Exhibit 99

Penn Virginia Corporation

Three Radnor Corporate Center, Suite 300, 100 Matsonford Road, Radnor, PA 19087

FOR IMMEDIATE RELEASE

Contact: Frank A. Pici, Executive Vice President and Chief Financial Officer Ph: (610) 687-8900 Fax: (610) 687-3688 E-Mail: invest@pennvirginia.com

PENN VIRGINIA CORPORATION ANNOUNCES RESULTS FOR

THIRD QUARTER OF 2005

REPORTS RECORD CASH FLOW

RADNOR, PA (Businesswire) November 2, 2005 – Penn Virginia Corporation (NYSE: PVA) today reported results for the third quarter of 2005, including quarterly net income of $20.0 million, or $1.07 per diluted share, compared to $6.4 million, or $0.35 per diluted share, for the third quarter of 2004. Net cash provided by operating activities was a record $63.8 million, a 53 percent increase over $41.6 million reported for the third quarter of 2004 and 19 percent higher than the previous record of $53.8 million established in the second quarter of 2005. Operating cash flow, a non-GAAP measure, was a record $66.5 million, a 75 percent increase over the third quarter of 2004, and 24 percent higher than the previous record established in 2005’s second quarter. The increases in net income and cash flow were primarily due to increased natural gas revenues as a result of higher prices and production volumes and increased contributions from the coal and new natural gas midstream segments. In addition to those factors, net income for the third quarter of 2005 increased by $0.8 million, or $0.04 per diluted share, due to a non-cash, unrealized gain on derivatives, adjusted for minority interest and taxes, resulting from the ineffectiveness of open commodity price hedges related to the natural gas midstream business of Penn Virginia Resource Partners, L.P. (NYSE: PVR).

In the first nine months of 2005, PVA reported net income of $34.7 million, or $1.85 per diluted share, compared to $28.7 million, or $1.55 per diluted share, for the first nine months of 2004. Net cash provided by operating activities was $148.5 million for the first nine months of 2005, a 48 percent increase over $100.2 million reported for the same period of 2004. Operating cash flow, a non-GAAP measure, was $163.1 million for the first nine months of 2005, or 50 percent above $108.7 million reported for the same period of 2004.

Oil and Gas Segment Review

Oil and gas production for the third quarter of 2005 was 6.9 billion cubic feet equivalent (Bcfe), a 23 percent increase from 5.6 Bcfe in the third quarter of 2004. See the Company’s October 26, 2005 news release for a more detailed discussion of third quarter 2005 drilling and production operations for the oil and gas segment. Oil and gas operating income for the third quarter of 2005 was a record $27.0 million, compared to $9.4 million reported for the same quarter of 2004. Primary reasons for the quarter-to-quarter increase in operating income are discussed below.

Total revenues in the oil and gas segment increased by 75 percent to $57.8 million from $33.0 million in the third quarter of 2004, due primarily to the following:

• Increased realized prices for natural gas accounted for approximately two-thirds of the revenues increase. The average realized sales price for natural gas in the third quarter of 2005, which represented approximately 94 percent of the Company’s production for the quarter, was $8.35 per thousand cubic feet (Mcf), an increase of 43 percent from $5.85 per Mcf realized in the third quarter of 2004.

• Increased natural gas production accounted for the remaining one-third of the revenue increase. The 23 percent production increase from 5.6 Bcfe in the third quarter of 2004 to 6.9 Bcfe in the third quarter of 2005 was due primarily to new production in 2005 from increased drilling, including the horizontal coalbed methane (CBM) project in Appalachia, the Cotton Valley play in east Texas and north Louisiana, and the Selma Chalk development play in Mississippi. Furthermore, the Company’s Appalachian production in 2005 was not subject to the curtailment experienced during 2004.

• These increases were partially offset by the first quarter 2005 sale of certain non-strategic oil and gas properties in west Texas, production shut-ins along the Gulf Coast as a result of hurricanes Katrina and Rita, and normal field decline.

Total oil and gas segment expenses were $30.8 million compared to $23.6 million in the third quarter of 2004. The 31 percent increase was primarily related to:

• An increase in operating expenses, to $4.6 million in the third quarter of 2005 from $3.3 million in the third quarter of 2005. The increase was primarily due to additional compressor rentals at fields with increased production and increased water disposal costs.

• An increase in taxes other than income, to $3.4 million in the third quarter of 2005 from $2.3 million in the third quarter of 2005, primarily due to higher severance taxes as a result of increased production and higher gas prices. This increase was partially offset by tax refunds.

• An impairment charge in the third quarter of 2005 of $3.5 million related to a change in estimate of the reserve base of a field in south Texas.

• An increase in depreciation, depletion and amortization (DD&A) expense, to $11.4 million in the third quarter of 2005 from $8.3 million in the third quarter of 2004. The increase was the result of the 23 percent quarter-to-quarter production increase and higher average depletion rates. The DD&A rate increased to $1.66 per Mcfe produced in the third quarter of 2005 from $1.47 per Mcfe produced in the third quarter of 2004. The DD&A rate increase was primarily due to a greater percentage of production coming from relatively higher cost CBM wells and wells in the Company’s east Texas Cotton Valley development drilling joint venture, combined with depreciation on new pipeline infrastructure placed in service during the fourth quarter of 2004.

• The above increases in oil and gas segment expenses were partially offset by a decrease in exploration expenses, to $6.0 million in the third quarter of 2005 from $7.5 million in the third quarter of 2004.

Coal Segment Review (Penn Virginia Resource Partners, L.P. – NYSE: PVR)

Third quarter 2005 operating income in the coal operating segment was a record $16.6 million, or 58 percent higher than the $10.5 million reported in the third quarter of 2004. Primary reasons for the improved operating results were as follows:

• Coal royalty revenues were a record $22.7 million in the third quarter of 2005, a 26 percent increase over $18.0 million in the third quarter of 2004, due primarily to a higher average royalty per ton. The average royalty per ton was $2.67 in the third quarter of 2005, an 18 percent increase over the average royalty of $2.26 in the third quarter of 2004. This increase was primarily due to stronger market conditions for coal resulting in higher prices and a greater percentage of production from certain price-sensitive leases. Coal production from PVR properties increased to 8.5 million tons in the third quarter of 2005 from 8.0 million tons in the same quarter of 2004, primarily due to production from newly acquired properties in the western Kentucky portion of the Illinois basin.

• Other revenues increased to $3.2 million in the third quarter of 2005 from $1.4 million in the third quarter of 2004. The increase was primarily due to increased coal services revenues and additional transportation-related fees and overriding oil and gas royalty interest revenues as a result of an April 2005 acquisition in Appalachia.

• Non-cash DD&A expense increased to $5.3 million in the third quarter of 2005 from $4.8 million in the same quarter of last year, primarily as a result of higher production.

Natural Gas Midstream Segment Review (Penn Virginia Resource Partners, L.P. – NYSE: PVR)

Third quarter 2005 operating income in the natural gas midstream segment acquired in March 2005 from Cantera Gas Resources, LLC (the “Cantera Acquisition”) was $5.9 million, consisting of the following:

• Natural gas midstream revenues were $103.9 million and included revenues from the sale of residue gas, natural gas liquids and condensate, and from gathering and transportation fees. Inlet volumes at the midstream segment’s gas processing plants and gathering systems were approximately 11.6 billion cubic feet during the third quarter, or approximately 126 million cubic feet per day.

• Cost of gas purchased of $89.6 million consisted of amounts payable to third-party producers for gas purchased under percentage of proceeds and keep-whole contracts. Gross processing margin, consisting of midstream revenues minus the cost of gas purchased, was $14.2 million, or $1.23 per thousand cubic feet of plant inlet gas.

• Operating costs directly associated with the operations of the natural gas midstream segment were $2.7 million for the third quarter of 2005.

• DD&A expense of $3.9 million for the third quarter of 2005 included $1.2 million of amortization of intangible costs and $2.7 million of depreciation on property, plant and equipment related to the Cantera Acquisition.

Partnership Distributions and Conversion of Subordinated Units

PVR will pay a quarterly cash distribution covering the period July 1 through September 30, 2005 in the amount of $0.65 per unit, or an annualized rate of $2.60 per unit, on November 14, 2005 to unit holders of record as of November 3, 2005.

Penn Virginia Corporation is the general partner of PVR and it owns approximately 2.1 million common units and approximately 5.7 million subordinated units. In accordance with the terms of PVR’s partnership agreement, approximately 1.9 million of the subordinated units will convert to common units upon payment of the quarterly cash distribution in November 2005. The remaining 3.8 million subordinated units are expected

to convert to common units in November 2006 provided minimum quarterly distributions are paid and other conditions are met.

Capital Resources

As of September 30, 2005, Penn Virginia had borrowed $89 million under its $150 million credit facility, which is expandable to $200 million at the Company’s option. PVR’s outstanding borrowings as of September 30, 2005 were $257.9 million, including $8.1 million of senior unsecured notes classified as current portion of long-term debt. Interest expense increased to $4.2 million in the third quarter of 2005 from $1.7 million for the same quarter of 2004, primarily as a result of interest on increased borrowings related to PVR’s acquisition of its midstream business segment and coal property acquisitions in 2005.

Management Comment

A. James Dearlove, Penn Virginia President and CEO, said, “Strong commodity prices and the success of our growth strategy in all of our businesses resulted in record cash flows during the third quarter of 2005.

“In the Company’s oil and gas segment, prices realized during the third quarter of 2005 were at company-record levels, and were the largest single factor in our increased operating income and cash flows. In addition, our large development projects, especially the horizontal CBM project in Appalachia, the Cotton Valley play in east Texas, and the Selma Chalk program in Mississippi, fueled our production growth over the last year. During the fourth quarter of 2005, we expect oil and gas segment capital spending to be $50 to $55 million, with the majority for the completion of our development and exploratory drilling program and for lease acquisitions, both in our core areas and to expand into other prospective plays.

“In PVR’s coal segment, coal royalty revenues increased 13 percent from the second quarter of 2005 to the third quarter, driven primarily by royalties from the Illinois basin property acquired in July 2005 and an increase in royalties from a longwall mine on a subleased property in West Virginia. The strong pricing in the coal market is expected to result in record levels of revenues and operating income in this segment for 2005.

“PVR’s natural gas midstream gathering and processing segment has continued to outperform our acquisition model through its first seven months of operations as part of PVR. Third quarter 2005 plant and gathering system inlet volumes remained steady at 126 million cubic feet per day and the strong commodity pricing environment resulted in an increase in gross processing margin from $1.10 per Mcf of inlet volume in 2005’s second quarter to $1.23 per Mcf in the third quarter.”

Guidance Update for 2005

See the 2005 Guidance Table included in this release for guidance estimates for the fourth quarter and full year 2005. These estimates, including capital expenditure plans, are meant to provide guidance only and are subject to revision as PVA’s operating environment changes.

Conference Call

As announced in our October 7, 2005, press release, a conference call and webcast, at which management will discuss third quarter 2005 results and the outlook for

the remainder of 2005, is scheduled for Thursday, November 3, 2005, at 3:00 p.m. EST. Prepared remarks by A. James Dearlove, President and Chief Executive Officer, will be followed by a question and answer period. Investors and analysts may participate via phone by dialing 1-877-407-9205 five to ten minutes before the scheduled start of the conference call, or via Internet webcast by logging on to the Company’s website at www.pennvirginia.com at least 20 minutes prior to the scheduled start of the call to download and install any necessary audio software. A telephone replay of the call will be available until November 4, 2005, at 11:59 p.m. EST by dialing 1-877-660-6853 and using replay passcodes: account number 286 and conference number 172571. An on-demand replay of the call will also be available at the Company’s website beginning shortly after the call.

******

Penn Virginia Corporation (NYSE: PVA) is an energy company engaged in the exploration, acquisition, development and production of crude oil and natural gas. PVA is also the general partner and the largest unit holder in Penn Virginia Resource Partners, L.P. (NYSE: PVR), which manages coal properties and related assets and operates a midstream natural gas gathering and processing business. PVA is headquartered in Radnor, PA. For more information about PVA, visit the Company’s website at www.pennvirginia.com.

Forward-looking statements: Penn Virginia Corporation is including the following cautionary statement to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Company. With the exception of historical matters, any matters discussed are forward-looking and, therefore, involve risks and uncertainties that could cause actual results to differ materially from projected results. These risks, uncertainties and contingencies include, but are not limited to, the following: development activities, capital expenditures, acquisitions and dispositions, drilling and exploration programs, expected commencement dates of oil and natural gas production, projected quantities of future oil and natural gas production, expected commencement dates and projected quantities of future coal production and cash flows generated by lessees producing coal from reserves leased from PVR, projected cash flows generated from PVR’s natural gas midstream business; costs and expenditures, market factors, including energy prices generally and, specifically, the relative prices of crude oil, natural gas, coal and NGLs; projected demand for oil, natural gas, coal and NGLs, projected supply of oil, natural gas, coal and NGLs, lessee and customer delays or defaults in making payments and coal handling joint venture operations, all of which will affect revenue levels, prices, royalties, minimum rental payments and distributions realized by the Company and PVR. Additional information concerning these and other factors can be found in the Company’s and PVR’s press releases and public periodic filings with the Securities and Exchange Commission, including each of the Company’s and PVR’s Annual Reports on Form 10-K for the year ended December 31, 2004, filed on March 11, 2005 and March 1, 2005, respectively, and subsequently filed interim reports. Except as required by applicable securities laws, the Company does not intend to update its forward-looking statements.

PENN VIRGINIA CORPORATION

OPERATIONS SUMMARY

	Three Months Ended September 30,						Nine Months Ended September 30,
	2005			2004			2005			2004
Production
Natural gas (MMcf)		6,473			5,052			18,826			16,105
Oil and condensate (Mbbl)		69			97			230			307
Total oil, condensate and natural gas production (MMcfe)		6,887			5,634			20,206			17,947
Coal royalty tons (thousands)		8,531			7,971			22,496			23,865
Inlet volumes (MMcf)		11,567			—			26,963			—
Prices and margin
Natural gas ($/Mcf)	$	8.35		$	5.85		$	7.28		$	5.96
Oil and condensate ($/Bbl)	$	48.83		$	34.55		$	44.03		$	32.15
Coal royalties ($/ton)	$	2.67		$	2.26		$	2.71		$	2.20
Midstream processing margin ($/Mcf)	$	1.23		$	—		$	1.16		$	—
CONSOLIDATED STATEMENTS OF EARNINGS - unaudited
(in thousands, except per share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2005			2004			2005			2004
Revenues
Natural gas	$	54,071		$	29,530		$	137,011		$	95,938
Oil and condensate		3,369			3,351			10,128			9,869
Natural gas midstream		103,861			—			217,134			—
Coal royalties		22,739			18,018			60,921			52,395
Other		4,129			1,842			10,929			4,734
Total revenues		188,169			52,741			436,123			162,936
Expenses
Cost of gas purchased		89,622			—			185,833			—
Operating		9,141			5,236			22,642			15,549
Exploration		5,960			7,508			31,550			14,903
Taxes other than income		4,080			2,682			11,481			8,176
General and administrative		8,369			6,643			23,876			18,074
Impairment of oil and gas properties		3,488			—			3,488			—
Depreciation, depletion and amortization		20,701			13,179			56,324			40,722
Total expenses		141,361			35,248			335,194			97,424
Operating income		46,808			17,493			100,929			65,512
Other income (expense)
Interest expense		(4,195	)		(1,719	)		(11,070	)		(4,573	)
Interest and other income		276			274			971			806
Unrealized gain (loss) on derivatives		3,578			—			(11,186	)		—
Income from operations before minority interest and income taxes		46,467			16,048			79,644			61,745
Minority interest		13,684			5,073			22,274			14,271
Income tax expense		12,793			4,541			22,693			18,818
Net income	$	19,990		$	6,434		$	34,677		$	28,656
Per share data
Net income per share, basic	$	1.08		$	0.35		$	1.87		$	1.57
Net income per share, diluted	$	1.07		$	0.35		$	1.85		$	1.55
Weighted average shares outstanding, basic		18,560			18,357			18,524			18,268
Weighted average shares outstanding, diluted		18,760			18,574			18,707			18,452

PENN VIRGINIA CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands)

	September 30, 2005		December 31, 2004
	(unaudited)
Assets
Current assets	$	169,313	$	84,239
Net property and equipment		960,598		665,488
Equity investments		26,395		27,881
Goodwill		8,066		—
Intangibles, net		37,183		—
Derivative assets		9,256		225
Other assets		6,244		5,502
Total assets	$	1,217,055	$	783,335
Liabilities and Shareholders’ Equity
Current liabilities	$	166,599	$	41,775
Long-term debt		89,000		76,000
Long-term debt of Penn Virginia Resource Partners, L.P.		249,798		112,926
Other liabilities and deferred taxes		136,758		116,883
Minority interest in Penn Virginia Resource Partners, L.P.		321,229		182,891
Shareholders’ equity		253,671		252,860
Total liabilities and shareholders’ equity	$	1,217,055	$	783,335

CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited

(in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2005			2004			2005			2004
Operating Activities
Net income	$	19,990		$	6,434		$	34,677		$	28,656
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		20,701			13,179			56,324			40,722
Unrealized loss (gain) on derivatives, net of settlements		(5,462	)		—			7,461			—
Impairment of oil and gas properties		3,488			—			3,488			—
Minority interest		13,684			5,073			22,274			14,271
Deferred income taxes		6,750			6,350			10,793			13,314
Dry hole and unproved leasehold expense		2,733			6,676			21,649			9,322
Other		4,575			243			6,464			2,379
Operating cash flow (see attached table “Reconciliation of Certain Non-GAAP Financial Measures”)		66,459			37,955			163,130			108,664
Changes in operating assets and liabilities		(2,618	)		3,640			(14,623	)		(8,470	)
Net cash provided by operating activities		63,841			41,595			148,507			100,194
Investing Activities
Proceeds from sale of properties		6,624			610			17,375			1,025
Additions to property and equipment		(51,938	)		(38,302	)		(129,898	)		(87,931	)
Acquisitions, net of cash acquired		(67,492	)		(28,442	)		(290,169	)		(28,442	)
Other		—			190			—			398
Net cash used in investing activities		(112,806	)		(65,944	)		(402,692	)		(114,950	)
Financing Activities
Dividends paid		(2,087	)		(2,065	)		(6,250	)		(6,176	)
Distributions paid to minority interest holders		(8,491	)		(5,556	)		(22,247	)		(16,335	)
Proceeds from issuance of PVR partners’ capital		39			—			126,475			—
Net proceeds from (repayments of) PVA borrowings		—			10,000			13,000			9,000
Net proceeds from (repayments of) PVR borrowings		54,200			27,000			140,200			26,000
Payments for debt issuance costs		(346	)		—			(2,385	)		—
Issuance of stock		1,370			40			1,927			3,843
Net cash provided by (used in) financing activities		44,685			29,419			250,720			16,332
Net increase (decrease) in cash and cash equivalents		(4,280	)		5,070			(3,465	)		1,576
Cash and cash equivalents-beginning balance		26,286			14,514			25,471			18,008
Cash and cash equivalents-ending balance	$	22,006		$	19,584		$	22,006		$	19,584

PENN VIRGINIA CORPORATION

QUARTER SEGMENT INFORMATION - unaudited

(Dollars in thousands except where noted)

	Oil and Gas				Coal		Natural Gas Midstream (1)				All Other			Consolidated
	Amount		(per Mcfe) *				Amount		(per Mcf)
Three months ended September 30, 2005
Production
Oil, condensate and gas (MMcfe)		6,887
Natural gas (MMcf)		6,473
Crude oil and condensate (Mbbl)		69
Coal royalty tons (thousands of tons)						8,531
Inlet volumes (MMcf)								11,567
Revenues
Natural gas	$	54,071	$	8.35	$	—	$	—			$	—		$	54,071
Oil and condensate		3,369		48.83		—		—				—			3,369
Natural gas midstream		—				—		103,861				—			103,861
Coal royalties		—				22,739		—				—			22,739
Other		405				3,184		430				110			4,129
Total revenues		57,845		8.40		25,923		104,291	$	9.02		110			188,169
Expenses
Cost of gas purchased		—		—		—		89,622		7.75		—			89,622
Operating		4,553		0.66		1,931		2,657		0.23		—			9,141
Exploration		5,960		0.87		—		—		—		—			5,960
Taxes other than income		3,424		0.50		219		340		0.03		97			4,080
General and administrative		1,966		0.29		1,917		1,873		0.16		2,613			8,369
Impairment of oil and gas properties		3,488		0.51		—		—		—		—			3,488
Depreciation, depletion and amortization		11,433		1.66		5,257		3,902		0.34		109			20,701
Total expenses		30,824		4.49		9,324		98,394		8.51		2,819			141,361
Operating income (loss)	$	27,021	$	3.91	$	16,599	$	5,897	$	0.51	$	(2,709	)	$	46,808
Additions to property and equipment and acquisitions, net of cash acquired (2)	$	34,808			$	81,339	$	4,344			$	85		$	120,576
	Oil and Gas				Coal		Natural Gas Midstream (1)				All Other			Consolidated
	Amount		(per Mcfe) *				Amount		(per Mcf)
Three months ended September 30, 2004
Production
Oil, condensate and gas (MMcfe)		5,634
Natural gas (MMcf)		5,052
Crude oil and condensate (Mbbl)		97
Coal royalty tons (thousands of tons)						7,971
Revenues
Natural gas	$	29,530	$	5.85	$	—	$	—			$	—		$	29,530
Oil and condensate		3,351		34.55		—		—				—			3,351
Natural gas midstream		—				—		—				—			—
Coal royalties		—				18,018		—				—			18,018
Other		134				1,379		—				329			1,842
Total revenues		33,015		5.86		19,397		—	$	—		329			52,741
Expenses
Cost of gas purchased		—		—		—		—		—		—			—
Operating		3,309		0.59		1,777		—		—		150			5,236
Exploration		7,508		1.33		—		—				—			7,508
Taxes other than income		2,349		0.42		239		—		—		94			2,682
General and administrative		2,110		0.37		2,077		—		—		2,456			6,643
Depreciation, depletion and amortization		8,307		1.47		4,764		—		—		108			13,179
Total expenses		23,583		4.18		8,857		—		—		2,808			35,248
Operating income (loss)	$	9,432	$	1.68	$	10,540	$	—	$	—	$	(2,479	)	$	17,493
Additions to property and equipment and acquisitions, net of cash acquired	$	38,195			$	72	$	—			$	35		$	38,302

* Natural gas revenues are shown per Mcf, oil and gas condensate revenues are shown per Bbl, and all other amounts are shown per Mcfe.

(1) Natural Gas Midstream segment acquired in March 2005.

(2) Coal segment includes noncash expenditures of $14.4 million.

PENN VIRGINIA CORPORATION

YEAR TO DATE SEGMENT INFORMATION - unaudited

(Dollars in thousands except where noted)

	Oil and Gas				Coal		Natural Gas Midstream (1)				All Other			Consolidated
	Amount		(per Mcfe) *				Amount		(per Mcf)
Nine months ended September 30, 2005
Production
Oil, condensate and gas (MMcfe)		20,206
Natural gas (MMcf)		18,826
Crude oil and condensate (Mbbl)		230
Coal royalty tons (thousands of tons)						22,496
Inlet volumes (MMcf)								26,963
Revenues
Natural gas	$	137,011	$	7.28	$	—	$	—			$	—		$	137,011
Oil and condensate		10,128		44.03		—		—				—			10,128
Natural gas midstream		—				—		217,134				—			217,134
Coal royalties		—				60,921		—				—			60,921
Other		581				8,507		1,196				645			10,929
Total revenues		147,720		7.31		69,428		218,330	$	8.10		645			436,123
Expenses
Cost of gas purchased		—		—		—		185,833		6.89		—			185,833
Operating		11,629		0.58		4,104		6,626		0.25		283			22,642
Exploration		31,550		1.56		—		—		—		—			31,550
Taxes other than income		9,484		0.47		727		930		0.03		340			11,481
General and administrative		6,249		0.31		5,962		4,107		0.15		7,558			23,876
Impairment of oil and gas properties		3,488		0.17		—		—		—		—			3,488
Depreciation, depletion and amortization		33,777		1.67		13,440		8,797		0.33		310			56,324
Total expenses		96,177		4.76		24,233		206,293		7.65		8,491			335,194
Operating Income	$	51,543	$	2.55	$	45,195	$	12,037	$	0.45	$	(7,846	)	$	100,929
Additions to property and equipment and acquisitions, net of cash acquired (2)	$	120,133			$	110,370	$	203,810			$	150		$	434,463
	Oil and Gas				Coal		Natural Gas Midstream (1)				All Other			Consolidated
	Amount		(per Mcfe) *				Amount		(per Mcf)
Nine months ended September 30, 2004
Production
Oil and gas (MMcfe)		17,947
Natural gas (MMcf)		16,105
Crude oil (Mbbl)		307
Coal royalty tons (thousands of tons)						23,865
Revenues
Natural gas	$	95,938	$	5.96	$	—	$	—			$	—		$	95,938
Oil and condensate		9,869		32.15		—		—				—			9,869
Natural gas midstream		—				—		—				—			—
Coal royalties		—				52,395		—				—			52,395
Other		207				3,697		—				830			4,734
Total revenues		106,014		5.91		56,092		—	$	—		830			162,936
Expenses
Cost of gas purchased		—		—		—		—		—		—			—
Operating		9,525		0.53		5,574		—		—		450			15,549
Exploration		14,903		0.83		—		—		—		—			14,903
Taxes other than income		7,308		0.41		753		—		—		115			8,176
General and administrative		5,727		0.32		6,036		—		—		6,311			18,074
Depreciation, depletion and amortization		26,015		1.45		14,385		—		—		322			40,722
Total expenses		63,478		3.54		26,748		—		—		7,198			97,424
Operating Income	$	42,536	$	2.37	$	29,344	$	—	$	—	$	(6,368	)	$	65,512
Additions to property and equipment and acquisitions, net of cash acquired (3)	$	86,888			$	1,999	$	—			$	104		$	88,991

* Natural gas revenues are shown per Mcf, oil and gas condensate revenues are shown per Bbl, and all other amounts are shown per Mcfe.

(1) Natural Gas Midstream segment acquired in March 2005.

(2) Coal segment includes noncash expenditures of $14.4 million.

(3) Coal segment includes noncash expenditures of $1.1 million.

PENN VIRGINIA CORPORATION

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited

(in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2005			2004			2005			2004
Reconciliation of GAAP “Net cash provided by operating activities” to Non-GAAP “Operating cash flow”
Net cash provided by operating activities	$	63,841		$	41,595		$	148,507		$	100,194
Adjustments:
Changes in operating assets and liabilities		2,618			(3,640	)		14,623			8,470
Operating cash flow (see Note 1 below)	$	66,459		$	37,955		$	163,130		$	108,664
Reconciliation of GAAP “Additions to property and equipment” to Non-GAAP “Capital expenditures”
Additions to property and equipment	$	51,938		$	38,302		$	129,898		$	87,931
Acquisitions, net of cash acquired		67,492			28,442			290,169			28,442
Seismic expenditures		797			551			6,876			5,098
Delay rentals and other expenditures		2,226			281			2,817			454
Noncash lease acquisitions		14,396			—			14,396			1,060
Cash paid in third quarter for second quarter additions		(13,250	)		—			—			—
Sale of lease rights		(6,625	)		—			(6,625	)		—
Less: Capitalized interest		(1,118	)		(546	)		(2,425	)		(1,397	)
Add: Change in noncash well accruals		1,619			106			739			3,038
Capital expenditures (see Note 2 below)	$	117,475		$	67,136		$	435,845		$	124,626

Note 1 - Operating cash flow represents net cash provided by operating activities before changes in assets and liabilities. Operating cash flow is presented because management believes it is a useful adjunct to net cash provided by operating activities under accounting principles generally accepted in the United States (GAAP). Management believes that operating cash flow is widely accepted as a financial indicator of an oil and gas company’s ability to generate cash which is used to internally fund exploration and development activities, service debt and pay dividends. This measure is widely 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. Operating cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity, or as an alternative to net income.

Note 2 - Capital expenditures represents cash additions to property and equipment, plus cash paid for acquisitions, plus seismic expenditures, delay rentals and other expenditures, and non-cash well accruals, minus capitalized interest. Management believes capital expenditures provide useful information regarding the Company’s capital program as a supplement to cash additions to property and equipment.

PENN VIRGINIA CORPORATION

GUIDANCE TABLE

(Dollars in millions except where noted)

Penn Virginia Corporation is providing the following guidance regarding financial and operational expectations for the fourth quarter and full year 2005.

	Actual									Guidance
	First Quarter 2005			Second Quarter 2005		Third Quarter 2005		YTD 2005		Fourth Quarter 2005						Full Year 2005
Oil & Gas Segment:
Production:
Natural gas (Bcf) - See Note a		6.0		6.4		6.5		18.8		6.1		—		6.7		24.9		—		25.5
Crude oil and condensate (Mbbl) - See Note b		85		76		69		230		55		—		60		285		—		290
Equivalent production (Bcfe)		6.4		6.9		6.9		20.2		6.5		—		7.0		26.6		—		27.2
Equivalent daily production (MMcfe)		71.2		75.8		75.0		74.0		70.2		—		76.4		73.0		—		74.5
Expenses:
Direct expenses	$	7.8		9.7		9.9		27.4		12.5		—		13.9		39.9		—		41.3
Exploration	$	7.7		17.9		6.0		31.6		7.5		—		8.3		39.1		—		39.9
Depreciation, depletion and amortization ($ per Mcfe)	$	1.66		1.69		1.66		1.67		1.58		—		1.68		1.64		—		1.68
Capital Expenditures:
Development drilling	$	24.6		23.8		28.4		76.8		29.3		—		32.4		106.1		—		109.2
Exploratory drilling	$	7.3		3.4		3.0		13.7		5.9		—		6.5		19.6		—		20.2
Pipeline, gathering, facilities	$	3.6		1.1		(0.8	)	3.9		2.9		—		3.2		6.8		—		7.1
Seismic	$	4.9		1.2		0.8		6.9		1.1		—		1.2		8.0		—		8.1
Lease acquisition, field projects and other	$	4.2		15.7		0.3		20.2		10.7		—		11.9		30.9		—		32.1
Total Oil & Gas Capital Expenditures	$	44.6		45.2		31.7		121.5		50.0		—		55.3		171.5		—		176.8
Coal Segment:
Coal royalty tons (millions)		6.7		7.3		8.5		22.5		7.2		—		7.9		29.7		—		30.4
Revenues:
Average royalty per ton	$	2.69		2.78		2.67		2.71		2.50		—		2.60		2.65		—		2.70
Other	$	1.7		3.6		3.2		8.5		3.7		—		4.0		12.2		—		12.5
Expenses:
Direct expenses	$	3.6		3.1		4.1		10.8		3.0		—		3.3		13.8		—		14.1
Depreciation, depletion and amortization	$	3.9		4.3		5.3		13.4		4.4		—		4.8		17.8		—		18.2
Capital Expenditures:
Coal segment acquisitions	$	9.3		15.4		80.8		105.5		—		—		—		105.5		—		105.5
Coal segment other expenditures	$	—		4.3		0.6		4.9		4.7		—		5.7		9.6		—		10.6
Total Coal Capital Expenditures	$	9.3		19.7		81.4		110.4		4.7		—		5.7		115.1		—		116.1
Natural Gas Midstream Segment: see Note c
Inlet volumes (MMcf per day) - see Note d		126		126		126		126		120		—		130		124		—		127
Expenses:
Direct expenses	$	1.3		5.5		4.9		11.7		4.5		—		5.0		16.2		—		16.7
Depreciation, depletion and amortization	$	1.2		3.7		3.9		8.8		3.5		—		3.9		12.3		—		12.7
Capital Expenditures:
Midstream segment acquisitions, net of cash acquired	$	195.7		2.3		1.1		199.1		—		—		—		199.1		—		199.1
Midstream segment other expenditures	$	0.3		1.3		3.1		4.7		1.6		—		2.3		6.3		—		7.0
Total Midstream Capital Expenditures	$	196.0		3.6		4.2		203.8		1.6		—		2.3		205.4		—		206.1
Corporate and Other:
General and administrative expense	$	2.1		2.8		2.6		7.6		2.4		—		2.6		10.0		—		10.2
Interest expense:
PVA average long-term debt outstanding	$	75.3		83.3		92.8		83.8		83.5		—		92.2		79.6		—		87.9
PVA net interest rate		4.7	%	5.3	%	5.9	%	5.3	%			5.5	%					5.4	%
Percentage capitalized - see Note e		75	%	66	%	81	%	72	%	55	%	—		70	%	55	%	—		70	%
PVR average long-term debt outstanding	$	134.8		205.3		248.2		195.2		252.8		—		263.2		202.8		—		211.1
PVR net interest rate assumed		5.0	%	5.5	%	5.8	%	5.8	%			6.5	%					6.5	%
Minority interest in PVR - see Note f	$	(1.7	)	10.2		15.9		24.5				see Note f						see Note f
Income tax rate - see Note g		41	%	39	%	39	%	40	%			39	%					39	%
Other capital expenditures	$	—		0.1		0.1		0.2		0.2		—		0.4		0.4		—		0.6

These estimates are meant to provide guidance only and are subject to change as the operating environment of the Company changes.

See Notes on following page.

PENN VIRGINIA CORPORATION

GUIDANCE TABLE

(Dollars in millions except where noted)

Notes to Guidance Table:

a - The oil and gas segment’s natural gas hedging positions as of 9/30/05 are summarized below:

	Average Mmbtu Per Day	Weighted Average Price per Mmbtu
		Collars
		Floor		Ceiling
Fourth Quarter 2005	32,315	$	6.09	$	9.23
First Quarter 2006	31,344	$	6.66	$	10.64
Second Quarter 2006	18,330	$	5.82	$	10.27
Third Quarter 2006	12,000	$	6.83	$	10.28
Fourth Quarter 2006	10,011	$	7.46	$	12.78
First Quarter 2007	5,000	$	9.00	$	18.60

The costless collar natural gas prices per Mmbtu per quarter include the effects of basis differentials, if any, that may be hedged.

b - The oil and gas segment’s oil hedging positions as of 9/30/05 are summarized below:

	Average Bbbls Per Day	Weighted Average Price per Bbl
		Collars
		Floor		Ceiling
Fourth Quarter 2005	200	$	42.00	$	47.75
First Quarter 2006 (Jan and Feb only)	200	$	42.00	$	47.75

c - Actual results and full year guidance include the natural gas midstream segment from the date of the Cantera Acquisition in March 2005.

d - The natural gas midstream segment’s natural gas liquids, natural gas and oil hedging positions as of 9/30/05 are summarized below:

	Average Volume Per Day	Weighted Average Price
	(gallons)	(per gallon)
Ethane Swaps
Fourth Quarter 2005 - Fourth Quarter 2006	68,800	$	0.4770
First Quarter 2007 - Fourth Quarter 2007	34,440	$	0.5050
First Quarter 2008 - Fourth Quarter 2008	34,440	$	0.4700
	(gallons)	(per gallon)
Propane Swaps
Fourth Quarter 2005 - Fourth Quarter 2006	52,080	$	0.7060
First Quarter 2007 - Fourth Quarter 2007	26,040	$	0.7550
First Quarter 2008 - Fourth Quarter 2008	26,040	$	0.7175
	(Bbls)	(per Bbl)
Crude Oil Swaps
Fourth Quarter 2005 - Fourth Quarter 2006	1,100	$	44.45
First Quarter 2007 - Fourth Quarter 2007	560	$	50.80
First Quarter 2008 - Fourth Quarter 2008	560	$	49.27
	(Mmbtu)	(per Mmbtu)
Natural Gas Swaps
Fourth Quarter 2005 - Fourth Quarter 2006	7,500	$	7.05
First Quarter 2007 - Fourth Quarter 2008	4,000	$	6.97

e - The Company capitalizes a portion of interest expense incurred to recognize the carrying cost of certain unproved properties as required by accounting principles generally accepted in the United States.

f - Penn Virginia owns 39 percent of Penn Virginia Resource Partners, L.P. (PVR). Minority interest reflects the remaining 61 percent owned by parties other than Penn Virginia.

g - Deferred federal and state income taxes are expected to comprise approximately 60% to 70% of the Company’s income tax expense for the full year.