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 THIRD QUARTER 2011 RESULTS AND

PROVIDES OPERATIONAL UPDATE

43 PERCENT INCREASE IN ADJUSTED EBITDAX OVER PRIOR YEAR QUARTER

OIL AND NGLS REPRESENTED 33 PERCENT OF PRODUCTION AND 58 PERCENT OF PRODUCT REVENUES

EAGLE FORD SHALE RESULTS DRIVING IMPROVED FINANCIAL PERFORMANCE

RADNOR, PA (BusinessWire) November 2, 2011 – Penn Virginia Corporation (NYSE: PVA) today reported financial and operational results for the three months ended September 30, 2011 and provided an update of 2011 guidance.

Third Quarter 2011 Highlights

Third quarter 2011 results, as compared to third quarter 2010 results, were as follows:

Definitions of non-GAAP financial measures and reconciliations of these non-GAAP financial measures to GAAP-based measures appear on page nine of this release.

Additional operational highlights included:

Management Comment

H. Baird Whitehead, President and Chief Executive Officer stated, “Our greatly improved third quarter financial results reflected our transition to and focus on oil drilling opportunities. Oil and liquids production increased 63 percent over the prior year quarter and comprised 33 percent of third quarter production. Oil and liquids revenues increased 129 percent over the prior year period and comprised 58 percent of product revenues, resulting in a 63 percent improvement in our gross operating margin per Mcfe of production. In the fourth quarter of 2011, we expect oil and liquids to comprise approximately 42 to 44 percent of production.

“Our improved third quarter financial results were driven primarily by our oily Eagle Ford Shale play. We are currently operating four rigs in the Eagle Ford Shale and expect to exit 2011 with three rigs drilling in this play. Altogether, our results in the Eagle Ford Shale have been strong, and we continue to review leasing and acquisition opportunities to expand our drilling inventory in this play.”

Third Quarter 2011 Financial and Operational Results

Overview of Financial Results

The $9.0 million operating loss was $44.1 million lower than the $53.1 million loss in the prior year quarter primarily due to a $35.1 million decrease in impairment expense (none in the current year quarter), a $26.9 million increase in oil and liquids revenues, a $4.3 million decrease in total direct operating expenses and a $2.7 million decrease in exploration expense. The effect of these items was partially offset by a $13.3 million decrease in natural gas revenues and a $12.1 million increase in DD&A expense. Oil and NGL revenues were $47.8 million in the third quarter of 2011, 129 percent higher than the $20.9 million in the prior year quarter and 38 percent higher than the $34.7 million in the second quarter of 2011. Oil and NGL revenues were 58 percent of product revenues in the third quarter of 2011, as compared to 31 percent in the prior year quarter and 48 percent in the second quarter of 2011.

Pricing

Our third quarter 2011 realized oil price was $87.03 per barrel, 23 percent higher than the $70.97 per barrel price in the third quarter of 2010 and 12 percent lower than the $98.45 per barrel price in the second quarter of 2011. Our third quarter 2011 realized NGL price was $48.00 per barrel, 35 percent higher than the $35.57 per barrel price in the third quarter of 2010 and eight percent lower than the $52.04 per barrel price in the second quarter of 2011. Our third quarter 2011 realized natural gas price was $4.24 per thousand cubic feet (Mcf), three percent lower than the $4.36 per Mcf price in the third quarter of 2010 and two percent lower than the $4.32 per Mcf price in the second quarter of 2011. Adjusting for oil and gas hedges, our third quarter 2011 effective natural gas price was $4.87 per Mcf and our effective oil price was $88.28 per barrel, or increases of $0.63 per Mcf and $1.25 per barrel over the realized prices.

Production

As shown in the table below, production in the third quarter of 2011 was approximately 11.9 Bcfe, or 129.9 MMcfe per day, a ten percent decrease as compared to 13.3 Bcfe, or 144.3 MMcfe per day, in the prior year quarter and a two percent increase from 11.7 Bcfe, or 128.6 MMcfe per day, in the second quarter of 2011. As a percentage of total equivalent production, oil and NGL volumes were 33 percent in the third quarter of 2011, as compared to 18 percent in the prior year quarter, 24 percent in the second quarter of 2011 and 20 percent in the first quarter of 2011.

Note - Numbers may not add due to rounding.

The year-over-year production decrease was due to a 2.8 Bcfe, or 26 percent, decrease in natural gas production resulting from our planned shift away from natural gas drilling since mid-2010 and the subsequent natural production declines. The decrease in natural gas production was partially offset by a 1.5 Bcfe, or 63 percent, increase in oil and NGL production primarily associated with our drilling activity in the Eagle Ford Shale and increased NGL volumes from the Granite Wash. The sequential quarterly increase in production was primarily attributable to higher oil and NGL volumes from the Eagle Ford Shale, partially offset by natural gas production declines, the August 2011 sale of Arkoma Basin properties and lower NGL production in the Granite Wash as a result of a fire at a third-party processing plant, which has reduced NGL sales volumes since July 2011.

Operating Expenses

As discussed below, third quarter 2011 total direct operating expenses decreased $4.3 million, or approximately 14 percent, to $25.6 million, or $2.14 per Mcfe produced, as compared to $29.9 million, or $2.25 per Mcfe produced, in the third quarter of 2010 and $28.8 million, or $2.47 per Mcfe produced, in the second quarter of 2011.

Exploration expense decreased $2.7 million to approximately $19.3 million in the third quarter of 2011 from $22.0 million in the prior year quarter. The decrease was primarily due to a $9.3 million decrease in dry hole costs and a $1.2 million decrease in geological and geophysical costs, partially offset by $4.8 million of rig-related charges incurred in the third quarter of 2011 in connection with the temporary suspension of our exploratory drilling program in the Marcellus Shale and a $3.1 million increase in amortization of unproved leasehold properties related to significant acquisitions during 2010.

DD&A expense increased by $12.1 million, or 36 percent, to $45.3 million, or $3.80 per Mcfe produced, in the third quarter of 2011 from $33.2 million, or $2.50 per Mcfe produced, in the prior year quarter, primarily due to higher DD&A costs attributable to our Eagle Ford Shale oil wells, which can be typical for this and other oily plays, partially offset by lower production volumes.

Operational Update

Eagle Ford Shale

During the third quarter of 2011, we drilled 10 (8.3 net) operated wells in the Eagle Ford Shale, all of which were successful. We currently have four rigs drilling our 25^th through 28^th wells, four wells that are waiting on completion (WOC) and 20 (16.7 net) wells that are producing. As shown in the table below, our initial 20 wells in the Eagle Ford Shale have had an average peak gross production rate of 1,012 BOEPD per well (688 BOEPD 30-day average per well for 17 of these wells).⁽³⁾

In the third quarter of 2011, we increased our net Eagle Ford Shale leasehold position by approximately 2,000 net acres to 14,700 net acres. Thus far in 2011, we have added 7,300 net acres in Gonzales County for approximately $27 million. We have identified approximately 140 horizontal well locations on our current acreage position of approximately 17,900 gross acres, including the 24 wells that have been drilled. Our full-year 2011 guidance anticipates up to 33 (27.5 net) wells, with up to 12 (10.0 net) wells to be drilled during the fourth quarter of 2011. We continue efforts to expand our Eagle Ford Shale position in Gonzales County and other prospective areas in the play through additional leasing and selective acquisitions.

Granite Wash

During the third quarter of 2011, three (1.1 net) non-operated Granite Wash wells were drilled in the Mid-Continent, of which PVA went non-consent on the completion of one (0.05 net) well. Our full-year 2011 guidance includes up to 20 (8.7 net) wells, with up to four (1.2 net) wells to be drilled during the fourth quarter of 2011.

Capital Expenditures

During the third quarter of 2011, oil and gas capital expenditures were approximately $114 million, as compared to $147 million in the third quarter of 2010 and $105 million in the second quarter of 2011, consisting of:

Capital Resources and Liquidity, Interest Expense and Impact of Derivatives

As of September 30, 2011, we had total debt with a carrying value of $613 million ($620 million aggregate principal amount), consisting of $293 million of 10.375 percent senior unsecured notes due 2016, $300 million principal amount of 7.25 percent senior unsecured notes due 2019, $5 million principal amount of 4.5 percent convertible senior subordinated notes due 2012 and $15 million of borrowings under our revolving credit facility. Net of cash and equivalents of approximately $4 million, our indebtedness at September 30, 2011 was approximately $609 million, or 38 percent of book capitalization.

In August 2011, we announced an amended and restated senior secured revolving credit facility with a five-year maturity, a $300 million commitment amount and an accordion feature to expand commitment amounts by up to $300 million, with the total commitments not to exceed the borrowing base. The current borrowing base of $380 million, which has been adjusted for the impact of the recent sale of our Arkoma Basin assets and was recently reaffirmed, is subject to redetermination on a semi-annual basis. As of September 30, 2011, our available borrowing capacity under the revolver, as reduced by outstanding borrowings and letters of credit of $16.4 million, was approximately $284 million, which, together with cash and equivalents, comprised financial liquidity of approximately $288 million.

Interest expense increased to $14.2 million in the third quarter of 2011 from $13.2 million in the third quarter of 2010 due to higher average levels of debt outstanding, partially offset by lower effective interest rates.

During the third quarter of 2011, derivatives income was $11.5 million, as compared to derivatives income of $15.1 million in the prior year quarter. Third quarter 2011 cash settlements of derivatives resulted in net cash receipts of $8.5 million, as compared to $6.8 million of net cash receipts in the prior year quarter.

Fourth Quarter 2011 Guidance Update

Fourth quarter 2011 guidance highlights are as follows:

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.

Third Quarter 2011 Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss third quarter 2011 financial and operational results, is scheduled for Thursday, November 3, 2011 at 10:00 a.m. ET. Prepared remarks by H. Baird Whitehead, President and Chief Executive Officer, will be followed by a question and answer period. Investors and analysts may participate via phone by dialing 1-866-630-9986 five to ten minutes before the scheduled start of the conference call (use the passcode 7085147), 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 7085147. 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.

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Penn Virginia Corporation (NYSE: PVA) is an independent oil and gas company engaged primarily in the development, exploration and production of natural gas and oil in various domestic onshore regions including Texas, Appalachia, the Mid-Continent 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, natural gas liquids 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, natural gas liquids 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 costs 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 regulations 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 Securities and Exchange Commission (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

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited

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