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Transaction Overview Transformational Acquisition in the Eagle Ford Shale Attractive Transaction Valuation Acquisition and Tender Offer Financing Closing Timeline • <strong>Penn</strong> <strong>Virginia</strong> is acquiring Eagle Ford Shale assets from Magnum Hunter for approximately $400MM • Assets are adjacent to PVA’s current Eagle Ford position in Gonzales and Lavaca Counties • 40,565 (19,037 net) acres in Gonzales and Lavaca counties • 46 (22.1 net) producing wells and drilling inventory of 345 (169 net) locations (1) • Approximately 3,173 BOEPD –February 2013 • Approximately 5,500 BOEPD – 2013E (final eight months) • 12.0 MMBOE of proved reserves (37% PD / 96% Liquids) (2) • Transaction Value / Production ($ / BOEPD –February 2013) = ~$126,000 • Transaction Value / Production ($ / BOEPD – 2013E) = ~$73,000 • Transaction Value / Proved Reserves ($ / BOE) = ~$33.00 • Transaction Value / 2013E EBITDAX ($93MM over 7.5 months, annualized) = ~2.7x • We have priced $775MM of 8.50% senior unsecured notes due 2020 in a private placement • Up to $330MM for tender offer for $300MM of 10.375% senior notes due 2016 @ 106% • At least $400MM to fund the MHR acquisition • Up to $40MM common equity option to issue up to 10MM shares to MHR @ $4/share • April 2 nd –PSA signed • April 2 nd – Acquisition announced • April 3 rd – Commence private placement • April 10 th –Price upsized notes private placement • By mid‐May 2013 –Close acquisition (1) Inventory as of April 3, 2013 includes seven MHR/Hunt wells that are in the process of completion or waiting on completion. (2) As of December 31, 2012 per March 28, 2013 reserve report prepared by Cawley, Gillespie & Associates. 25
Pro Forma Reserves, PV‐10 and Production by Region / Play Proved Reserves (125.5 MMBOE) Haynesville 14% Selma Chalk 14% Mid‐Continent 10% Marcellus 0% PVA Legacy Eagle Ford 21% Acquired MHR Eagle Ford 10% Proved Developed Reserves (51.4 MMBOE) Haynesville 9% Mid‐Continent 19% Marcellus 0% PVA Legacy Eagle Ford 19% Acquired MHR Eagle Ford 9% Cotton Valley 32% Selma Chalk 18% Cotton Valley 26% Pre‐Tax PV‐10 ($933.2MM) (1) 2012 Production (17.8 MBOEPD) Mid‐Continent 11% Selma Chalk 2% Cotton Valley 1% Acquired MHR Eagle Ford 26% PVA Legacy Eagle Ford 65% Haynesville 7% Mid‐Continent 18% Marcellus 1% PVA Legacy Eagle Ford 36% Selma Chalk 13% (1) Based on SEC pricing. Cotton Valley 13% Acquired MHR Eagle Ford 12% 26
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 and 12: Combined Position Post Acquisition
Page 13 and 14: Attractive Economics in Volatile Oi
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: Appendix 24
Page 29 and 30: Production and Revenue Metrics 4Q 2
Page 31 and 32: Non‐GAAP Reconciliation Adjusted

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