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 SECOND QUARTER 2012 RESULTS;

PROVIDES UPDATES OF OPERATIONS AND FULL-YEAR 2012 GUIDANCE

20 PERCENT INCREASE IN ADJUSTED EBITDAX OVER THE PRIOR YEAR QUARTER

OIL / LIQUIDS REPRESENTED 45 PERCENT OF PRODUCTION AND 86 PERCENT OF PRODUCT REVENUES DURING THE QUARTER

161 PERCENT INCREASE IN OIL PRODUCTION OVER THE PRIOR YEAR QUARTER

CONTINUED SUCCESS IN THE EAGLE FORD SHALE

CLOSED $100 MILLION SALE OF APPALACHIAN ASSETS

THIRD DRILLING RIG TO BE ADDED AND QUARTERLY CASH DIVIDEND DISCONTINUED

RADNOR, PA (BusinessWire) August 1, 2012 – Penn Virginia Corporation (NYSE: PVA) today reported results for the three months ended June 30, 2012 and provided an update of operations and full-year 2012 guidance.

Second Quarter 2012 Highlights

Second quarter 2012 results compared to the second quarter of 2011 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, “We are excited about our continuing success in the Eagle Ford Shale, particularly our recent expansion into Lavaca County where early drilling results are very promising. Our Eagle Ford Shale program has driven an overall year-over-year increase of approximately 70% in oil and NGLs production. In addition, second quarter oil and NGL revenues, excluding hedge impacts, were more than six times our natural gas revenue. We expect oil and NGLs to comprise approximately 84 percent of product revenues and 47 percent of production in 2012. Building on this success, we plan to devote over 90 percent of 2012 capital expenditures to the Eagle Ford Shale and to add a third rig back into our Eagle Ford Shale program late in the third quarter.

“To help fund our drilling program, we sold our Appalachian assets and we have hedged approximately 67 percent of expected oil production and 32 percent of expected gas production in the second half of 2012 at average prices of approximately $101 per barrel and $5.24 per MMBtu. Our Board of Directors has also decided to discontinue our quarterly cash dividend, which will add more than $10 million annually to our cash flow available for reinvestment.

“We are optimistic about the future. We expect continued success in the Eagle Ford Shale and, in light of the recent increase in natural gas prices, we view our significant natural gas positions in East Texas, Mississippi and the Granite Wash as having additional upside potential.”

Second Quarter 2012 Financial and Operational Results

Pricing

Our second quarter 2012 realized oil price of $102.14 per barrel was four percent higher than the $98.45 per barrel price in the prior year quarter. Our second quarter 2012 realized NGL price of $33.23 per barrel was 36 percent lower than the $52.04 per barrel price in the prior year quarter. Our second quarter 2012 realized natural gas price of $1.76 per thousand cubic feet (Mcf) was 59 percent lower than the $4.32 per Mcf price in the prior year quarter. Adjusting for oil and gas hedges, our second quarter 2012 effective oil price was $102.03 per barrel and our effective natural gas price was $2.72 per Mcf, or a decrease of $0.11 per barrel and an increase of $0.96 per Mcf over the realized prices.

Overview of Financial Results

The $38.0 million operating loss was $42.7 million, or 53 percent better than the $80.7 million loss in the prior year quarter, due primarily to a $31.2 million increase in oil and NGL revenues, a $42.5 million decrease in impairments, a $10.0 million decrease in exploration expense and a $5.0 million decrease in total direct operating expenses. The positive effect of these items was partially offset by a $28.0 million decrease in natural gas revenue and an $18.7 million increase in depreciation, depletion and amortization (DD&A) expense. Oil and NGL revenues were $65.9 million in the second quarter of 2012, 90 percent higher than the $34.7 million in the prior year quarter. Oil and NGL revenues were 86 percent of product revenues in the second quarter of 2012, compared to 48 percent in the prior year quarter.

Production

As shown in the table below, production in the second quarter of 2012 was 10.7 Bcfe, or 117.1 MMcfe per day, a nine percent decrease compared to 11.7 Bcfe, or 128.6 MMcfe per day, in the prior year quarter. As a percentage of total equivalent production, oil and NGL volumes were 45 percent in the second quarter of 2012 compared to 24 percent in the prior year quarter. Oil production increased 161 percent from 219 thousand barrels (MBbls) in the prior year quarter to 572 MBbls in the second 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 11.1 Bcfe, or 122.3 MMcfe per day. The pro

forma four percent decrease was primarily the result of a 2.5 Bcfe, or 30 percent, decrease in 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 337 MBOE (2.0 Bcfe), or 73 percent, increase in oil and NGL production.

Note - Numbers may not add due to rounding

Operating Expenses

Second quarter 2012 total direct operating expenses decreased $5.0 million, or approximately 17 percent, to $23.8 million, or $2.24 per Mcfe produced, compared to $28.8 million, or $2.47 per Mcfe produced, in the prior year quarter.

Exploration expense decreased $10.0 million, or 52 percent, to $9.4 million in the second quarter of 2012 from $19.4 million in the prior year quarter. The decrease was due primarily to a $3.7 million decrease in unproved property amortization, a $3.5 million decrease in geological and geophysical costs and a $2.1 million decrease in dry-hole costs (zero in the second quarter of 2012).

DD&A expense increased by $18.7 million, or 57 percent, to $51.7 million, or $4.86 per Mcfe produced, in the second quarter of 2012 from $33.0 million, or $2.82 per Mcfe produced, in the prior year quarter, due primarily to higher DD&A costs attributable to our Eagle Ford Shale oil wells and reserve revisions associated with our gas assets at year-end 2011.

Capital Expenditures

During the second quarter of 2012, capital expenditures were approximately $92 million, compared to $105 million in the prior year quarter, consisting of:

Operational Update

Eagle Ford Shale

During the second quarter of 2012, we drilled eight (7.0 net) operated wells in the Eagle Ford Shale, all of which were successful. We currently have two active rigs, one rig drilling our 53^rd well and the other rig in transit to drill our 54^th well, with one (0.6 net) well waiting on completion and 51 (42.0 net) producing wells. The average peak gross production rate per well for the 44 of these wells with full-length laterals was 1,001 BOEPD. The initial 30-day average gross production rate for 43 of these 44 wells with sufficient production history was 657 BOEPD. Our Eagle Ford Shale production was approximately 6,550 net BOEPD during the second quarter of 2012, with oil comprising approximately 84 percent, NGLs approximately nine percent and natural gas approximately seven 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 36,700 (25,100 net) acres, with up to 250 total well locations (51 of which are producing) assuming down-spacing is successful on a majority of our acreage.

The first four wells on the Lavaca County acreage (Effenberger #1H, Vana #1H, Schacherl #1H and Sralla #1H) have been completed and turned in line over the past few months. All of these wells have met or exceeded our expectations with the two most recent wells being the Schacherl #1H (22 frac stages and lateral length of approximately 5,450 feet; previously reported), having a peak gross rate of 1,277 BOEPD of wellhead volumes, and the Sralla #1H (18 frac stages and lateral length of approximately 4,450 feet), having a peak gross rate of 827 BOEPD of wellhead volumes. The Lavaca wells thus far and most of our recent Gonzales wells are significantly choked initially, consistent with our belief that restricting early rates will result in a shallower decline profile and potentially higher recoverable reserves. Based on historical production data, we estimate Gonzales County Eagle Ford Shale wells will have gross reserves of approximately 400 MBOE and Lavaca County Eagle Ford Shale wells will have gross reserves of approximately 500 MBOE. The fifth well, the McCreary #1H has been drilled and is waiting on completion, while the sixth “earning” well in Lavaca County, the Pavlicek #1H, will spud soon.

Our full-year 2012 guidance anticipates 33 (25.6 net) new wells in the Eagle Ford Shale, including the wells drilled during the first half of 2012 and the impact of a third drilling rig to be added by the end of the third quarter. Efforts continue to expand our Eagle Ford Shale position through additional leasing and selective acquisitions.

Mid-Continent

During the second quarter of 2012, we drilled one (0.5 net) non-operated well in the Granite Wash, which was successful. As previously discussed, we are currently drilling our first horizontal Viola Lime well in Jefferson County, Oklahoma with results expected to be known later in the third quarter. The Viola Lime is a carbonate formation at a depth of approximately 7,000 feet that is believed to be oil-productive based on offsetting vertical production. We have an acreage position of approximately 9,600 net acres which may be prospective in this play.

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

As of June 30, 2012, we had total debt with a carrying value of approximately $779 million ($785 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, approximately $5 million principal amount of 4.5 percent convertible senior subordinated notes due in November 2012 (classified as a current liability) and $180 million of borrowings under our revolving credit facility (Revolver). Our indebtedness at June 30, 2012 was approximately 49 percent of book capitalization and 3.1 times the latest twelve months’ Adjusted EBITDAX of $253 million. As a result of the sale of Appalachian assets, pro forma debt-to-Adjusted EBITDAX was approximately 2.9 times.

We have no material debt maturities until 2016. Our capital expenditures for the second half of 2012 will be funded by operating cash flows, the proceeds from the sale of our Appalachian assets and borrowings under the Revolver.

Closing of the Sale of Appalachian Assets

On July 31, 2012, we closed the previously announced cash sale of our Appalachian assets, with the exception of the Marcellus Shale, for $100 million, subject to customary closing adjustments. We intend to use the net proceeds from this sale to partially fund our 2012 capital expenditure plan, as well as for general corporate purposes. In connection with the sale, we have recognized an impairment charge of $28.6 million and, during the third quarter of 2012, we expect additional charges for firm transportation as well as charges related to the planned closing of our office in Canonsburg, Pennsylvania.

Discontinuation of Dividend

As part of our plan to improve liquidity and help fund our Eagle Ford Shale drilling program, our Board of Directors has discontinued the quarterly cash dividend on shares of our common stock.

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.

Second Quarter 2012 Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss second quarter 2012 financial and operational results, is scheduled for Thursday, August 2, 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 4082934), 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 4082934. 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 oil, NGLs and natural gas; 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 oil, NGLs and natural gas; 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; 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

(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 2012. These estimates are meant to provide guidance only and are subject to change as PVA’s operating environment changes.