Summary of PENN VIRGINIA CORP

Results of Operations and Financial Condition, Financial Statements and Exhibi

Item 2.02 Results of Operations and Financial Condition.

and

Item 7.01 Regulation FD Disclosure.

On February 20, 2013, Penn Virginia Corporation ("PVA") issued a press release regarding its financial results for the three and twelve months ended December 31, 2012. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The non-generally accepted accounting principle ("non-GAAP") financial measures of (i) operating margin per barrel of oil equivalent ("BOE"), (ii) Adjusted EBITDAX and (iii) loss, as adjusted, attributable to common shareholders are presented in the press release. In each case, the amounts included in the calculations of these measures are computed in accordance with generally accepted accounting principles ("GAAP"). As part of the press release information, we have provided definitions or reconciliations of these non-GAAP financial measures to their most comparable financial measure or measures calculated and presented in accordance with GAAP. We believe that investors can more accurately understand our financial results if they have access to the same financial measures used by management.

Operating margin represents total product revenues less total direct operating expenses. Operating margin per BOE is equal to operating margin divided by total crude oil, natural gas liquids and natural gas production on an oil equivalent basis. Operating margin is not adjusted for the impact of hedges. We believe that operating margin per BOE 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.

Adjusted EBITDAX represents net loss before income tax benefit, interest expense, depreciation, depletion and amortization expenses, exploration expenses and share-based compensation expense, further adjusted to exclude the effects of non-cash changes in the fair value of derivatives, loss on firm transportation commitment, impairments, gain on the sale of assets, loss on the extinguishment of debt and other non-cash items. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies within the oil and gas exploration and production industry. We use this information for comparative purposes within our industry. Adjusted EBITDAX is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net loss. Adjusted EBITDAX represents EBITDAX as defined in our revolving credit facility.

Loss, as adjusted, attributable to common shareholders represents loss attributable to common shareholders adjusted to exclude the effects, net of income taxes, of non-cash changes in the fair value of derivatives, impairments, restructuring costs, gain on the sale of assets, loss on the extinguishment of debt and loss on firm transportation commitment. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies within the oil and gas exploration and production industry. We use this information for comparative purposes within

our industry. Loss, as adjusted, is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net loss attributable to common shareholders.

In accordance with General Instruction B.2 of Form 8-K, the above information and the press release are being furnished under Items 2.02 and 7.01 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall such information and exhibit be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as shall be expressly set forth by specific reference in such a filing.