Penn Virginia (PVAC) Update - April 19

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

Penn Virginia (PVAC) Update - April 19

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HOUSTON, April 19, 2021 (GLOBE NEWSWIRE) -- Penn Virginia Corporation ("Penn
Virginia" or the "Company") (NASDAQ:PVAC) today announced an operational
update and timing of its first quarter 2021 earnings release and conference
call.

Operational and Financial Update

o Sold 16,324 barrels of oil per day ("BOPD") for the first quarter of 2021,
exceeding the high end of the most recent guidance range. Total sales
volumes for the first quarter of 2021 were 20,534 barrels of oil
equivalent per day ("BOEPD"). Total production for the seven days ending
March 31, 2021 averaged over 20,000 BOPD and 25,000 BOEPD;
o Estimated capital expenditures for the first quarter of 2021 of
approximately $54 million, which was below the low end of the most recent
guidance range;
o Realized oil price for the first quarter of 2021 of $44.80 per barrel,
including effects of derivatives, net^(^1);
o Generated Free Cash Flow^(^2^) for the sixth consecutive quarter, which
lowered Long-term debt to $376 million and Net Debt^(^3^) to $364 million
as of March 31, 2021; and
o The Company recently obtained an updated reserve report from DeGolyer and
MacNaughton ("D&M") as of April 1, 2021.

Darrin Henke, President and Chief Executive Officer of Penn Virginia,
commented, "Our strong sales volumes for the quarter were largely due to the
outperformance of wells brought online during the period, which used our
improved completion designs along with an adjusted approach to drilling and
flowback. Volumes for the quarter were also less impacted from the February
winter storm than we previously anticipated, largely due to the outstanding
efforts of the Penn Virginia operational team. In addition to maintaining our
existing production and bringing on some impressive wells, we have continued
to focus on additional operational and cost efficiencies, which translated
into lower than expected capital expenditures for the quarter. Importantly,
our production growth was not achieved by increasing our capital expenditures.
Rather, it is due to the improvement of our execution on our existing assets,
which required less capital than we anticipated. Given this strong
outperformance in the first quarter, and expectations of future positive well
performance using our improved techniques, we have increased our production
guidance for the full year 2021. We continue to believe our premium asset base
combined with our commitment to free cash flow, capital discipline, and
maximizing cash-on-cash returns will create long-term value for all
stakeholders."

First Quarter 2021 Conference Call

Penn Virginia plans to release its first quarter 2021 results after the market
closes on Tuesday, May 4, 2021. A conference call and webcast discussing the
first quarter 2021 financial and operational results is currently scheduled
for Tuesday, May 4, 2021 at 5:00 p.m. ET. Prepared remarks will be followed by
a question and answer period. Investors and analysts may participate via phone
by dialing (844) 707-6931 (international: (412) 317-9248) five to 10 minutes
before the scheduled start time, or via webcast by logging on to the Company's
website, www.pennvirginia.com, at least 15 minutes prior to the scheduled
start time to download supporting materials and install any necessary audio
software.

An on-demand replay of the webcast will be available on the Company's website
beginning shortly after the webcast. The replay will also be available from
May 4, 2021, through May 11, 2021, by dialing (877) 344-7529 (international
(412) 317-0088) and entering the passcode 10153995.

Proved Reserves and Drilling Inventory

As a result of the contribution of certain assets from Rocky Creek Resources,
as well as significant developments in the first quarter of 2021, Penn
Virginia obtained an updated third-party reserve report from D&M.

Penn Virginia's total proved reserves as of April 1, 2021, were approximately
136.5 million barrels of oil equivalent ("MMBOE"). The proved reserves were
calculated in accordance with Securities and Exchange Commission ("SEC")
guidelines using the pricing of $39.99 per barrel for oil and $2.16 per
million British Thermal Units (MMBtu) for natural gas.
Dan Steffens
Energy Prospectus Group
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