704
                                -------- ------------ ----------------

Operating income (loss)         $ 27,150 $       2.45 $         17,712
                                -------- ------------ ----------------

Additions to property and
 equipment and acquisitions     $166,500              $         93,449



                                 Natural Gas
                                   Midstream     Other    Consolidated
                                -------------- ---------- ------------

Three Months Ended September
 30, 2007

Production
Total oil, condensate and gas
 (MMcfe)
Natural gas (MMcf)
Crude oil and condensate
 (MBbls)
Coal royalty tons (thousands of
 tons)
Midstream system throughput
 volumes (MMcf)                         17,844

Revenues
   Natural gas                  $            - $       -  $     65,310
   Oil and condensate                        -         -         7,589
   Natural gas midstream               100,370         -       100,370
   Coal royalties                            -         -        24,426
   Gain on the sale of
    properties                               -         -        12,312
   Other                                 1,418       223         5,751
                                -------------- ---------- ------------
      Total revenues                   101,788       223       215,758
                                -------------- ---------- ------------
Expenses
   Cost of midstream gas
    purchased                           76,192         -        76,192
   Coal royalties expense                    -         -           979
   Other operating expense               3,225       131        16,623
   Exploration                               -         -        12,873
   Taxes other than income                 424       110         5,156
   General and administrative            3,076     6,609        16,439
   Impairment of oil and gas
    properties                               -         -         2,405
   Depreciation, depletion and
    amortization                         4,812       410        33,207
                                -------------- ---------- ------------
      Total expenses                    87,729     7,260       163,874
                                -------------- ---------- ------------

Operating income (loss)         $       14,059 $  (7,037) $     51,884
                                -------------- ---------- ------------

Additions to property and
 equipment and acquisitions     $       10,755 $   1,775  $    272,479



                                                      Coal and Natural
                                                          Resource
                                     Oil and Gas         Management
                                --------------------- ----------------
                                 Amount  (per Mcfe) *
                                -------- ------------
Three Months Ended September
 30, 2006

Production
Total oil, condensate and gas
 (MMcfe)                           7,914
Natural gas (MMcf)                 7,332
Crude oil and condensate
 (MBbls)                              97
Coal royalty tons (thousands of
 tons)                                                           8,781
Midstream system throughput
 volumes (MMcf)

Revenues
   Natural gas                  $ 50,540 $       6.89 $              -
   Oil and condensate              5,964        61.48                -
   Natural gas midstream               -            -                -
   Coal royalties                      -            -           26,612
   Other                             402            -            3,278
                                -------- ------------ ----------------
      Total revenues              56,906         7.19           29,890
                                -------- ------------ ----------------
Expenses
   Cost of midstream gas
    purchased                          -            -                -
   Coal royalties expense              -            -            2,893
   Other operating expense         7,882         1.00              447
   Exploration                    12,660         1.60                -
   Taxes other than income         1,750         0.22              154
   General and administrative      3,181         0.40            2,095
   Depreciation, depletion and
    amortization                  13,365         1.69            5,551
                                -------- ------------ ----------------
      Total expenses              38,838         4.91           11,140
                                -------- ------------ ----------------

Operating income (loss)         $ 18,068 $       2.28 $         18,750
                                -------- ------------ ----------------

Additions to property and
 equipment and acquisitions     $ 70,558              $          5,735



                                 Natural Gas
                                   Midstream     Other    Consolidated
                                -------------- ---------- ------------

Three Months Ended September
 30, 2006

Production
Total oil, condensate and gas
 (MMcfe)
Natural gas (MMcf)
Crude oil and condensate
 (MBbls)
Coal royalty tons (thousands of
 tons)
Midstream system throughput
 volumes (MMcf)                         16,586

Revenues
   Natural gas                  $            - $       -  $     50,540
   Oil and condensate                        -         -         5,964
   Natural gas midstream               100,809         -       100,809
   Coal royalties                            -         -        26,612
   Other                                   795        (7)        4,468
                                -------------- ---------- ------------
      Total revenues                   101,604        (7)      188,393
                                -------------- ---------- ------------
Expenses
   Cost of midstream gas
    purchased                           80,272         -        80,272
   Coal royalties expense                    -         -         2,893
   Other operating expense               3,038        (1)       11,366
   Exploration                               -         -        12,660
   Taxes other than income                 329        89         2,322
   General and administrative            2,504     3,120        10,900
   Depreciation, depletion and
    amortization                         4,313       107        23,336
                                -------------- ---------- ------------
      Total expenses                    90,456     3,315       143,749
                                -------------- ---------- ------------

Operating income (loss)         $       11,148 $  (3,322) $     44,644
                                -------------- ---------- ------------

Additions to property and
 equipment and acquisitions     $        6,036 $   1,187  $     83,516


* Natural gas revenues are shown per Mcf, oil and gas condensate
 revenues are shown per Bbl, and all other amounts are shown per Mcfe.

                      PENN VIRGINIA CORPORATION
             YEAR-TO-DATE SEGMENT INFORMATION - unaudited
              (Dollars in thousands except where noted)



                                                      Coal and Natural
                                                          Resource
                                     Oil and Gas         Management
                                --------------------- ----------------
                                 Amount  (per Mcfe) *
                                -------- ------------
Nine Months Ended September 30,
 2007

Production
Total oil, condensate and gas
 (MMcfe)                          29,888
Natural gas (MMcf)                27,872
Crude oil and condensate
 (MBbls)                             336
Coal royalty tons (thousands of
 tons)                                                          25,186
Midstream system throughput
 volumes (MMcf)

Revenues
   Natural gas                  $193,961 $       6.96 $              -
   Oil and condensate             18,443        54.89                -
   Natural gas midstream               -            -                -
   Coal royalties                      -            -           73,455
   Gain on the sale of
    properties                    12,239            -              198
   Other                             868            -           11,657
                                -------- ------------ ----------------
      Total revenues             225,511         7.55           85,310
                                -------- ------------ ----------------
Expenses
   Cost of midstream gas
    purchased                          -            -                -
   Coal royalties expense              -            -            4,582
   Other operating expense        31,190         1.04            2,086
   Exploration                    23,610         0.79                -
   Taxes other than income        13,249         0.44              832
   General and administrative     11,026         0.37            7,989
   Impairment of oil and gas
    properties                     2,405         0.08                -
   Depreciation, depletion and
    amortization                  58,628         1.96           16,643
                                -------- ------------ ----------------
      Total expenses             140,108         4.69           32,132
                                -------- ------------ ----------------

Operating income (loss)         $ 85,403 $       2.86 $         53,178
                                -------- ------------ ----------------

Additions to property and
 equipment and acquisitions     $367,558              $        146,915



                                 Natural Gas
                                   Midstream     Other    Consolidated
                                -------------- ---------- ------------

Nine Months Ended September 30,
 2007

Production
Total oil, condensate and gas
 (MMcfe)
Natural gas (MMcf)
Crude oil and condensate
 (MBbls)
Coal royalty tons (thousands of
 tons)
Midstream system throughput
 volumes (MMcf)                         50,763

Revenues
   Natural gas                  $            - $       -  $    193,961
   Oil and condensate                        -         -        18,443
   Natural gas midstream               310,095         -       310,095
   Coal royalties                            -         -        73,455
   Gain on the sale of
    properties                               -         -        12,436
   Other                                 3,143       367        16,036
                                -------------- ---------- ------------
      Total revenues                   313,238       367       624,426
                                -------------- ---------- ------------
Expenses
   Cost of midstream gas
    purchased                          251,000         -       251,000
   Coal royalties expense                    -         -         4,582
   Other operating expense               9,567       132        42,975
   Exploration                               -         -        23,610
   Taxes other than income               1,280       634        15,995
   General and administrative            9,119    18,405        46,539
   Impairment of oil and gas
    properties                               -         -         2,405
   Depreciation, depletion and
    amortization                        13,957       595        89,823
                                -------------- ---------- ------------
      Total expenses                   284,923    19,766       476,929
                                -------------- ---------- ------------

Operating income (loss)         $       28,315 $ (19,399) $    147,497
                                -------------- ---------- ------------

Additions to property and
 equipment and acquisitions     $       28,619 $   4,913  $    548,005



                                                      Coal and Natural
                                                          Resource
                                     Oil and Gas         Management
                                --------------------- ----------------
                                 Amount  (per Mcfe) *
                                -------- ------------
Nine Months Ended September 30,
 2006

Production
Total oil, condensate and gas
 (MMcfe)                          22,707
Natural gas (MMcf)                21,009
Crude oil and condensate
 (MBbls)                             283
Coal royalty tons (thousands of
 tons)                                                          24,467
Midstream system throughput
 volumes (MMcf)

Revenues
   Natural gas                  $160,384 $       7.63 $              -
   Oil and condensate             16,378        57.87                -
   Natural gas midstream               -            -                -
   Coal royalties                      -            -           73,288
   Other                           1,521            -            9,827
                                -------- ------------ ----------------
      Total revenues             178,283         7.85           83,115
                                -------- ------------ ----------------
Expenses
   Cost of midstream gas
    purchased                          -            -                -
   Coal royalties expense              -            -            4,411
   Other operating expense        19,488         0.86            1,152
   Exploration                    26,061         1.15                -
   Taxes other than income         9,162         0.40              565
   General and administrative      8,649         0.38            6,794
   Depreciation, depletion and
    amortization                  38,755         1.71           15,050
                                -------- ------------ ----------------
      Total expenses             102,115         4.50           27,972
                                -------- ------------ ----------------

Operating income (loss)         $ 76,168 $       3.35 $         55,143
                                -------- ------------ ----------------

Additions to property and
 equipment and acquisitions (1) $243,016              $         80,902



                                 Natural Gas
                                   Midstream     Other    Consolidated
                                -------------- ---------- ------------

Nine Months Ended September 30,
 2006

Production
Total oil, condensate and gas
 (MMcfe)
Natural gas (MMcf)
Crude oil and condensate
 (MBbls)
Coal royalty tons (thousands of
 tons)
Midstream system throughput
 volumes (MMcf)                         45,234

Revenues
   Natural gas                  $            - $       -  $    160,384
   Oil and condensate                        -         -        16,378
   Natural gas midstream               305,340         -       305,340
   Coal royalties                            -         -        73,288
   Other                                 1,666        46        13,060
                                -------------- ---------- ------------
      Total revenues                   307,006        46       568,450
                                -------------- ---------- ------------
Expenses
   Cost of midstream gas
    purchased                          254,615         -       254,615
   Coal royalties expense                    -         -         4,411
   Other operating expense               8,387         2        29,029
   Exploration                               -         -        26,061
   Taxes other than income               1,054       436        11,217
   General and administrative            8,209     9,635        33,287
   Depreciation, depletion and
    amortization                        12,451       325        66,581
                                -------------- ---------- ------------
      Total expenses                   284,716    10,398       425,201
                                -------------- ---------- ------------

Operating income (loss)         $       22,290 $ (10,352) $    143,249
                                -------------- ---------- ------------

Additions to property and
 equipment and acquisitions (1) $       27,577 $   2,223  $    353,718


* Natural gas revenues are shown per Mcf, oil and gas condensate
 revenues are shown per Bbl, and all other amounts are shown per Mcfe.

(1) Oil and gas segment excludes noncash expenditures of $32.8
 million.


                      PENN VIRGINIA CORPORATION
  RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited
                            (in thousands)


                            Three Months Ended     Nine Months Ended
                               September 30,         September 30,
                           --------------------- ---------------------
                              2007       2006       2007       2006
                           ---------- ---------- ---------- ----------
Reconciliation of GAAP
 "Net cash provided by
 operating activities" to
 Non-GAAP "Operating cash
 flow"
--------------------------
Net cash provided by
 operating activities      $  76,184  $  47,161  $ 208,981  $ 197,061
Adjustments:
   Changes in operating
    assets and liabilities     2,736     19,437     17,242        917
                           ---------- ---------- ---------- ----------

Operating cash flow (see
 Note 1 below)             $  78,920  $  66,598  $ 226,223  $ 197,978
                           ========== ========== ========== ==========

Reconciliation of GAAP
 "Net income" to Non-GAAP
 "Net income as adjusted"
--------------------------
Net income as reported     $  17,114  $  22,881  $  45,395  $  65,206
Adjustments for
 derivatives:
   Derivative losses
    included in operating
    income                     1,597        265      3,500      1,361
   Derivative losses
    included in other
    income                     4,456    (17,940)    22,069    (11,403)
   Cash receipts
    (payments) to settle
    derivatives for period       586     (4,216)     2,281    (10,433)
   Impact of adjustments
    on minority interest      (4,115)     7,578     (8,801)     1,447
   Impact of adjustments
    on income tax expense       (968)     5,615     (7,429)     7,459
                           ---------- ---------- ---------- ----------

Net income as adjusted
 (see Note 2 below)        $  18,670  $  14,183  $  57,015  $  53,637
                           ========== ========== ========== ==========

Note 1 - Operating cash flow represents net cash provided by operating
 activities before changes in assets and liabilities. Operating cash
 flow is presented because PVA believes it is a useful adjunct to net
 cash provided by operating activities under accounting principles
 generally accepted in the United States (GAAP). PVA believes that
 operating cash flow is widely accepted as a financial indicator of an
 oil and gas company's ability to generate cash which is used to
 internally fund exploration and development activities, service debt
 and pay dividends. This measure is widely used by investors and
 professional research analysts in the valuation, comparison, rating
 and investment recommendations of companies within the oil and gas
 exploration and production industry. Operating cash flow is not a
 measure of financial performance under GAAP and should not be
 considered as an alternative to cash flows from operating, investing
 or financing activities, as an indicator of cash flows, or a measure
 of liquidity or as an alternative to net income.

Note 2 - Net income as adjusted represents net income excluding any
 gains or losses on derivatives, adjusted for any cash settlements
 received (paid) and adjusted for related minority interest and income
 taxes. The Company believes "net income as adjusted" provides a
 useful measure which excludes the impact of mark-to-market
 accounting.

                      PENN VIRGINIA CORPORATION
           CONVERSION TO NON-GAAP EQUITY METHOD - unaudited
                            (in thousands)

Reconciliation of GAAP "Income Statements As Reported" to Non-GAAP
 "Income Statements As Adjusted" (see Note 1 below):
----------------------------------------------------------------------


                               Three Months Ended September 30, 2007
                             -----------------------------------------
                              As Reported   Adjustments   As Adjusted
                             ------------- ------------- -------------
Revenues
   Natural gas               $     65,310  $          -  $     65,310
   Oil and condensate               7,589             -         7,589
   Natural gas midstream          100,370      (100,370)            -
   Coal royalties                  24,426       (24,426)            -
   Gain on the sale of
    properties                     12,312             -        12,312
   Other                            5,751        (5,408)          343
                             ------------- ------------- -------------
      Total revenues              215,758      (130,204)       85,554
                             ------------- ------------- -------------
Expenses
   Cost of midstream gas
    purchased                      76,192       (76,192)            -
   Operating                       17,602        (5,224)       12,378
   Exploration                     12,873             -        12,873
   Taxes other than income          5,156          (666)        4,490
   General and
    administrative                 16,439        (5,980)       10,459
   Impairment of oil and gas
    properties                      2,405             -         2,405
   Depreciation, depletion
    and amortization               33,207       (10,645)       22,562
                             ------------- ------------- -------------
      Total expenses              163,874       (98,707)       65,167
                             ------------- ------------- -------------

Operating income                   51,884       (31,497)       20,387

Other income (expense)
   Interest expense               (10,843)        4,678        (6,165)
   Derivatives                     (4,455)       10,730         6,275
   Equity earnings in PVG
    and PVR                             -         7,380         7,380
   Other                              576          (426)          150
                             ------------- ------------- -------------

Income before minority
 interest and income taxes         37,162        (9,135)       28,027

   Minority interest                9,135        (9,135)            -
   Income tax expense              10,913             -        10,913
                             ------------- ------------- -------------

Net income                   $     17,114  $          -  $     17,114
                             ============= ============= =============



                               Three Months Ended September 30, 2006
                             -----------------------------------------
                              As Reported   Adjustments   As Adjusted
                             ------------- ------------- -------------
Revenues
   Natural gas               $     50,540  $          -  $     50,540
   Oil and condensate               5,964             -         5,964
   Natural gas midstream          100,809      (100,809)            -
   Coal royalties                  26,612       (26,612)            -
   Gain on the sale of
    properties                          -             -             -
   Other                            4,468        (4,073)          395
                             ------------- ------------- -------------
      Total revenues              188,393      (131,494)       56,899
                             ------------- ------------- -------------
Expenses
   Cost of midstream gas
    purchased                      80,272       (80,272)            -
   Operating                       14,259        (6,378)        7,881
   Exploration                     12,660             -        12,660
   Taxes other than income          2,322          (483)        1,839
   General and
    administrative                 10,900        (4,599)        6,301
   Impairment of oil and gas
    properties                          -             -             -
   Depreciation, depletion
    and amortization               23,336        (9,864)       13,472
                             ------------- ------------- -------------
      Total expenses              143,749      (101,596)       42,153
                             ------------- ------------- -------------

Operating income                   44,644       (29,898)       14,746

Other income (expense)
   Interest expense                (7,108)        5,276        (1,832)
   Derivatives                     17,940        (6,386)       11,554
   Equity earnings in PVG
    and PVR                             -        12,800        12,800
   Other                              379          (331)           48
                             ------------- ------------- -------------

Income before minority
 interest and income taxes         55,855       (18,539)       37,316

   Minority interest               18,539       (18,539)            -
   Income tax expense              14,435             -        14,435
                             ------------- ------------- -------------

Net income                   $     22,881  $          -  $     22,881
                             ============= ============= =============



                               Nine Months Ended September 30, 2007
                             -----------------------------------------
                              As Reported   Adjustments   As Adjusted
                             ------------- ------------- -------------
Revenues
   Natural gas               $    193,961  $          -  $    193,961
   Oil and condensate              18,443             -        18,443
   Natural gas midstream          310,095      (310,095)            -
   Coal royalties                  73,455       (73,455)            -
   Gain on the sale of
    properties                     12,436             -        12,436
   Other                           16,036       (14,998)        1,038
                             ------------- ------------- -------------
      Total revenues              624,426      (398,548)      225,878
                             ------------- ------------- -------------
Expenses
   Cost of midstream gas
    purchased                     251,000      (251,000)            -
   Operating                       47,557       (16,235)       31,322
   Exploration                     23,610             -        23,610
   Taxes other than income         15,995        (2,116)       13,879
   General and
    administrative                 46,539       (18,686)       27,853
   Impairment of oil and gas
    properties                      2,405             -         2,405
   Depreciation, depletion
    and amortization               89,823       (30,600)       59,223
                             ------------- ------------- -------------
      Total expenses              476,929      (318,637)      158,292
                             ------------- ------------- -------------

Operating income                  147,497       (79,911)       67,586

Other income (expense)
   Interest expense               (25,878)       11,842       (14,036)
   Derivatives                    (22,068)       20,927        (1,141)
   Equity earnings in PVG
    and PVR                             -        20,728        20,728
   Other                            2,536        (1,245)        1,291
                             ------------- ------------- -------------

Income before minority
 interest and income taxes        102,087       (27,659)       74,428

   Minority interest               27,659       (27,659)            -
   Income tax expense              29,033             -        29,033
                             ------------- ------------- -------------

Net income                   $     45,395  $          -  $     45,395
                             ============= ============= =============



                               Nine Months Ended September 30, 2006
                             -----------------------------------------
                              As Reported   Adjustments   As Adjusted
                             ------------- ------------- -------------
Revenues
   Natural gas               $    160,384  $          -  $    160,384
   Oil and condensate              16,378             -        16,378
   Natural gas midstream          305,340      (305,340)            -
   Coal royalties                  73,288       (73,288)            -
   Gain on the sale of
    properties                          -             -             -
   Other                           13,060       (11,493)        1,567
                             ------------- ------------- -------------
      Total revenues              568,450      (390,121)      178,329
                             ------------- ------------- -------------
Expenses
   Cost of midstream gas
    purchased                     254,615      (254,615)            -
   Operating                       33,440       (13,950)       19,490
   Exploration                     26,061             -        26,061
   Taxes other than income         11,217        (1,619)        9,598
   General and
    administrative                 33,287       (15,003)       18,284
   Impairment of oil and gas
    properties                          -             -             -
   Depreciation, depletion
    and amortization               66,581       (27,501)       39,080
                             ------------- ------------- -------------
      Total expenses              425,201      (312,688)      112,513
                             ------------- ------------- -------------

Operating income                  143,249       (77,433)       65,816

Other income (expense)
   Interest expense               (17,292)       13,759        (3,533)
   Derivatives                     11,403        11,676        23,079
   Equity earnings in PVG
    and PVR                             -        21,713        21,713
   Other                            1,138          (902)          236
                             ------------- ------------- -------------

Income before minority
 interest and income taxes        138,498       (31,187)      107,311

   Minority interest               31,187       (31,187)            -
   Income tax expense              42,105             -        42,105
                             ------------- ------------- -------------

Net income                   $     65,206  $          -  $     65,206
                             ============= ============= =============




Note 1 - Equity method income statements represent consolidated income
 statements, minus 100% of PVG's consolidated results of operations,
 plus minority interest which represents the portion of PVG's
 consolidated results of operations that PVA does not own. The Company
 believes equity method income statements provide useful information
 to allow the public to more easily discern PVG's effect on the
 Company's operations.
                      PENN VIRGINIA CORPORATION
          CONVERSION TO NON-GAAP EQUITY METHOD - (continued)
                            (in thousands)


Reconciliation of GAAP "Balance Sheet As Reported" to Non-GAAP
 "Balance Sheet As Adjusted" (see Note 2 below):
----------------------------------------------------------------------


                                  September 30, 2007 (unaudited)
                             -----------------------------------------
                              As Reported   Adjustments   As Adjusted
                             ------------- ------------- -------------
Assets
   Current assets            $    181,351  $    (85,029) $     96,322
   Net property and
    equipment                   1,775,083      (690,811)    1,084,272
   Equity investment in PVG
    and PVR                             -       207,427       207,427
   Other assets                    90,122       (83,666)        6,456
                             ------------- ------------- -------------
      Total assets           $  2,046,556  $   (652,079) $  1,394,477
                             ============= ============= =============

Liabilities and
 Shareholders' Equity
   Current liabilities       $    186,216  $    (99,953) $     86,263
   Long-term debt                 414,500             -       414,500
   Long-term debt of Penn
    Virginia Resource
    Partners, L.P.                351,618      (351,618)            -
   Other liabilities and
    deferred taxes                231,332       (10,688)      220,644
   Minority interest              189,820      (189,820)            -
   Shareholders' equity           673,070             -       673,070
                             ------------- ------------- -------------
      Total liabilities and
       shareholders' equity  $  2,046,556  $   (652,079) $  1,394,477
                             ============= ============= =============



                                         December 31, 2006
                             -----------------------------------------
                              As Reported   Adjustments   As Adjusted
                             ------------- ------------- -------------
Assets                                      (unaudited)   (unaudited)
   Current assets            $    192,383  $    (83,710) $    108,673
   Net property and
    equipment                   1,358,383      (556,513)      801,870
   Equity investment in PVG
    and PVR                             -       (35,914)      (35,914)
   Other assets                    82,383       (76,046)        6,337
                             ------------- ------------- -------------
      Total assets           $  1,633,149  $   (752,183) $    880,966
                             ============= ============= =============

Liabilities and
 Shareholders' Equity
   Current liabilities       $    172,690  $    (90,048) $     82,642
   Long-term debt                 221,000             -       221,000
   Long-term debt of Penn
    Virginia Resource
    Partners, L.P.                207,214      (207,214)            -
   Other liabilities and
    deferred taxes                211,448       (16,549)      194,899
   Minority interest              438,372      (438,372)            -
   Shareholders' equity           382,425             -       382,425
                             ------------- ------------- -------------
      Total liabilities and
       shareholders' equity  $  1,633,149  $   (752,183) $    880,966
                             ============= ============= =============



Reconciliation of GAAP "Statement of Cash Flows As Reported" to Non-
 GAAP "Statement of Cash Flows As Adjusted" (see Note 3 below):
----------------------------------------------------------------------


                              Three Months Ended September 30, 2007
                                            (unaudited)
                             -----------------------------------------
                              As Reported   Adjustments   As Adjusted
                             ------------- ------------- -------------
Operating Activities
Net income                   $     17,114  $          -  $     17,114
   Adjustments to reconcile
    net income to net cash
    provided by operating
    activities:
   Depreciation, depletion
    and amortization               33,207       (10,645)       22,562
   Commodity derivative
    contracts:
      Total derivative
       losses (gains)               6,053       (12,034)       (5,981)
   Cash receipts (payments)
    to settle derivatives
    for period                        586         4,702         5,288
   Minority interest                9,135        (9,135)            -
   Investment in PVG and PVR            -        (7,380)       (7,380)
   Gain on sale of
    properties                    (12,312)            -       (12,312)
   Impairment of oil and gas
    properties                      2,405             -         2,405
   Cash distributions from
    PVG and PVR                         -         9,142         9,142
   Other                           22,732            89        22,821
                             ------------- ------------- -------------
   Operating cash flow             78,920       (25,261)       53,659
   Changes in operating
    assets and liabilities         (2,736)        5,366         2,630
                             ------------- ------------- -------------
      Net cash provided by
       operating activities        76,184       (19,895)       56,289
                             ------------- ------------- -------------

Investing Activities
   Other                           29,142             -        29,142
   Acquisitions                  (162,794)       93,423       (69,371)
   Additions to property and
    equipment                    (109,685)       10,781       (98,904)
                             ------------- ------------- -------------
      Net cash used in
       investing activities      (243,337)      104,204      (139,133)
                             ------------- ------------- -------------

Financing Activities
   Dividends paid                  (2,130)            -        (2,130)
   Distributions paid to
    minority interest
    holders                       (12,937)       12,937             -
   Net proceeds from
    (repayments of) PVA
    borrowings                     86,000             -        86,000
   Net proceeds from
    (repayments of) PVR
    borrowings                     89,000       (89,000)            -
   Other                             (188)            -          (188)
                             ------------- ------------- -------------
      Net cash provided by
       financing activities       159,745       (76,063)       83,682
                             ------------- ------------- -------------

Net increase (decrease) in
 cash and cash equivalents         (7,408)        8,246           838
Cash and cash equivalents-
 beginning balance                 22,212       (22,212)            -
                             ------------- ------------- -------------
Cash and cash equivalents-
 ending balance              $     14,804  $    (13,966) $        838
                             ============= ============= =============



                              Three Months Ended September 30, 2006
                                            (unaudited)
                             -----------------------------------------
                              As Reported   Adjustments   As Adjusted
                             ------------- ------------- -------------
Operating Activities
Net income                   $     22,881  $          -  $     22,881
   Adjustments to reconcile
    net income to net cash
    provided by operating
    activities:
   Depreciation, depletion
    and amortization               23,336        (9,864)       13,472
   Commodity derivative
    contracts:
      Total derivative
       losses (gains)             (17,675)        5,561       (12,114)
   Cash receipts (payments)
    to settle derivatives
    for period                     (4,216)        7,344         3,128
   Minority interest               18,539       (18,539)            -
   Investment in PVG and PVR            -       (12,800)      (12,800)
   Gain on sale of
    properties                          -             -             -
   Impairment of oil and gas
    properties                          -             -             -
   Cash distributions from
    PVG and PVR                         -         5,685         5,685
   Other                           23,734          (195)       23,539
                             ------------- ------------- -------------
   Operating cash flow             66,599       (22,808)       43,791
   Changes in operating
    assets and liabilities        (19,437)        6,462       (12,975)
                             ------------- ------------- -------------
      Net cash provided by
       operating activities        47,162       (16,346)       30,816
                             ------------- ------------- -------------

Investing Activities
   Other                               30           (30)            -
   Acquisitions                    (6,816)          199        (6,617)
   Additions to property and
    equipment                     (76,700)       11,572       (65,128)
                             ------------- ------------- -------------
      Net cash used in
       investing activities       (83,486)       11,741       (71,745)
                             ------------- ------------- -------------

Financing Activities
   Dividends paid                  (2,101)            -        (2,101)
   Distributions paid to
    minority interest
    holders                        (9,827)        9,827             -
   Net proceeds from
    (repayments of) PVA
    borrowings                     35,000             -        35,000
   Net proceeds from
    (repayments of) PVR
    borrowings                     10,000       (10,000)            -
   Other                            1,833             -         1,833
                             ------------- ------------- -------------
      Net cash provided by
       financing activities        34,905          (173)       34,732
                             ------------- ------------- -------------

Net increase (decrease) in
 cash and cash equivalents         (1,419)       (4,778)       (6,197)
Cash and cash equivalents-
 beginning balance                 13,806        (7,468)        6,338
                             ------------- ------------- -------------
Cash and cash equivalents-
 ending balance              $     12,387  $    (12,246) $        141
                             ============= ============= =============



                               Nine Months Ended September 30, 2007
                                            (unaudited)
                             -----------------------------------------
                              As Reported   Adjustments   As Adjusted
                             ------------- ------------- -------------
Operating Activities
   Net income                $     45,395  $          -  $     45,395
   Adjustments to reconcile
    net income to net cash
    provided by operating
    activities:
   Depreciation, depletion
    and amortization               89,823       (30,600)       59,223
   Commodity derivative
    contracts:
      Total derivative
       losses (gains)              25,569       (24,359)        1,210
      Cash receipts
       (payments) to settle
       derivatives for
       period                       2,281         8,963        11,244
   Minority interest               27,659       (27,659)            -
   Investment in PVG and PVR            -       (20,728)      (20,728)
   Gain on sale of
    properties                    (12,436)            -       (12,436)
   Impairment of oil and gas
    properties                      2,405             -         2,405
   Cash distributions from
    PVG and PVR                         -        20,051        20,051
   Other                           45,527           837        46,364
                             ------------- ------------- -------------
   Operating cash flow            226,223       (73,495)      152,728
   Changes in operating
    assets and liabilities        (17,242)        8,338        (8,904)
                             ------------- ------------- -------------
      Net cash provided by
       operating activities       208,981       (65,157)      143,824
                             ------------- ------------- -------------

Investing Activities
   Other                           29,385          (197)       29,188
   Acquisitions                  (239,018)      145,879       (93,139)
   Additions to property and
    equipment                    (308,987)       29,655      (279,332)
                             ------------- ------------- -------------
      Net cash used in
       investing activities      (518,620)      175,337      (343,283)
                             ------------- ------------- -------------

Financing Activities
   Dividends paid                  (6,370)            -        (6,370)
   Distributions paid to
    minority interest
    holders                       (36,402)       36,402             -
   Proceeds from issuance of
    partners' capital by PVG          860          (860)            -
   Net proceeds from
    (repayments of) PVA
    borrowings                    193,500             -       193,500
   Net proceeds from
    (repayments of) PVR
    borrowings                    146,000      (146,000)            -
   Other                            6,516             -         6,516
                             ------------- ------------- -------------
      Net cash provided by
       financing activities       304,104      (110,458)      193,646
                             ------------- ------------- -------------

Net decrease in cash and
 cash equivalents                  (5,535)         (278)       (5,813)
Cash and cash equivalents-
 beginning balance                 20,338       (13,687)        6,651
                             ------------- ------------- -------------
Cash and cash equivalents-
 ending balance              $     14,803  $    (13,965) $        838
                             ============= ============= =============



                               Nine Months Ended September 30, 2006
                                            (unaudited)
                             -----------------------------------------
                              As Reported   Adjustments   As Adjusted
                             ------------- ------------- -------------
Operating Activities
   Net income                $     65,206  $          -  $     65,206
   Adjustments to reconcile
    net income to net cash
    provided by operating
    activities:
   Depreciation, depletion
    and amortization               66,581       (27,501)       39,080
   Commodity derivative
    contracts:
      Total derivative
       losses (gains)             (10,042)      (12,951)      (22,993)
      Cash receipts
       (payments) to settle
       derivatives for
       period                     (10,433)       15,405         4,972
   Minority interest               31,187       (31,187)            -
   Investment in PVG and PVR            -       (21,713)      (21,713)
   Gain on sale of
    properties                          -             -             -
   Impairment of oil and gas
    properties                          -             -             -
   Cash distributions from
    PVG and PVR                         -        16,291        16,291
   Other                           55,479        (3,332)       52,147
                             ------------- ------------- -------------
   Operating cash flow            197,978       (64,988)      132,990
   Changes in operating
    assets and liabilities           (917)       10,803         9,886
                             ------------- ------------- -------------
      Net cash provided by
       operating activities       197,061       (54,185)      142,876
                             ------------- ------------- -------------

Investing Activities
   Other                            2,505           (33)        2,472
   Acquisitions                  (171,479)       81,586       (89,893)
   Additions to property and
    equipment                    (182,239)       26,893      (155,346)
                             ------------- ------------- -------------
      Net cash used in
       investing activities      (351,213)      108,446      (242,767)
                             ------------- ------------- -------------

Financing Activities
   Dividends paid                  (6,298)            -        (6,298)
   Distributions paid to
    minority interest
    holders                       (28,144)       28,144             -
   Proceeds from issuance of
    partners' capital by PVG            -             -             -
   Net proceeds from
    (repayments of) PVA
    borrowings                    101,000             -       101,000
   Net proceeds from
    (repayments of) PVR
    borrowings                     71,500       (71,500)            -
   Other                            2,567             -         2,567
                             ------------- ------------- -------------
      Net cash provided by
       financing activities       140,625       (43,356)       97,269
                             ------------- ------------- -------------

Net decrease in cash and
 cash equivalents                 (13,527)       10,905        (2,622)
Cash and cash equivalents-
 beginning balance                 25,913       (23,150)        2,763
                             ------------- ------------- -------------
Cash and cash equivalents-
 ending balance              $     12,386  $    (12,245) $        141
                             ============= ============= =============




Note 2 - Equity method balance sheets represent consolidated balance
 sheets, minus 100% of PVG's consolidated balance sheets, excluding
 minority interest which represents the portion of PVG's consolidated
 balance sheet that PVA does not own and including other adjustments
 to eliminate inter-company transactions. The Company believes equity
 method balance sheets provide useful information to allow the public
 to more easily discern PVG's effect on the Company's assets,
 liabilities and shareholders' equity.

Note 3 - Equity method statements of cash flows represent consolidated
 statements of cash flows, minus 100% of PVG's consolidated statements
 of cash flows, excluding minority interest which represents the
 portion of PVG's consolidated results of operations that PVA does not
 own and including other adjustments to eliminate inter-company
 transactions. The Company believes equity method statements of cash
 flows provide useful information to allow the public to more easily
 discern PVG's effect on the Company's cash flows.
                      PENN VIRGINIA CORPORATION
                            GUIDANCE TABLE
               (Dollars in millions except where noted)

Penn Virginia Corporation is providing the following guidance
 regarding financial and operational expectations for 2007.

                               Actual                     Guidance
                     ---------------------------       ---------------
                      First   Second    Third
                      Quarter  Quarter  Quarter  YTD      Full Year
                       2007     2007     2007    2007       2007
                     -------- -------- -------- ------ ---------------
Oil & Gas Segment:
-------------------
 Production:
  Natural gas (Bcf)
   - See Note a          8.1      9.4     10.4   27.9   38.4  -  39.3
  Crude oil and
   condensate
   (MBbls) - See
   Note b                107      113      116    336  350.0  - 360.0
   Equivalent
    production
    (Bcfe)               8.7     10.1     11.1   29.9   40.5  -  41.5
   Equivalent daily
    production
    (MMcfed)            97.0    110.7    120.7  109.5  111.0  - 113.7

 Expenses:
  Cash operating
   expenses         $   16.5     18.2     20.8   55.5   76.5  -  78.5
  Exploration       $    6.1      4.6     12.9   23.6   30.0  -  31.0
  Impairment of oil
   and gas
   properties       $      -        -      2.4    2.4    2.4  -   3.0
  Depreciation,
   depletion and
   amortization ($
   per Mcfe)        $   2.04     1.85     2.00   1.96   1.95  -  2.05

 Capital
  Expenditures:
  Development
   drilling         $   69.4     77.9     83.1  230.4  291.0  - 298.0
  Exploratory
   drilling         $   19.2      8.5      7.0   34.7   37.0  -  40.0
  Pipeline,
   gathering,
   facilities       $    4.9      5.3      4.4   14.6   18.0  -  20.0
  Seismic           $    0.9      0.7      0.6    2.2    3.0  -   4.0
  Lease
   acquisition,
   field projects
   and other        $    0.8     12.1     17.8   30.7   67.0  -  68.0
  Proved property
   acquisitions     $    1.4      7.1     54.3   62.8   70.0  -  70.0
   Total segment
    capital
    expenditures    $   96.6    111.6    167.2  375.4  486.0  - 500.0

Coal and Natural
 Resource Segment
 (PVR):
-------------------
 Coal royalty tons
  (millions)             8.3      8.1      8.8   25.2   32.0  -  33.0

 Revenues:
  Average royalty
   per ton          $   3.02     2.98     2.76   2.92   2.80  -  2.90
  Other             $    3.5      4.4      4.0   11.9   17.5  -  18.5

 Expenses:
  Cash operating
   expenses         $    5.1      5.5      4.9   15.5   19.5  -  20.5
  Depreciation,
   depletion and
   amortization     $    5.5      5.3      5.8   16.6   23.0  -  24.0

 Capital
  Expenditures:
  Expansion and
   acquisitions     $    0.4     52.1     93.4  145.9  175.0  - 185.0
  Maintenance
   capital
   expenditures     $    0.1        -        -    0.1    0.5  -   0.7
   Total segment
    capital
    expenditures    $    0.5     52.1     93.4  146.0  175.5  - 185.7

Natural Gas
 Midstream Segment
 (PVR):
-------------------
 Throughput volumes
  (MMcf per day) -
  see Note c             177      187      194    186    185  -   190

 Expenses:
  Cash operating
   expenses         $    6.9      6.3      6.7   20.0   27.0  -  28.0
  Depreciation,
   depletion and
   amortization     $    4.6      4.5      4.9   14.0   18.5  -  19.0

 Capital
  Expenditures:
  Expansion and
   acquisitions     $    5.7      6.9      9.1   21.7   40.5  -  42.5
  Maintenance
   capital
   expenditures     $    1.9      2.7      2.8    7.4    9.5  -  10.5
   Total segment
    capital
    expenditures    $    7.6      9.6     11.9   29.1   50.0  -  53.0

Corporate and
 Other:
-------------------
 General and
  administrative
  expense - PVA -
  see Note d        $    5.2      5.2      6.4   16.8   22.0  -  23.0
 General and
  administrative
  expense - PVG -
  see Note d        $    0.8      0.5      0.2    1.6    2.4  -   2.6
 Interest expense:
  PVA average long-
   term debt
   outstanding      $  242.0    306.5    384.3  312.9  340.0  - 360.0
  PVA interest rate      6.5%     6.6%     7.3%   6.8%   6.8% -   7.2%
   Percentage
    capitalized -
    see Note e            25%      17%      15%    18%    15% -    25%
  PVR average long-
   term debt
   outstanding      $  221.8    241.6    295.7  253.8  300.0  - 310.0
  PVR interest rate
   assumed               6.2%     5.9%     5.9%   6.0%   6.0% -   6.2%

 Minority interest
  in PVG & PVR      $    9.3      9.2      9.1   27.7    see Note f
 Income tax rate -
  see Note g              39%      39%      39%    39%

 Other capital
  expenditures      $    1.5      2.3      1.1    4.9    6.0  -   8.0


These estimates are meant to provide guidance only and are subject to
 change as PVA's operating environment changes.

See Notes on following page.
                      PENN VIRGINIA CORPORATION
                            GUIDANCE TABLE
               (Dollars in millions except where noted)

                       Notes to Guidance Table:
----------------------------------------------------------------------

a- The oil and gas segment's natural gas derivative positions as of
    September 30, 2007, are summarized below:
                                           Weighted Average Price
                                       -------------------------------
                            Average
                          Volume Per   Additional Put
                               Day         Option      Floor   Ceiling
                          ------------ -------------- -------- -------

   Natural Gas Costless                                (per
    Collars               (in MMBtus)                  MMBtu)
   Fourth quarter 2007          11,685                $   8.28 $ 15.78
   First quarter 2008           10,000                $   9.00 $ 17.95
   Second quarter 2008          10,000                $   7.50 $  9.10
   Third quarter 2008           10,000                $   7.50 $  9.10
   Fourth quarter 2008
    (October only)              10,000                $   7.50 $  9.10

   Natural Gas Three-way                               (per
    Collars               (in MMBtus)                  MMBtu)
   Fourth quarter 2007          26,370 $         5.25 $   7.74 $ 11.14
   First quarter 2008           22,500 $         5.44 $   8.00 $ 12.64
   Second quarter 2008          22,500 $         5.00 $   7.11 $  9.09
   Third quarter 2008           22,500 $         5.00 $   7.11 $  9.09
   Fourth quarter 2008          22,500 $         5.44 $   7.70 $ 11.40
   First quarter 2009           20,000 $         5.75 $   8.00 $ 12.80

   Crude Oil Costless                                  (per
    Collars               (in barrels)                 barrel)
   Fourth quarter 2007             200                $  60.00 $ 72.20

   Crude Oil Swaps                                     (per
                          (in barrels)                 barrel)
   Fourth quarter 2007             300                $  69.00



b- The costless collar natural gas prices per MMBtu per quarter
    include the effects of basis differentials, if any.

                                                      Weighted Average
                                                            Price
                                                      ----------------
                                                          Collars
                                                      ----------------
                            Average       Weighted
                             Volume       Average
                            Per Day        Price        Put     Call
                          ------------ -------------- -------- -------

   Ethane Swaps           (in gallons)  (per gallon)
   Fourth quarter 2007          34,440 $       0.5050
   First quarter 2008
    through fourth
    quarter 2008                34,440 $       0.4700

   Propane Swaps          (in gallons)  (per gallon)
   Fourth quarter 2007          26,040 $       0.7550
   First quarter 2008
    through fourth
    quarter 2008                26,040 $       0.7175

   Crude Oil Swaps        (in barrels)  (per barrel)
   Fourth quarter 2007             560 $        50.80
   First quarter 2008
    through fourth
    quarter 2008                   560 $        49.27

   Natural Gas Swaps       (in MMBtu)   (per MMBtu)
   Fourth quarter 2007
    through fourth
    quarter 2008                 4,000 $         6.97

   Natural Gasoline       (in gallons
    Swap/Crude Oil Swap       / in     (per gallon /
    (purchase)              barrels)     per barrel)
   Fourth quarter 2007    23,520 / 560  1.265 / 57.12

   Ethane Collar          (in gallons)                  (per gallon)
   Fourth quarter 2007           5,000                $ 0.6100 $0.7125

   Propane Collar         (in gallons)                  (per gallon)
   Fourth quarter 2007           9,000                $ 1.0300 $1.1640

   Natural Gasoline
    Collar                (in gallons)                  (per gallon)
   Fourth quarter 2007
    through fourth
    quarter 2008                 6,300                $ 1.4800 $1.6465

   Crude Oil Collar       (in barrels)                  (per barrel)
   First quarter 2008
    through fourth
    quarter 2008                   400                $  65.00 $ 75.25

   Frac Spread             (in MMBtu)   (per MMBtu)
   Fourth quarter 2007           7,128 $         4.55
   First quarter 2008
    through fourth
    quarter 2008                 4,193 $         4.30
   First quarter 2008
    through fourth
    quarter 2008 - (h)           3,631 $         5.85


c- Based on the derivative positions described above, management
    estimates that for every $1.00 per MMBtu decrease or increase in
    natural gas prices from the $7.00 per MMBtu budgeted 2007
    benchmark price, natural gas midstream gross processing margin and
    operating income in 2007 would increase or decrease, respectively,
    by approximately $3 million for the last three months of the year.
    This assumes oil and other liquids prices and system throughput
    volumes remain constant at forecasted (guidance) levels. In
    addition, based on the derivative positions, management estimates
    that for every $5.00 per barrel increase or decrease in the oil
    prices from the $60.00 per barrel budgeted 2007 benchmark price,
    natural gas midstream gross processing margin and operating income
    would increase or decrease, respectively, by approximately $1
    million for the last three months of the year. This assumes
    natural gas prices and system throughput volumes remain constant
    at forecasted (guidance) levels.

d- Year-to-date 2007 results and full-year 2007 guidance reflects
    increased incentive compensation costs in general and
    administrative expense.

e- PVA capitalizes a portion of interest expense incurred to recognize
    the carrying cost of certain unproved properties as required by
    accounting principles generally accepted in the United States.

f- PVA controls the general partner of PVA GP Holdings, L.P. ("PVG")
    and owns an 82 percent limited partner interest in PVG. PVG's
    operating results are included in PVA's consolidated financial
    statements, and minority interest reflects the 18 percent of PVG
    owned by parties other than PVA.

g- Deferred federal and state income taxes are expected to comprise
    approximately 60% to 70% of PVA's income tax expense for the full
    year.

h- Entered into this leg of the frac spread in October 2007.

Source: Penn Virginia Corporation