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Strong and Consistent Initial Production Rates Both PVA’s legacy assets and the acquired position have strong and repeatable results PVA Legacy Assets Acquired MHR Assets Gonzales Lavaca Gonzales Lavaca 30‐Day Avg (BOEPD) IP (BOEPD) 30‐Day Avg (BOEPD) IP (BOEPD) • Average Gonzales IP / 30‐Day Rate of 921 / 621 BOEPD • Average Lavaca IP / 30‐Day Rate of 939 / 644 BOEPD • Gonzales Averages of 15 Stages and 3,713’ Lateral Length (LL) • Lavaca Averages of 19 Stages and 4,583’ LL • Average Gonzales IP / 30‐Day Rate of 1,065 / 678 BOEPD • Average Lavaca IP / 30‐Day Rate of 1,503 / 849 BOEPD • Gonzales Averages of 16 Stages and 4,605’ LL • Lavaca Averages of 22 Stages and 6,114’ LL Note: The following PVA wells had operational difficulty or short laterals: Vana 1H, Pavlicek 1H, Rock Creek Ranch 7H and 8H, Cannonade Ranch 3H, Munson Ranch 9H, Rock Creek Ranch 3H and 4H. 11
Attractive Economics in Volatile Oil Window Compelling Economics & Value at Varying Oil Prices Gonzales County (1) Lavaca County (1) • Assumptions • Longer lateral lengths in 2013 vs. PUD assumption • 460 MBOE EUR type curve • Drilling and completion (D&C) costs per below Key Takeaways D&C of $9.1MM D&C of $8.1MM IRR 40 – 52% 52 – 76% BTAX PV‐10 (2) ($MM) $5.6 – 7.4 $6.6 –8.4 Breakeven (3) ($/BOE) $47 – 57 $41 –52 • Assumptions • Longer lateral lengths in 2013 vs. PUD assumption • 590 MBOE EUR type curve • Drilling and completion (D&C) costs per below Key Takeaways D&C of $10.1MM D&C of $9.1MM IRR 37 – 52% 50 – 71% BTAX PV‐10 (2) ($MM) $6.1 – 8.2 $7.1 –9.2 Breakeven (3) ($/BOE) $47 – 57 $42 –52 100 GONZALES COUNTY Pretax Rate of Return Sensitivities 100 LAVACA COUNTY Pretax Rate of Return Sensitivities 90 $4.00/MMBtu Flat Gas Price 90 $4.00/MMBtu Flat Gas Price Rate of Return BFIT - % 80 70 60 50 40 30 Rate of Return BFIT - % 80 70 60 50 40 30 20 20 10 10 0 40 50 60 70 80 90 100 110 120 0 40 50 60 70 80 90 100 110 120 Base Case EUR = 460MBOE WTI (8/8ths) Oil Price (Flat) - $/Bbl Base Case EUR = 460MBOE (8/8ths) Capex = $9.1MM (8/8ths) LLS Pricing Capex = $9.1MM (8/8ths) WTI Pricing Sensitivity Case EUR = 460MBOE (8/8ths) Capex = $8.1MM (8/8ths) LLS Pricing Sensitivity Case EUR = 460MBOE (8/8ths) Capex = $8.1MM (8/8ths) WTI Pricing Base Case EUR = 590MBOE (8/8ths) Base Case EUR = 590MBOE (8/8ths) WTI Oil Price (Flat) - $/Bbl Capex = $10.1MM (8/8ths) LLS Pricing Capex = $10.1MM (8/8ths) WTI Pricing Sensitivity Case EUR = 590MBOE (8/8ths) Sensitivity Case EUR = 590MBOE (8/8ths) Capex = $9.1MM (8/8ths) LLS Pricing Capex = $9.1MM (8/8ths) WTI Pricing (1) Based on YE12 PUDs, excluding short‐length lateral wells, applied to longer length laterals in 2013 program. (2) Assuming a flat $90 per barrel WTI oil price. (3) Before tax PV‐10 breakeven WTI oil price. 12
Page 1 and 2: Investor Presentation IPAA OGIS New
Page 3 and 4: Penn Virginia Corporation Overview
Page 5 and 6: Transformational Acquisition (cont.
Page 7 and 8: Eagle Ford Shale Operators Eastern
Page 9 and 10: PVA’s Pro Forma Eagle Ford Shale
Page 11: Combined Position Post Acquisition
Page 15 and 16: Acquisition’s Effect on Productio
Page 17 and 18: Pro Forma Total Company Drilling In
Page 19 and 20: Increasing Liquids Production • S
Page 21 and 22: Operating Margins • PVA has consi
Page 23 and 24: Hedging Strategy Protect Cash Flow
Page 25 and 26: Appendix 24
Page 27 and 28: Pro Forma Reserves, PV‐10 and Pro
Page 29 and 30: Production and Revenue Metrics 4Q 2
Page 31 and 32: Non‐GAAP Reconciliation Adjusted

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