2012 Annual Meeting of ShareholdersInvestor PresentationWest Conshohocken, PAMay 4, 2012NYSE: PVA

Forward‐Looking Statements

Certain statements contained herein that are not descriptions of historical facts are “forward‐looking” statements within the meaning of Section 27A of the SecuritiesAct 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 arenot limited to, the following: the volatility of commodity prices for natural gas, NGLs and oil; our ability to develop, explore for and replace oil and gas reserves andsustain 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, NGLs and oil; reductions in the borrowing base under our revolvingcredit facility; our ability to contract for drilling rigs, supplies and services at reasonable costs; our ability to obtain adequate pipeline transportation capacity for our oiland 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 ofproduction for our wells and the extent to which actual production differs from estimated proved oil and gas reserves; drilling and operating risks; our ability tocompete effectively against other independent and major oil and natural gas companies; our ability to successfully monetize select assets and repay our debt; leaseholdterms expiring before production can be established; environmental liabilities that are not covered by an effective indemnity or insurance; the timing of receipt ofnecessary regulatory permits; the effect of commodity and financial derivative arrangements; our ability to maintain adequate financial liquidity and to accessadequate levels of capital on reasonable terms; the occurrence of unusual weather or operating conditions, including force majeure events; our ability to retain orattract senior management and key technical employees; counterparty risk related to their ability to meet their future obligations; changes in governmental regulationor enforcement practices, especially with respect to environmental, health and safety matters; uncertainties relating to general domestic and international economicand political conditions; and other risks set forth in our filings with the U.S. 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, including our Annual Report onForm 10‐K for the year ended December 31, 2011. Readers should not place undue reliance on forward‐looking statements, which reflect management’s views only asof 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 aresult of new information, future events or otherwise.

Oil and Gas Reserves

Effective January 1, 2010, the SEC permits oil and gas companies, in their filings with the SEC, to disclose not only “proved” reserves, but also “probable” reserves and“possible” reserves. As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Anyreserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves notnecessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. Investors are urged to consider closely the disclosure inPVA’s Annual Report on Form 10‐K for the fiscal year ended December 31, 2011, which is available from PVA at Four Radnor Corporate Center, Suite 200, Radnor, PA19087 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1‐800‐SEC‐0330 or from the SEC’s website at www.sec.gov.

Definitions

Proved reserves are those quantities of oil and gas which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to beeconomically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulationbefore the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether theestimate is a deterministic estimate or probabilistic estimate. Probable reserves are those additional reserves that are less certain to be recovered than provedreserves, but which are as likely than not to be recoverable (there should be at least a 50% probability that the quantities actually recovered will equal or exceed theproved plus probable reserve estimates). Possible reserves are those additional reserves that are less certain to be recoverable than probable reserves (there should beat least a 10% probability that the total quantities actually recovered will equal or exceed the proved plus probable plus possible reserve estimates). “3P” reserves referto the sum of proved, probable and possible reserves. Estimated ultimate recovery (EUR) is the sum of reserves remaining as of a given date and cumulative productionas of that date.

Forward‐Looking Statements, Oil and Gas Reserves and Definitions

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State of the Oil & Gas Industry• Sustained high global oil prices

• Global demand remains solid  • Tensions in the Middle East and North Africa continue to weigh on oil prices• Increasing demand for oil in emerging countries• Domestic supply is now increasing whereas imports have decreased from ~65% to less than 50% of 

demand

• Natural gas prices near 10‐year low levels with little to no relief in sight• Record storage inventory• Domestic supply continues to grow primarily associated with “shale” plays• Drilling rig count reduction has begun to occur only recently; shut‐ins not prevalent yet• No legitimate near‐term possibility for increased gas demand – longer term solution

• Efforts are underway in the industry to reduce gas drilling and production, with most E&Ps attempting to shift capital to oily or liquids‐rich plays• Property values for oil prospects are at a premium• Private equity money is plentiful• Drilling expansion of oily resource plays continue – MS Lime, Marcellus, Utica, Eagle Ford, Niobrara, 

Bakken, New Albany

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Oil and Gas Industry Overview

2007 2008 2009 2010 2011 20120

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

Rig

Cou

nt

Total Horizontal Oil Gas

Gas Storage is at “Multi‐Decade” Highs With the“Fixes” Both Uncertain and Likely Not Near‐Term

Gas Drilling Has Only Recently Declined; However, Wet GasPlays/Horizontal Efficiency Have Kept Gas Supply High

Since 2009, Spot Gas Prices Have Collapsed,Meanwhile Spot Oil Prices Have Boomed 

Gross U.S. Natural Gas Production (2005 - 2012)

2005 2006 2007 2008 2009 2010 2011 201230

35

40

45

50

55

60

65

70

75

Gas

Pro

duct

ion-

Bcf

/d

Total (Lower 48) Onshore (Lower 48)(Source: EIA/DOE;  EIA‐914 Estimate)

Gas Production Has Grown 30% Since 2007

PVA Overview

• Small‐cap domestic onshore E&P company • Very active in the Eagle Ford Shale oil play with excellent results to date: YE11 PV‐10 of $278 MM

• HBP positions in Granite Wash, East Texas, Mississippi and Appalachia: YE11 PV‐10 of $596 MM

• Still significantly leveraged to natural gas prices

• PVA is executing a strategy of growth in oil and NGL rich plays• 2010 and 2011 were transformational years, diversifying our portfolio towards oil / NGLs

• Successful drilling results in the Eagle Ford Shale – 44 wells on‐line

• Adding to Eagle Ford drilling inventory – recent AMI in Lavaca County and exploration under way

• Strategy has resulted in excellent growth in EBITDAX and cash operating margins

• Focused on improving liquidity• Have launched asset sale process – expect to close in early third quarter

• Borrowing base of $300 MM following April 2012 redetermination/$180 MM of liquidity at 1Q12

• Have reduced capital spending in 2012 – 30% less than 2011

• Oil: ~70% hedged for balance of 2012 at weighted average price of $102 per barrel 

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Gas‐to‐Oil / Liquids Has Increased Revenues and Cash Flows

PVA’s Growth Strategy is Sound

• Commenced our “Gas‐to‐Oil” transition in mid‐2010• Built Eagle Ford position from initial 6,800 net acres to in excess of 23,000 net acres currently

– Up to approximately 190 well locations– Includes acreage and locations expected to be earned in recently announced AMI in Lavaca County

• Grew oil/NGL production from 2,461 Bbls/day in 2Q10 to 8,387 Bbls/day in 1Q12 (+241%)– Up 17% from 7,194 Bbls/day in 4Q11– 42% of total production and 82% of product revenues– Oil production alone grew 22% from 4Q11 to 1Q12

• Other oily / liquids‐rich plays include the Cotton Valley and Granite Wash

• Retain substantial core gas assets for eventual gas price recovery• Haynesville Shale, Cotton Valley, Mississippi Selma Chalk, and Marcellus 

• Make selective divestitures to improve operational focus and liquidity• Have launched Mid‐Continent asset sale process – expect to close in early third quarter

• Continue to expand oil and liquids reserves and drilling inventory• Will test a horizontal Viola oil prospect in the Mid‐Continent in 2012

• Continue to grow oil and liquids production and cash flows• Eagle Ford drilling emphasis in 2012• Continued focus on optimizing drilling, completion and operating costs

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Emerging Oil and Liquids‐Rich Plays Plus “Option” in Significant Gas Plays

Note: Based on 5/2/12 operational update; see Appendix

2011 Proved Reserves: 883 Bcfe

2012E CAPEX: $300MM ‐ $325MM~89% Eagle Ford / ~30% Less than 2011

2012E Production: 40.0‐43.0 Bcfe~43% Oil & Liquids

Oil / Liquids

Wet Gas 

Dry Gas

2012E Production: 41.5 Bcfe

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PVA Overview

$0

$23

$45

$68

$90

Pro Forma Quarterly Revenue by CommodityPre‐Hedging; $MM

Gas Oil NGLs

0

40

80

120

160

Pro Forma Production by CommodityMMcfe per day (1 Bbl = 6 Mcfe)

Base Gas Shale Gas Oil NGLs

• In mid‐2010, PVA implemented a strategy to transition from dry gas to oil• Since then, the decrease in gas prices and increase in oil & liquids prices has shifted the market from a “6:1” to a “20:1” liquids‐to‐gas price environment (50:1 for oil)

• Examining revenue growth by commodity type reveals PVA’s true growth in value

Value Growth From 2009‐2012 Due to Drive Towards Oil

Value Has Shifted to Oil

Perception: “6‐to‐1” Equivalent EnvironmentGas Producer With Little to No Production Growth

Reality: “20‐to‐1” Price EnvironmentOil/NGL Producer With Revenue Growth

Note: Pro forma to exclude South Texas and South Louisiana assets sold in January 2010 and primarily Arkoma Basin assets sold in August 2011

~43%

~57%

82%

18%

8

9

• EBITDAX has increased significantly since mid‐2010 when we began our strategic shift towards oil growth

• Gross operating margin per Mcfe has also improved significantly due to the increase in oil prices and declining operating costs per unit

• Eagle Ford margin almost $15 per Mcfe

Shift to Oil/Liquids Strategy Has Dramatically Improved Cash Flow Margins

EBITDAX and Cash Margin Growth

Note: Gross operating margin per Mcfe is defined as total product revenues, excluding the impact of hedges, less direct operating expenses per unit of equivalent production

$0

$1

$2

$3

$4

$5

$6

$7

$0

$10

$20

$30

$40

$50

$60

$70

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

$ per Mcfe$ 

Millions

Quarterly EBITDAX and Cash Margins

Adjusted EBITDAX ($MM) Gross Operating Margin per Mcfe

The Most Economic Eagle Ford Shale Wells are in the Volatile Oil & Condensate Rich Gas Windows

Eagle Ford Shale

• 31,400 (≥23,100 net) acres in Gonzales and Lavaca Counties, TX1

– Operator in Gonzales with 83% WI– Operator in Lavaca with at least a 57%WI1

– Avg. IP/30‐day rates of 1,001/645 BOEPD– Type curve EUR of ≥400 MBOE2

– 88% oil, 6% NGLs and 6% gas, post processing– 1Q12 D&C costs: estimated $7.5MM per well– Reduced proppant costs and stage sizes– Initial Lavaca wells met/exceeded expectations– Initial positive down‐spacing test of 3‐well pad

• Up to ~150 remaining drilling locations1

– 44 wells producing ~12,000 BOEPD          (>7,000 BOEPD, net) 

• Rigs, infrastructure in place– Dedicated rigs and fracturing crew– Current oil price at ~$9/barrel premium to WTI– Gas gathering and processing in place

Gonzales

Lavaca

DeWitt

Victoria

Goliad

BeeLive OakMcMullen

Wilson

Atascosa

Karnes

Bexar

San Antonio

Volatile Oil

CondensateRich Gas

Acreage Valuations Have Increased 

Significantly in Recent EFS Transactions

Texas

Premier Shale Oil & Liquids Play

1 – Includes approximately 13,500 (8,025 net) acres and up to 40 potential locations to be earned in the recently announced AMI in Lavaca Co.2 – Internally generated type curve based on production history of wells drilled to date by PVA; year‐end 2011 reserve report was prepared by Wright & Company, Inc. and reflects  a type curve of 341 MBOE based on the production history of the wells through year‐end 2011

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PVA’s Catalysts / Challenges

• Challenges• Managing liquidity in light of our higher cost of capital 

• Maintaining three‐plus years of oily drilling inventory

• Very capital intensive industry

• Catalysts• Eagle Ford exploratory success in Lavaca County, TX

• Strong Eagle Ford development drilling results 

• Success in lowering Eagle Ford drilling and completion costs

• Increasing Eagle Ford production, margins and cash flows

• Mid‐Continent sale process will increase liquidity and reduce leverage 

• Mid‐Continent oil prospect will be drilled and completed in 3Q12

• Attractive natural gas asset base that is primarily HBP

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Penn Virginia Corporation4 Radnor Corporate Center, Suite 200Radnor, PA 19087610‐687‐8900www.pennvirginia.com