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 FIRST QUARTER 2012 RESULTS;

PROVIDES UPDATES OF OPERATIONS AND FULL-YEAR 2012 GUIDANCE

46 PERCENT INCREASE IN ADJUSTED EBITDAX OVER THE PRIOR YEAR QUARTER

OIL / LIQUIDS REPRESENTED 42 PERCENT OF PRODUCTION AND 82 PERCENT OF PRODUCT REVENUES DURING THE QUARTER

192 PERCENT INCREASE IN OIL PRODUCTION OVER THE PRIOR YEAR QUARTER

SUCCESSFUL EXPLORATION OF OUR OIL-RICH EAGLE FORD SHALE POSITION IN LAVACA COUNTY

BORROWING BASE REDETERMINED AT THE EXPECTED $300 MILLION LEVEL

SALE PROCESS UNDERWAY FOR LIQUIDS-RICH, LARGELY NON-OPERATED GRANITE WASH AND OTHER MID-CONTINENT ASSETS

2012 PRODUCTION GUIDANCE AFFIRMED; 2012 ADJUSTED EBITDAX GUIDANCE INCREASED

RADNOR, PA (BusinessWire) May 2, 2012 – Penn Virginia Corporation (NYSE: PVA) today reported financial and operational results for the three months ended March 31, 2012 and provided an update of full-year 2012 guidance.

First Quarter 2012 Highlights

First quarter 2012 results, as compared to first quarter 2011 results, were as follows:

Definitions of non-GAAP financial measures and reconciliations of these non-GAAP financial measures to GAAP-based measures appear later in this release.

Recent operational highlights are as follows:

Management Comment

H. Baird Whitehead, President and Chief Executive Officer stated, “Our successful transition from being predominantly a natural gas producer to being a more significant oil and NGL producer is clearly benefiting us, as evidenced by our much improved first quarter results. Oil and liquids production increased 87 percent over the prior year quarter and 15 percent from the fourth quarter of 2011. During the quarter, oil revenues alone were nearly four times natural gas revenues, excluding the impact of our hedges, and we expect oil and liquids to comprise approximately 84 percent of product revenues and approximately 43 percent of production in 2012. Our Eagle Ford Shale play, which has driven this oily transformation, has grown significantly over the past 18 months, and our recent early success in Lavaca County de-risks a portion of this acreage with the potential for drilling-related proved reserve additions as the year progresses.”

Mr. Whitehead added, “Building on this success, we currently plan to devote approximately 89 percent of estimated 2012 capital expenditures to the Eagle Ford Shale. Consistent with our previously announced plan to sell assets and to further improve liquidity, we have commenced a sale process for our largely non-operated and liquids-rich assets in the Mid-Continent region, which primarily consist of our Granite Wash properties. In addition, we continue to hedge our oil position and currently have approximately 70 percent of our anticipated oil production hedged for the final three quarters of 2012 at an average price of approximately $102 per barrel.”

First Quarter 2012 Financial and Operational Results

Overview of Financial Results

The $3.4 million operating loss was $25.1 million, or 88 percent, lower than the $28.5 million loss in the prior year quarter, due primarily to a $41.3 million increase in oil and liquids revenues, a $21.6 million decrease in exploration expense and a $3.5 million decrease in total direct operating expenses. The positive effect of these items was partially offset by a $26.3 million decrease in natural gas revenues and a $16.0 million increase in depreciation, depletion and amortization (DD&A) expense. Oil and NGL revenues were $67.8 million in the first quarter of 2012, 156 percent higher than the $26.5 million in the prior year quarter and 26 percent higher than the $53.9 million in the fourth quarter of 2011. Oil and NGL revenues were 82 percent of product revenues in the first quarter of 2012, compared to 39 percent in the prior year quarter and 70 percent in the fourth quarter of 2011.

Pricing

Our first quarter 2012 realized oil price of $107.05 per barrel was 21 percent higher than the $88.37 per barrel price in the prior year quarter and nine percent higher than the $98.49 per barrel price in the fourth quarter of 2011. Our first quarter 2012 realized NGL price of $42.24 per barrel was six percent lower than the $45.11 per barrel price in the prior year quarter and seven percent lower than the $45.46 per barrel price in the fourth quarter of 2011. Our first quarter 2012 realized natural gas price of $2.37 per thousand cubic feet (Mcf) was 44 percent lower than the $4.23 per Mcf price in the prior year quarter and 32 percent lower than the $3.46 per Mcf price in the fourth quarter of 2011. Adjusting for oil and gas hedges, our first quarter 2012 effective oil price was $106.85 per barrel and our effective natural gas price was $3.65 per Mcf, or a decrease of $0.20 per barrel and an increase of $1.28 per Mcf over the realized prices.

Production

As shown in the table below, production in the first quarter of 2012 was 10.9 Bcfe, or 119.5 MMcfe per day, a 12 percent decrease compared to 12.2 Bcfe, or 135.2 MMcfe per day, in the prior year quarter and a two percent increase from 10.7 Bcfe, or 116.7 MMcfe per day, in the fourth quarter of 2011. As a percentage of total equivalent production, oil and NGL volumes were 42 percent in the first quarter of 2012 compared to 20 percent in the prior year quarter and 37 percent in the fourth quarter of 2011. Oil production increased 192 percent from 188 thousand barrels

(MBbls) in the prior year quarter to 549 MBbls in the first quarter of 2012. On a pro forma basis, excluding production from the Mid-Continent assets sold in 2011, production in the prior year quarter was 11.5 Bcfe, or 127.9 MMcfe per day. The pro forma decrease of 0.6 Bcfe, or six percent, was primarily the result of a 2.8 Bcfe, or 31 percent, decrease in pro forma natural gas production due to reduced natural gas drilling since mid-2010 in East Texas, Mississippi and, to a lesser extent, the Granite Wash, partially offset by a 362 MBOE (2.2 Bcfe), or 90 percent, increase in pro forma oil and NGL production.

Note - Numbers may not add due to rounding.

Operating Expenses

First quarter 2012 total direct operating expenses decreased $3.5 million, or approximately 11 percent, to $27.4 million, or $2.52 per Mcfe produced, compared to $30.9 million, or $2.54 per Mcfe produced, in the prior year quarter.

Exploration expense decreased $21.5 million, or 73 percent, to $8.0 million in the first quarter of 2012 from $29.5 million in the prior year quarter. The decrease was due primarily to a $16.4 million decrease in dry-hole costs (zero in the first quarter of 2012), a $2.4 million decrease in unproved property amortization and a $2.2 million decrease in geological and geophysical costs.

DD&A expense increased by $16.0 million, or 46 percent, to $50.8 million, or $4.67 per Mcfe produced, in the first quarter of 2012 from $34.8 million, or $2.86 per Mcfe produced, in the prior year quarter, due primarily to higher DD&A costs attributable to our Eagle Ford Shale oil wells, which is typical for this and other oily plays, as well as downward revisions in proved reserves located primarily in the Granite Wash, East Texas and Mississippi at year-end 2011.

Capital Expenditures

During the first quarter of 2012, capital expenditures were approximately $90 million, compared to $104 million in the prior year quarter and $123 million in the fourth quarter of 2011, consisting of:

Operational Update

Eagle Ford Shale

During the first quarter of 2012, we drilled 11 (9.4 net) operated wells in the Eagle Ford Shale, all of which were successful. We currently have two rigs drilling our 46^th and 47^th wells, one well that is WOC and 44 (36.6 net) wells that are producing. As shown in the table below, the average peak gross production rate per well for 40 of these wells which had full-length laterals was approximately 1,000 BOEPD. The initial 30-day average gross production rate for 35 of these 40 wells with sufficient production history was approximately 650 BOEPD. Eagle Ford Shale production was approximately 9,200 (5,800 net) BOEPD during the first quarter of 2012, with oil comprising approximately 88 percent, NGLs approximately six percent and natural gas approximately six percent.

In late 2011, we announced a 13,500 acre AMI with a major oil and gas company in Lavaca County, Texas pursuant to which, during 2012, we can earn a minimum of approximately 8,000 net acres. This would bring our Eagle Ford Shale position in Gonzales and Lavaca Counties, Texas to a minimum of approximately 31,400 (23,100 net) acres, with up to 190 total well locations assuming down-spacing is successful on a majority of our acreage.

The first two wells on the Lavaca County acreage (Effenberger #1H and Vana #1H) were completed and turned in line during April 2012. Both wells have met or exceeded our expectations with the Effenberger #1H (20 frac stages and lateral length of approximately 5,000 feet) averaging 922 BOEPD of wellhead volumes over its first nine days of production (90 percent oil and 10 percent wet gas) and the Vana #1H (13 frac stages and lateral length of approximately 3,200 feet) averaging 709 BOEPD of wellhead volumes over its first five days of production (94 percent oil and six percent wet gas). The lateral length of the Vana #1H well was less than expected by approximately 1,600 feet due to an issue with getting casing to the total depth drilled. Taking into account the lateral lengths, both wells appear to have similar production characteristics during the initial flowback of frac fluids and are comparable to well results experienced in nearby Gonzales County. Both wells are significantly choked with the flowing pressure on the Effenberger #1H well at the end of the nine days of approximately 3,450 pounds per square inch (psi) and the flowing pressure on the Vana #1H well at the end of the five days of approximately 2,300 psi, as the recovery of fluid continues. A third well in Lavaca County (Schacherl #1H) is currently being drilled, with three additional wells expected to be drilled during 2012.

Our full-year 2012 guidance anticipates 32 (27.6 net) new wells in the Eagle Ford Shale, including the wells drilled during the first quarter of 2012. Efforts continue to expand our Eagle Ford Shale position through additional leasing and selective acquisitions.

Full-Year 2012 Guidance

Full-year 2012 guidance highlights are as follows:

Please see the Guidance Table included in this release for guidance estimates for full-year 2012. These estimates 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 March 31, 2012, we had total debt with a carrying value of approximately $718 million ($724 million aggregate principal amount), consisting of $294 million of 10.375 percent senior unsecured notes due 2016 ($300 million principal amount), $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 (classified as a current liability) and $119 million of borrowings under our revolving credit facility (Revolver). Our indebtedness at March 31, 2012 was approximately 46 percent of book capitalization and 3.0 times the latest twelve months’ Adjusted EBITDAX of $242.7 million, a reduction from 3.2 times at year-end 2011.

We have no material debt maturities until 2016. Our business strategy for 2012 requires capital expenditures in excess of our anticipated operating cash flows, although within the Revolver’s borrowing base, as shown in the table below.

We plan to fund our 2012 capital program with operating cash flows, proceeds from asset sales and borrowings under the Revolver.

Borrowing Base Redetermination

In August 2011, we entered into the Revolver, which matures in August 2016. The Revolver provided for a $300 million commitment amount and initial borrowing base of $380 million. Following the semi-annual redetermination in April 2012 and as a result of decreased natural gas prices, the borrowing base was lowered to $300 million, which is at the upper end of our previously disclosed expectations. Our business plan anticipates us borrowing amounts under the Revolver during the remainder of 2012 that are within this redetermined borrowing base. As of April 30, 2012, we had approximately $22 million of cash on hand and approximately $151 million of unused borrowing capacity under the Revolver, net of outstanding letters of credit of $1.7 million.

Planned Asset Sale

We expect to reduce our indebtedness and supplement liquidity under the Revolver with proceeds from the sale of non-core assets. We recently engaged a financial advisor to assist us in the sale of the majority of our remaining Mid-Continent assets. The sales process for these liquids-rich and largely non-operated properties has commenced. The properties anticipated to be sold include our Granite Wash production and reserves, as well as a few exploratory prospects. However, we will retain our Viola Limestone prospect acreage, which we expect to drill late in the second quarter of this year. Based on internal estimates, the properties to be divested have proved reserves of approximately 123 Bcfe, 46 percent of which are NGLs and oil, and 81 gross remaining drilling locations. First quarter 2012 production for these assets was 23.6 MMcfe per day, 48 percent of which was NGLs and oil. No assurances can be given that a sale will be completed or as to the timing of or the net proceeds from such a sale.

Explanation of Non-GAAP Gross Operating Margin per Mcfe

Gross operating margin is a non-GAAP financial measure under SEC regulations which represents total product revenues less total direct operating expenses. Gross operating margin per Mcfe is equal to gross operating margin divided by total natural gas, crude oil and NGL production. Gross operating margin is not adjusted for the impact of hedges. We believe that gross operating margin per Mcfe is an important measure that can be used by security analysts and investors to evaluate our operating margin per unit of production and to compare it to other oil and gas companies, as well as for comparisons to other time periods.

First Quarter 2012 Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss first quarter 2012 financial and operational results, is scheduled for Thursday, May 3, 2012 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 10 minutes before the scheduled start of the conference call (use the passcode 8452642), 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 8452642. 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; our ability to generate profits or achieve targeted reserves in our development and exploratory drilling and well operations; 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 Revolver; 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; our ability to successfully monetize select assets and repay our debt; leasehold terms expiring before production can be established; 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 OPERATIONS - unaudited

(in thousands, except per share data)

PENN VIRGINIA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited

(in thousands)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited

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