Barclays Capital2011 CEO Energy‐Power ConferenceInvestor PresentationSeptember 6, 2011

NYSE: PVA

Eagle Ford Shale Drilling RigGonzales County, Texas

2

Forward‐Looking Statements

Certain statements contained herein that are not descriptions of historical facts are “forward‐looking” statements within the meaning of Section 27A of the SecuritiesAct 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 arenot limited to, the following: the volatility of commodity prices for natural gas, natural gas liquids (NGLs) and oil; our ability to develop, explore for, acquire and replaceoil and gas reserves and sustain production; any impairments, write‐downs or write‐offs of our reserves or assets; the projected demand for and supply of natural gas,NGLs and oil; reductions in the borrowing base under our revolving credit facility; our ability to contract for drilling rigs, supplies and services at reasonable costs; ourability to obtain adequate pipeline transportation capacity for our oil and gas production at reasonable cost and to sell the production at, or at reasonable discounts to,market prices; the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from estimated provedoil and gas reserves; drilling and operating risks; our ability to compete effectively against other independent and major oil and natural gas companies; uncertaintiesrelated to expected benefits from acquisitions of oil and natural gas properties; environmental liabilities that are not covered by an effective indemnity or insurance;the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements; our ability to maintain adequate financialliquidity and to access adequate levels of capital on reasonable terms; the occurrence of unusual weather or operating conditions, including force majeure events; ourability to retain or attract senior management and key technical employees; counterparty risk related to their ability to meet their future obligations; changes ingovernmental regulation or enforcement practices, especially with respect to environmental, health and safety matters; uncertainties relating to general domestic andinternational economic and political conditions; and the other risks, uncertainties and contingencies set forth in PVA’s Annual Report on Form 10‐K for the fiscal yearended December 31, 2010.

Additional information concerning these and other factors can be found in our press releases and public periodic filings with the U.S. Securities and ExchangeCommission (SEC), including our Annual Report on Form 10‐K for the year ended December 31, 2010. Readers should not place undue reliance on forward‐lookingstatements, 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 makeany other forward‐looking statements, whether as a result of new information, future events or otherwise.

Oil and Gas Reserves

Effective January 1, 2010, the SEC permits oil and gas companies, in their filings with the SEC, to disclose not only “proved” reserves, but also “probable” reserves and“possible” reserves. As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Anyreserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves notnecessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. Investors are urged to consider closely the disclosure inPVA’s Annual Report on Form 10‐K for the fiscal year ended December 31, 2010, available from PVA at Four Radnor Corporate Center, Suite 200, Radnor, PA 19087(Attn: Investor Relations). You can also obtain this report from the SEC by calling 1‐800‐SEC‐0330 or from the SEC’s website at www.sec.gov.

Definitions

Proved reserves are those estimated quantities of oil and gas that geological and engineering data demonstrate with reasonable certainty to be economicallyproducible in future years from known oil and gas reservoirs under existing economic and operating conditions and government regulation prior to the expiration of thecontracts providing the right to operate, unless renewal of such contracts is reasonably certain. Probable reserves are those additional reserves that are less certain tobe recovered than proved reserves, but which are more likely than not to be recoverable (there should be at least a 50% probability that the quantities actuallyrecovered will equal or exceed the proved plus probable reserve estimates). Possible reserves are those additional reserves that are less certain to be recoverable thanprobable reserves (there should be at least a 10% probability that the total quantities actually recovered will equal or exceed the proved plus probable plus possiblereserve estimates). “3P” reserves refer to the sum of proved, probable and possible reserves. Estimated ultimate recovery (EUR) is the sum of reserves remaining as ofa given date and cumulative production as of that date.

Forward‐Looking Statements, Oil and Gas Reserves and Definitions

PVA Situational Overview

• PVA is positioned in a number of prominent oil and gas plays in the U.S.• 2010 and 2011 have been transformational years, diversifying our portfolio• Continuing to add to oil / liquids drilling inventory; significant gas drilling inventory 

• PVA’s growth strategy is sound• Growth in reserves, production and cash flows expected over a multi‐year period• 2011 program in the Eagle Ford has added significant value

• PVA is financially sound• Ample liquidity to fund drilling and expected increased cash flows going forward• High rate of return projects are creating value

3

Cash Flow Ramp Expected, Along With Higher Oil/Liquids Reserves and Production

PVA’s Growth Strategy is Sound

• “Gas‐to‐Liquids” transition underway• Among the highest‐return drillers in 2010; 2011 should be similar due to Eagle Ford returns

• Other oily / liquids‐rich plays include the horizontal Cotton Valley and Granite Wash– Current PV‐10 value for producing wells in both of these plays of $338MM1

• Substantial core gas assets retained for eventual gas price recovery• Haynesville Shale in east Texas, Selma Chalk in Mississippi and Appalachia

– Largely HBP with current PV‐10 value for producing wells of $430MM1

• Divestitures increase margins and operational focus, enhances liquidity• Nearly $530MM in non‐core asset divestitures from 2009 to 2011

• Efforts continue to expand oil/liquids reserves and drilling inventory• May include new play types in new areas

• Expected growth in cash flows should drive recovery in equity valuation• Cash flow growth expected from “higher‐return, higher‐multiple” play types such as the Eagle Ford

1 – Pretax PV‐10 of YE10 proved developed producing reserves at futures strip pricing at close on 8/31/11

4

• Liquidity is strong; expected to increase• Immediate liquidity of $264MM at June 30, 2011, 

expected to grow with cash flow ramp• Current borrowing base of $380MM, also expected to 

grow with Eagle Ford Shale drilling• Dividend paid for ~115 years (2.76% yield)

• Indebtedness is not an issue either• No maturities for five years• Relatively low cost on new notes of 7.9‐8.0%• BB‐/B1 corporate rating; BB‐/B2 rated public debt

• New credit facility reflects high quality assets• 5‐year maturity at a 0.5% lower interest rate• Leverage of up to 4.5x through 6/13; 4.0x thereafter

• Non‐core asset sales further bolster liquidity• Closed $30.5MM sale of primarily Arkoma assets• Will consider asset sales / partnering opportunities• Will reinvest proceeds into oil / liquids inventory

1

Liquidity and Cash Flows Among Best for High‐Growth, Small‐Cap E&Ps

PVA is Financially Sound

1 – Pro forma for sale of non‐core Mid‐Continent gas assets; pro forma liquidity at 6/30/11 of $440MMis comprised of a pro forma and undrawn borrowing base of $380MM and approximately $60MMof cash; future ability to borrow under the revolver will be subject to a maximum leverage ratio  of4.5x (through 6/30/13) and 4.0x (from 9/30/13 through 6/30/16) net debt‐to‐EBITDAX, as well asfuture borrowing base amounts

1.2x

1.7x 1.8x

2.3x 2.2x

3.0x

35.9%

30.0%

35.6%

31.6%28.2%

37.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

2006 2007 2008 2009 2010 Pro Forma2Q11

Conservative Leverage

Net Debt/EBITDAX Net Debt/Capitalization

1

30%

40%

50%

60%

70%

80%

90%

PVA Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7

% of Target Price and 52‐Wk. High

Price‐to‐Mean Target Price Price‐to‐52 Week High

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

PVA Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7

2012E CFPS and EBITDAX Multiples

Price‐to‐2012E CFPS TEV‐to‐2012E EBITDAX

• PVA trades at 1.6x analysts’ mean 2012E CFPS1

• Selected peers trade at a mean of 2.9x1

• PVA trades at 52% of analysts’ mean target price1

• Selected peers trade at mean of 62%1

• PVA trades at 43% of its 52‐week high• Selected peers trade at 63%, on average

• PVA trades 38% below its month‐ago price• Selected peers are down 24%, on average

• PVA trades at 50% of its “sum‐of‐the‐parts” NAV1,2

• NAV based on YE10 prices ‐ lower than futures prices

• PVA has a current PDP PV‐10 of $768MM3

• Covers net debt of $567MM at 6/30/11, with $201MM left over ($4.40 / share)

• Implies only $172MM ($3.76 / share) of remaining equity value for: (i) all YE10 PUDs; (ii) Eagle Ford Shale; (iii) Marcellus Shale and (iii) other 3P reserve value in east Texas, the Anadarko Basin, Mississippi and Appalachia

Valuation Multiples At or Below Low End of Ranges for Less Liquid and Smaller Peers

PVA Appears Undervalued and Oversold

1 – Sources: First Call, filings; peers: CRK, CRZO, GDP, GMXR, GST, PETD and PQ; as of close on 8/31/112 – see Appendix for PVA‐calculated “sum‐of‐the‐parts” NAV of $16.21 per share using YE10 pricing3 – Pretax PV‐10 of YE10 proved developed producing reserves (i.e., no Eagle Ford Shale, no Marcellus Shale,

no upside value) at futures strip pricing at close on 8/31/11

Continue to increase oil and liquids exposure• 40‐45% of 4Q11 production vs. 18% in 2010; cash flows expected to accelerate• Eagle Ford‐driven, with goal to add more Eagle Ford / other oily inventory

Retain long‐term optionality of core gas assets• E. Texas, Mississippi and Appalachia – largely HBP; wait on gas prices• Continued testing of Marcellus Shale position, with or without a partner

Build further liquidity and maintain solid financial position• No maturities for five years and ample liquidity to fund CAPEX until free cash flow positive• Recent notes offering, tender for converts due in 2012, accommodating new revolver and 

sale of non‐core Arkoma assets expanded liquidity and pushed out maturities

Explore and develop:• Eagle Ford Shale

Excellent early results Continue to build acreage position without overpaying or sacrificing quality

• “Everything Else” $768MM of YE10 PDP PV‐10 value at recent strip pricing (i.e., it has value) Granite Wash non‐operated drilling – economic oil/NGL play Operated gas drilling deferred in favor of oil/NGL drilling 7

What is Our Response?Focus on Drilling the Eagle Ford and Look to Expand Our Oil Inventory in the Near‐Term

Emerging Oil and Liquids‐Rich Plays Plus “Option” in Significant Gas Plays

Core Operating Regions

Note: 2011 data based on latest guidance announced 8/3/11

2010 Proved Reserves: 942 Bcfe

2011E CAPEX: $360MM ‐ $380MM86% Oil & Liquids‐Rich Plays

2011E Production: 48.5‐50.5 Bcfe30‐32% Oil & Liquids; 40‐45% by 4Q11

Oil / Liquids

Wet Gas 

Dry Gas

2011E Production

8

‐10%

0%

10%

20%

30%

40%

50%

60%

2010E Return on Drilling Dollars1

Median: 13.7%

PVA$0

$2

$4

$6

$8

$10

$12

$14

2010E Ex‐Leasehold PD F&D1

Median: $2.91/ Mcfe

PVA

• Historical statistics place PVA among the “best in class” ‐ 2010 was no exception– Ranked 3rd in drill‐bit F&D and 7th in return on drilling dollars out of 38 top E&P firms1

– 2010 results driven by the Granite Wash; 2011 and 2012 results will be driven by the Eagle Ford Shale

9

Lower Drill‐Bit F&D and Higher Rates of Return on Drilling Relative to Peers in 2010

1 ‐ Source: JPMorgan PD F&D Survey (March 2011); peers: APA, APC, AREX, ATPG, BEXP, BRY, CHK, CLR, COG, CRZO, CXO, DNR, DPTR, DVN,EOG,  EP, EQT, GDP, HK, MMR, NBL, NFX, PETD, PQ, PXD, PXP, QEP, RRC, SD, SFY, SM, SWN, UPL, VQ, WLL, WMB, XEC

Track Record of Value Creation

Play

Gross Undrilled Locations

Average Working Interest

Gross EUR (Bcfe/Well)1

Net Risked Reserve Potential (Bcfe)2

Henry HubBreakevenGas Price

for 10% IRR3

WTIBreakevenOil Price

for 10% IRR4

Eagle Ford Shale 130 83% 371‐5581 ‐‐‐5 N/A $40‐59

Granite Wash 81 28% 6871 174 $2.20 $63

Horizontal Cotton Valley 79 79% 5.0 267 $2.54 $50

Haynesville Shale 183 74% 6.7 505 $3.25 N/A

Selma Chalk 183 97% 1.7 279 $3.84 N/A

Marcellus Shale >200 90% 4.0 – 6.0 ‐‐‐5 $3.48 N/A

10

PVA is Well‐Positioned in a Number of Leading Oil & Gas Plays

1 – Eagle Ford and Granite Wash EURs in MBOE2 – 3P reserves as of 12/31/103 – Pretax well economics assuming $85.00 oil price per barrel WTI4 – Pretax well economics assuming $4.50 gas price per MMBtu Henry Hub5 – No Eagle Ford Shale or Marcellus Shale proved or unproved reserves were included in the reserve report at year‐end 2010

Quality Inventory of Drilling Locations

• All core plays are economic at 2012‐2013 future strip pricing• Focused on Eagle Ford Shale and non‐op. Granite Wash in 2011 to minimize outspend

11

Plenty to Do Despite Uncertain / Weak Commodity Price Environment

Oil & Gas Price Sensitivities

Note – Blue boxes represent 2012‐2013 NYMEX futures strip pricing as of close on 8/31/11

$4.50 per MMBtuFlat HH Gas Price

$85 per BarrelFlat WTI Oil Price

• All core plays are economic at current 2012‐2013 futures strip pricing• Our drilling is rate‐of‐return driven, opting to create value while not “destroying capital” 

for the sake of showing production growth – i.e., our outspend is highly accretive• We’re well above peers in return on drilling dollars – these charts show how we do that

12

2007 ‐ 2011 Capital Spending Increasingly Allocated to Oil & NGLs

Spending Less Overall, But More in Oil & Liquids

Note: 2011 data based on latest guidance announced 8/3/11; see Appendix

• In 2010 we focused CAPEX on drilling in the Granite Wash with high rates of return• For 2011 and beyond, we’ll be focused on drilling and expanding our position in the 

Eagle Ford Shale and, potentially, other oily or liquids‐rich play types

13

2011 Capital Expenditures

Note: 2011 data based on latest guidance announced 8/3/11; see Appendix

Expected 2011‐12 Capital Programs: Fully Funded

$360 ‐ $380MM of 2011 Capital Spending, 86% Targeting Oil & Liquids‐Rich Plays

14

Excellent Early Results; Looking to Expand Acreage Position

Eagle Ford Shale: Volatile Oil

Eagle Ford Shale• Positioning

– ~14,000 net acres in Gonzales Co., TX– Operator with 83% WI and 63% NRI– 12 wells currently producing approximately 

5,000 BOEPD (net), including NGLs– Up to 130 remaining gross drilling locations

• Actively seeking to expand position– Fracturing, gathering and processing in place

• Reserve Characteristics / Geology– Volatile oil window: 80% oil, 10% NGLs, 10% gas– First 12 wells IP’d at 582‐1,921 BOE/d 

– 1,105 BOE/d average IP rate– Results support a 558 MBOE type curve

• 2011 Activity– 3 rigs drilling; up to 34 (27.9 net) wells– Up to $226MM of CAPEX (60% of total)– 14% of 2011E production (~30% of 4Q11E)

Note: Based on 8/3/11 operational update

15

Located in the “Volatile Oil” Window Near Strong, Early Industry Results

Note ‐ Industry results based on peers’ investor presentations and reported IP wellhead rates (pre‐processing); production “windows” are PVA’s approximation

Eagle Ford Shale: Play Activity Map

GonzalesCounty

KarnesCounty Dewitt

County

LavacaCounty

FayetteCounty

WilsonCounty

EOGMilton Unit (668‐914 BOEPD)Harper Unit (695‐1,070 BOEPD)Dulling (1,255‐1,353 BOEPD)

EOG / Riley Expl.Edwards Unit (962 BOEPD)Maali 1H (968 BOEPD)

• PVA’s Gonzales County Eagle Ford Acreage and Potential is Well‐Positioned Based on Overall Excellent Industry Results inArea

Peers WithAcreageNear PVAEOGMROMHRFSTHunt

MHRGonzo Hunter 1H

(605 BOEPD)

PeersPVA

PVA / MHR / EOGPVA (582‐1,921 BOEPD)MHR (900‐1,335 BOEPD)

EOG Hill Unit 2H (1,347 BOEPD)

EOGBrothers Unit (1,798‐2,508 BOEPD)

EOGMarshall Unit (703‐1,658 BOEPD)

Cusack Clampit (1,044‐2,107 BOEPD)Hansen‐Kullin 3H (1,791 BOEPD)

Ullman 2H (925 BOEPD)HFS / Sweet (1,403‐1,578 BOEPD)

PVA Acreage~14,000 Net Acres

16

Cumulative Gross Production1

Peak Gross DailyProduction Rates1

30‐Day Average Gross DailyProduction Rates1

Well NameLateral Length 

Frac Stages

Equivalent Production

Days On Line

OilRate

Equivalent Rate

OilRate

EquivalentRate

feet BOE BOPD BOEPD BOPD BOEPDOn‐Line WellsGardner #1H 4,792  16 96,154 183 1,084 1,247 732  881 Hawn Holt #1H 4,053  15 48,785 87 759 837 606  668 Hawn Holt #2H 4,476  17 35,815 56 869 986 668 728Hawn Holt #4H 4,106  14 27,585 86 534 582 357  394 Hawn Holt #6H 4,166  17 21,986 57 670 711 342 370Hawn Holt #9H 4,453  18 50,855 52 1,652 1,877 1,044 1,153Hawn Holt #10H 3,913  16 25,181 30 1,080 1,188 771 839Hawn Holt #3H 3,800  15 11,864 20 607 651 ‐‐‐ ‐‐‐Hawn Holt #5H 3,950 16 7,371 21 474 528 ‐‐‐ ‐‐‐Munson Ranch #1H 4,163  17 18,571 11 1,755 1,921 ‐‐‐ ‐‐‐Munson Ranch #3H 3,953 16 14,964 10 1,448 1,538 ‐‐‐ ‐‐‐Hawn Holt #11H 3,931 17 8,520 7 1,120 1,190 ‐‐‐ ‐‐‐

Averages 4,146 16 1,004 1,105 646 719Maximums 4,792 18 1,755 1,921 1,044 1,153Minimums 3,800 14 474 528 342 370

Note: Based on 8/3/11 operational update

• Initial six wells had an average peak gross production rate of 1,040 BOEPD• Next six wells had an average peak gross production rate of 1,169 BOEPD

– First seven wells had a 30‐day average gross production rate of 719 BOEPD

• Average of the 12 well results provide basis for 558 MBOE type curve

Eagle Ford Shale: Excellent Early ResultsPVA Has Reported Some of the Best Industry Results in the Volatile Oil Window

17

High‐Margin, Liquid‐Rich Reserves and Production

Mid‐Continent: Liquids‐Rich Play Types

Anadarko Basin• Positioning

– CHK development drilling JV• ~10,000 net acres in Washita Co.• Operate about 1/3rd; ~35% WI• ~80 drilling locations in JV

– ~40,000 net acres in other exploratory plays• Testing to resume in 2012 or 2013

• Reserve Characteristics / Geology– Granite Wash: 48% liquids; attractive IRRs– Other play types: Tonkawa, Cleveland, St. 

Louis, Springer, Viola, other– Historical EURs > 5.0 Bcfe; assuming 4.0 Bcfe 

for remaining wells• 2011 Activity

– Up to 20 (8.7 net) Granite Wash wells– Non‐operated drilling through YE11– Up to $88MM of CAPEX (23% of total)

Note: Based on 8/3/11 operational update

18

Low‐Cost, High‐Potential, Largely HBP Natural Gas

• ETX ‐ Horizontal Cotton Valley– 5.0 Bcfe PUDs; 35% liquids– $2.54 PV10 breakeven gas price– 79 gross drilling locations– 267 Bcfe of 3P reserves at YE10

• ETX ‐ Haynesville Shale– 6.7 Bcfe PUDs; dry gas– $3.25 PV10 breakeven gas price– 183 gross drilling locations– 505 Bcfe of 3P reserves at YE10

• Mississippi ‐ Selma Chalk– 1.7 Bcfe PUDs; dry gas– $3.84 PV10 breakeven gas price– 183 gross drilling locations– 279 Bcfe of 3P reserves at YE10

East Texas & Mississippi: Gas Optionality

Cotton Valley / Haynesville Shale

Selma Chalk

Summary of Gas Option445 gross locations

1.1 Tcfe of 3P reserves

Wet Gas 

Dry Gas

19

Exploration Efforts Under Way in North Central Pennsylvania

Marcellus Shale

Marcellus Shale• Positioning

– ~55,000 net acres primarily in Pennsylvania• ~35,000 net acres in Potter / Tioga Cos.• ~20,000 net acres in SW PA

– Operator with ~87% WI and 76% NRI– Over 200 gross drilling locations

• Reserve Characteristics / Geology– Moderate depth and thickness– Dry gas window– Attempting to establish minimum 4.0 Bcfe EUR wells 

in Potter and Tioga Counties

• 2011 Activity– Drilled and tested three wells in Potter County

• Waiting on pipeline; online in September– Focus on testing of eastern acreage in 2H11 and into 

2012; most of 2011’s CAPEX incurred in 1H11– Will adjust lateral direction and completion

Note: Based on 8/3/11 operational update

• Diversified and valuable portfolio of high‐quality assets

• Track record of low‐cost, high‐return operations

• Allocating capital to build oil and liquids production

• Ample supply of economic drilling locations

• Drilling and acquisitions focused on high return play types

• Retained option on natural gas assets

• Financial condition and liquidity is solid

• Production and cash flow growth expected

• Compelling value proposition

20

Why PVA?A Track Record of Growth and Value Generation

Appendix

Haynesville Shale Drilling RigHarrison County, Texas

Value PropositionPVA Appears to be Significantly Undervalued on a Reasonable “Sum‐of‐the‐Parts” Basis

1 ‐ SEC pricing of $4.38 per MMBtu (natural gas) and $79.43 per barrel (crude oil)2 ‐ Natural gas price varies between $5 and $6 per MMBtu, while assuming an $85 per barrel WTI price and $42 per barrel NGL price3 ‐ Third‐party 3P reserve report as of 12/31/10; pretax PV‐10% values4 ‐ Approximately 14,000 net Eagle Ford acres, using midpoint of estimated value range between $10K and $20K per net acre.5 ‐ Approximately 55,000 net Marcellus acres, using midpoint of estimated value range between $500 and $4K per net acre.

22

YE 2010SEC Pricing

$4.38 1  $5.00 2  $6.00 2 

Proved Developed Reserves3 $786.2 $918.6 $1,093.9

Proved Undeveloped Reserves3 92.0 191.5 310.4

Probable and Possible Reserves3 95.8 311.3 607.1

3P Reserves3 $973.9 $1,421.4 $2,011.4

Eagle Ford Shale4 210.0 210.0 210.0

Marcellus Shale5 123.8 123.8 123.8

Asset Value $1,307.7 $1,755.2 $2,345.1

Less: Long‐Term Debt (net of cash; 6/30/11) (567.0) (567.0) (567.0)

Net Asset Value (NAV) $740.7 $1,188.2 $1,778.2

Shares Outstanding (7/29/11) 45.7 45.7 45.7

NAV per Share $16.21 $26.00 $38.91

Recent Stock Price (8/31/11 close) $8.16 $8.16 $8.16Upside to NAV per Share 99% 219% 377%

Asset Value Per Proved Reserve ($/Mcfe; 941.8 Bcfe) 1.39$              1.86$            2.49$             PVA is trading at: 1.00$             1.00$           1.00$            

NAV per Share to 2012E CFPS (First Call Mean of $5.03 per share at 8/31/11) 3.2x 5.2x 7.7xPVA is trading at: 1.6x 1.6x 1.6x

4Q11   2012   2013   2014  NYMEX Gas Futures Strip Prices @ 8/31/11 close $4.21 $4.58 $5.05 $5.33NYMEX Oil Futures Strip Prices @ 8/31/11 close $89.15 $91.04 $92.15 $92.31

Net Asset Value @ Flat NYMEX Pricing of:

• PVA trades at about 50% of its “sum‐of‐the‐parts” NAV, even though that value assumes prices lower than a recent futures strip for 2012‐13

23

Natural Gas Hedges

1 – As of 8/3/11; crude oil hedges include 360 BOPD @ $80 x $103 for 2H11 and 500 BOPD @ $100 x $120 for CY12

Protecting our Capital Budget and Well Economics

• ~60% of our natural gas price exposure is hedged for the remainder of 2011

2011 Guidance TableAs of August 3, 2011

Dollars in millions, except per unit data; based on latest guidance announced 8/3/1124

25

Non‐GAAP Reconciliations

Penn Virginia Corporation4 Radnor Corporate Center, Suite 200Radnor, PA 19087610‐687‐8900www.pennvirginia.com

Granite Wash Drilling RigsWashita County, Oklahoma