Exhibit 99.1

Penn Virginia Reports Fourth Quarter and Year-End 2017 Results, Provides

Operational Update and Closes Previously Announced Acquisition

— Strong Results in Area 2 from 2 Well Pad with IP Rate of Over 5,000 BOEPD —

— Grew Proved Reserves by 47%, Replaced 710% of 2017 Production —

— Expects 2018 Production Growth of ~125% —

HOUSTON, March 1, 2018 (GLOBE NEWSWIRE) — Penn Virginia Corporation (“Penn Virginia” or the “Company”) (NASDAQ:PVAC) today announced its financial and operational results for the fourth quarter and full year 2017, and

year-end reserve estimates.

Significant Operational Accomplishments

 

  Strong well results in Area 2 – the two-well Geo Hunter pad had a 30-day initial production (“IP”) rate of 3,767 barrels of oil equivalent per day (“BOEPD”) and a previously announced 24-hour IP rate of 5,465 BOEPD. In addition, the Company recorded a 24-hour IP rate from its Southern Hunter Amber two-well pad of 5,092 BOEPD. Both pads utilized the Company’s slickwater completion design;

 

  Produced 3.8 million barrels of oil equivalent (“MMBOE”), or 10,353 BOEPD (73% crude oil), for full year 2017, including 12,340 BOEPD (74% crude oil) in the fourth quarter of 2017 – a 32% increase over the fourth quarter of 2016. Achieved a 2017 exit rate (average of last five days of 2017) of approximately 14,650 BOEPD. Targeting year-over-year production growth of ~125%(1) for 2018 under its current development program;

 

  Increased proved reserves by approximately 47% to 72.6 MMBOE (85 MMBOE pro forma for the Hunt acquisition discussed below), representing 710% of 2017 production at a drill-bit finding and development cost of approximately $4.40 per barrel of oil equivalent (“BOE”)(2);

 

  Increased drilling locations at year-end (pro forma for the Hunt acquisition) to 500 net (589 gross), of which approximately 80 net locations (100 gross) are higher rate of return extended reach laterals (“XRLs”) (12 in Area 1 and 68 in Area 2), which provides the underpinning for the Company’s 2018 development program; and

 

  Closed the previously announced acquisition of Eagle Ford assets located primarily in Gonzales and Lavaca Counties, Texas, from Hunt Oil Company (“Hunt”) on March 1, 2018.

Financial Highlights

 

  Incurred a net loss of $10.8 million, or $0.72 per diluted share, in the fourth quarter of 2017. Adjusted net income(3) was $15.8 million, or $1.06 per diluted share, in the fourth quarter of 2017. Net income was $32.7 million, or $2.17 per diluted share, for the full year 2017. Adjusted net income(3) was $43.4 million, or $2.88 per diluted share, for the full year 2017;

 

  Generated adjusted EBITDAX(4) of $37.4 million in the fourth quarter of 2017, up 78% over the fourth quarter of 2016, or approximately $32.97 per BOE. For the full year 2017, the Company generated adjusted EBITDAX(4) of $102.2 million, or approximately $27.05 per BOE; and

 

  Increased the borrowing base under its credit facility by more than 40% to $340 million, effective March 1, 2018. Current availability under the credit facility is $164.2 million.


The following information was filed by Penn Virginia Corp (PVAC) on Friday, March 2, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Penn Virginia Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Penn Virginia Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account