Exhibit 99.1

Four Radnor Corporate Center, Suite 200

Radnor, PA 19087

Ph: (610) 687-8900 Fax: (610) 687-3688

www.pennvirginia.com

FOR IMMEDIATE RELEASE

PENN VIRGINIA CORPORATION ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2010 RESULTS

RADNOR, PA (BusinessWire) February 23, 2011 – Penn Virginia Corporation (NYSE: PVA) today reported financial and operational results for the three months and year ended December 31, 2010 and provided an update of full-year 2011 guidance.

Fourth Quarter 2010 Highlights

Fourth quarter 2010 results, with comparisons to fourth quarter 2009 results, included the following:

The operating loss and net loss from continuing operations in the fourth quarter of 2010, as reported above and discussed in further detail below, included impairment charges of $9.7 million and exploratory dry hole costs of $2.2 million.

Reconciliations of non-GAAP financial measures to GAAP-based measures appear in the text and financial tables later in this release.

Management Comment

A. James Dearlove, Chief Executive Officer stated, “Fourth quarter 2010 operating results reflect the success of our strategic repositioning which began earlier in the year. Production was in the upper end of guidance and cash operating costs were at the lower end of guidance. Production increased 27 percent over pro forma fourth quarter 2009 levels and liquids comprised approximately 21 percent of the quarterly production volumes, primarily due to contributions from the liquids-rich Granite Wash and Cotton Valley. The fourth quarter was

negatively impacted by impairment and dry-hole charges related primarily to exploratory results in Mid-Continent prospect areas.

“Proved reserves increased to a record 942 Bcfe from 911 Bcfe at year-end 2009 (pro forma to exclude 24.0 Bcfe of Gulf Coast reserves sold in January 2010). As compared to year-end 2009, proved developed reserves increased to 53 percent from 46 percent, while proved oil and natural gas liquids (NGL) reserves increased to 21 percent from 17 percent. The change in the proved developed and liquids content of our reserves contributed to a nearly 28 percent increase in the PV-10 value (pre-tax present value of proved reserves, discounted at 10 percent), which totaled approximately $880 million at year-end 2010. Reserve replacement, excluding revisions to proved undeveloped reserves which will not be developed within a five-year horizon in accordance with Securities and Exchange Commission (SEC) regulations, was 122 Bcfe, or approximately 260 percent of 2010 production. Over the past five years, we have nearly tripled our proved reserve base, growing at a 23 percent annual compounded rate.

Mr. Dearlove continued, “Looking ahead in 2011, as a result of a successful first Eagle Ford Shale well in Gonzales County, Texas, together with encouraging nearby industry results, we expect a significant increase in our capital investment and drilling activity in the Eagle Ford Shale where we recently added to our leasehold position. We have elected to shift one of two operated rigs from the Mid-Continent to the Eagle Ford Shale and to add a third rig to the Eagle Ford Shale. These contemplated changes to our drilling program are expected to occur by mid-year 2011. In the Marcellus Shale, we have drilled our first horizontal well and are currently drilling our second well from the same pad in Potter County, Pennsylvania. We expect initial production from this play by mid-year.

“During 2011, we expect increases in oil, condensate and NGL production volumes, which are expected to comprise approximately 26 percent of full-year production. Production increases in 2011 are expected from the Eagle Ford Shale, Granite Wash, Marcellus Shale and other play types in the Mid-Continent region.”

Full-Year 2010 Consolidated Results

For the year ended December 31, 2010, we incurred an operating loss of $98.8 million, which included impairment charges of $46.0 million, as compared to an operating loss in 2009 of $205.3 million, which included charges of $106.4 million for impairments and drilling rig standby charges of $20.1 million. The adjusted net loss attributable to PVA, which excludes the effects of change in derivatives fair value, drilling rig standby charges, impairments, restructuring costs and other gains or losses that affect comparability to the prior year period, was $32.7 million, or $0.72 per diluted share, in 2010 as compared to an adjusted net loss attributable to PVA of $20.4 million, or $0.46 per diluted share, in 2009. The net loss attributable to PVA was $8.4 million, or $0.19 per diluted shared, in 2010 as compared to a net loss attributable to PVA of $114.6 million, or $2.62 per diluted share, in 2009 due primarily to the decrease in operating loss and the gain on sale of discontinued operations in 2010. Oil and gas production in 2010 was 47.2 Bcfe and proved reserves increased to a record 942 Bcfe.

Fourth Quarter 2010 Financial and Operational Results

As shown in the table below, production in the fourth quarter of 2010 was approximately 13.1 Bcfe, or 142.5 MMcfe per day, 27 percent more than the pro forma 10.3 Bcfe, or 111.8 MMcfe per day, in the fourth quarter of 2009 (reported production was 11.3 Bcfe, or 123.1 MMcfe per day) and down slightly from the 13.3 Bcfe, or 144.3 MMcfe per day, in the third quarter of 2010. The year-over-year increase was due to the effects of significantly increased drilling activity during 2010 and, to a lesser extent, by increased production of NGLs and crude oil primarily from the Granite Wash play. Please see our separate operational update news release dated February 23, 2011 for a more detailed discussion of operations.

Note - Numbers may not add due to rounding.

Our realized natural gas price, prior to the impact of derivatives, during the fourth quarter of 2010 was $3.57 per thousand cubic feet (Mcf), 16 percent lower than the $4.26 per Mcf price in the fourth quarter of 2009 and 18 percent lower than the $4.36 per Mcf price in the third quarter of 2010.

Our realized oil price, prior to the impact of derivatives, during the fourth quarter of 2010 was $82.84 per barrel, 13 percent higher than the $73.12 per barrel price in the fourth quarter of 2009 and 17 percent higher than the $70.97 per barrel price in the third quarter of 2010. Our realized NGLs price during the fourth quarter of 2010 was $42.15 per barrel, 19 percent higher than the $35.49 per barrel price in the fourth quarter of 2009 and 19 percent higher than the $35.57 per barrel price in the third quarter of 2010. Adjusting for oil and gas hedges, our effective natural gas price during the fourth quarter of 2010 was $4.39 per Mcf and our effective oil price was $81.41 per barrel, or an increase of $0.82 per Mcf and decrease of $1.43 per barrel, respectively, over the realized prices.

The operating loss of $25.0 million was $8.5 million more than the operating loss of $16.5 million in the prior year quarter, due primarily to an approximate $9.2 million increase in exploration expense and a $7.1 million increase in depreciation, depletion and amortization (DD&A) expenses, partially offset by a $5.3 million increase in total revenues and a $2.7 million decrease in direct operating expenses.

As discussed below and in spite of a 16 percent increase in reported oil and gas production volumes, fourth quarter 2010 direct operating expenses decreased $2.7 million, or nine percent, to $26.5 million, or $2.02 per Mcfe produced, as compared to $29.2 million, or $2.58 per Mcfe produced, in the fourth quarter of 2009.

Exploration expense increased $9.2 million to $12.1 million in the fourth quarter of 2010 from $2.9 million in the prior year quarter, due to a $4.7 million increase in unproved property amortization resulting from acquisitions of unproved leasehold, a $2.2 million increase in dry hole costs attributable primarily to exploratory drilling in the Mid-Continent region and a $1.9 million increase in geological and geophysical costs attributable to an expanded drilling and exploration program.

DD&A expenses increased by $7.1 million, or 22 percent, to $39.3 million, or $3.00 per Mcfe produced, in the fourth quarter of 2010 from $32.3 million, or $2.85 per Mcfe produced, in the prior year quarter due to higher production volumes and a higher depletion rate resulting from higher drilling, completion and leasehold acquisition costs, as we shift our emphasis to higher-value oil and liquids play types, as well as year-end proved reserve revisions.

Impairments increased by approximately $0.1 million to $9.7 million in the fourth quarter of 2010 from $9.6 million in the prior year quarter. The impairment charge in the fourth quarter of 2010 related primarily to the initial Granite Wash well in the East Sayre Field, while the impairment charge in the prior year quarter primarily related to Gulf Coast assets held for sale which were subsequently sold in January 2010.

Full-Year 2011 Guidance Update

Full-year 2011 guidance highlights are as follows:

We have elected to shift one of two operated rigs from the Mid-Continent to the Eagle Ford Shale and to add a third rig to the Eagle Ford Shale. These contemplated changes to our drilling program are expected to occur by mid-year 2011. Production guidance remains unchanged for the year due to the startup timing of new production from incremental Eagle Ford Shale drilling and the decrease in expected Mid-Continent production growth, while the increase in drilling and completion capital expenditures will support future production growth.

Please see the Guidance Table included in this release for guidance estimates for full-year 2011. These estimates, including capital expenditure plans, are meant to provide guidance only and are subject to revision as our operating environment changes.

Capital Resources and Liquidity, Interest Expense and Impact of Derivatives

As of December 31, 2010, we had outstanding borrowings of $530 million ($506 million carrying value), consisting of $300 million ($292 million carrying value) of senior unsecured notes due 2016 and $230 million ($214 million carrying value) of convertible senior subordinated notes due 2012, with no borrowings under our revolving credit facility. Net of cash and equivalents of $121 million, our net indebtedness at December 31, 2010 was $386 million, or 28 percent of book capitalization.

As of December 31, 2010, we had approximately $540 million of financial liquidity, excluding cash flows from operating activities, comprised of cash on hand of $121 million and availability under our revolving credit facility

of $300 million ($420 million including uncommitted amounts). Together with ongoing cash flows from operating activities, supplemented by natural gas and crude oil hedges, we expect our financial liquidity to be sufficient to fund our anticipated capital needs for 2011.

Interest expense increased to $13.5 million in the fourth quarter of 2010 from $12.4 million in the fourth quarter of 2009 due to a decrease in capitalized interest and an increase in other interest expense. Cash interest expense increased $0.3 million, from $10.5 million in the prior year quarter to $10.8 million in the fourth quarter of 2010.

Due to fluctuations in commodity prices during the fourth quarter of 2010, derivatives expense was $2.5 million as compared to derivatives income of $11.1 million in the prior year quarter. Fourth quarter 2010 cash settlements of our derivatives resulted in net cash receipts of $8.5 million, as compared to $10.3 million of net cash receipts in the prior year quarter.

Explanation of Non-GAAP PV-10 Value

PV-10 Value is a non-GAAP financial measure under SEC regulations and differs from the Standardized Measure of Discounted Future Net Cash Flows (Standardized Measure) in that PV-10 Value is a pre-tax value, while the Standardized Measure includes the effect of estimated future income taxes, discounted at 10 percent. We believe that the PV-10 Value is an important measure that can be used to evaluate the relative significance of our oil and natural gas properties and that PV-10 Value is widely used by security analysts and investors when evaluating oil and gas companies. Because many factors that are unique to each individual company impact the amount of future income taxes to be paid, the use of a pre-tax measure enhances comparability of assets when evaluating companies. The Standardized Measure at year-end 2010 of $641.4 million, plus $236.7 million of present value of future income tax discounted at 10 percent, is equal to the PV-10 Value of $878.1 million.

Fourth Quarter and Full-Year 2010 Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss fourth quarter and full-year 2010 financial and operational results, is scheduled for Thursday, February 24, 2011 at 10:00 a.m. ET. Prepared remarks by A. James Dearlove, Chief Executive Officer, will be followed by a question and answer period. Investors and analysts may participate via phone by dialing 1-866-823-5017 five to ten minutes before the scheduled start of the conference call (use the passcode 9013804), or via webcast by logging on to our website, www.pennvirginia.com, at least 15 minutes prior to the scheduled start of the call to download and install any necessary audio software. A telephonic replay will be available for two weeks beginning approximately 24 hours after the call. The replay can be accessed by dialing toll free 888-203-1112 (international: 719-457-0820) and using the replay code 9013804. In addition, an on-demand replay of the webcast will also be available for two weeks at our website beginning approximately 24 hours after the webcast.

******

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 Oklahoma, Texas, the Appalachian Basin and Mississippi.

For more information, please visit our website at www.pennvirginia.com.

Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the volatility of commodity prices for natural gas, NGLs and oil; our ability to develop, explore for, acquire and replace oil and gas reserves and sustain production; any impairments, write-downs or write-offs of our reserves or assets; the projected demand for and supply of natural gas, NGLs and oil; reductions in the borrowing base under our revolving credit facility; our ability to contract for drilling rigs, supplies and services at reasonable costs; our ability to obtain adequate pipeline transportation capacity for our oil and gas production at reasonable cost and to sell the production at, or at reasonable discounts to, market prices; the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from estimated proved oil and gas reserves; drilling and operating risks; our ability to compete effectively against other independent and major oil and natural gas companies; uncertainties related to expected benefits from acquisitions of oil and natural gas properties; environmental liabilities that are not covered by an effective indemnity or insurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements; our ability to maintain adequate financial liquidity and to access adequate levels of capital on reasonable terms; the occurrence of unusual weather or operating conditions, including force majeure events; our ability to retain or attract senior management and key technical employees; counterparty risk related to their ability to meet their future obligations; changes in governmental regulation or enforcement practices, especially with respect to environmental, health and safety matters; uncertainties relating to general domestic and international economic and political conditions; and other risks set forth in our filings with the SEC.

Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

PENN VIRGINIA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - unaudited

(in thousands, except per share data)

PENN VIRGINIA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited

(in thousands)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited

(in thousands)

PENN VIRGINIA CORPORATION

CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited

(in thousands)

PENN VIRGINIA CORPORATION

GUIDANCE TABLE - unaudited

(dollars in millions except where noted)

We are providing the following guidance regarding financial and operational expectations for full-year 2011. These estimates are meant to provide guidance only and are subject to change as PVA’s operating environment changes