Exhibit 99.1

Penn Virginia Reports Third Quarter 2019 Results
--- Exceeded Mid-point of Third Quarter Production Guidance ---
--- Expects to Drill Within Cash Flow in Fourth Quarter 2019 ---


HOUSTON, November 7, 2019 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (“Penn Virginia” or the “Company”) (NASDAQ:PVAC) today announced its financial and operational results for the third quarter 2019.

Significant Operational and Financial Highlights
Produced 29,003 barrels of oil equivalent per day (“BOEPD”) (73% crude oil) for the third quarter of 2019;
Reported net income of $54.4 million, or $3.59 per diluted share, and adjusted net income(1) of $29.8 million, or $1.97 per diluted share, for the third quarter of 2019;
Generated adjusted EBITDAX(2) of $87.1 million for the third quarter of 2019; and
Realized oil price of $57.12 per barrel, a $0.68 per barrel premium over the West Texas Intermediate (“WTI”) average price for the third quarter of 2019.
John A. Brooks, President and Chief Executive Officer of Penn Virginia commented, “We reported another solid quarter with production exceeding the mid-point of guidance, low total cash direct operating costs, and strong cash margins. This resulted in higher adjusted EBITDAX(2) both sequentially and year-over-year, despite lower realized pricing over the same periods.”
Mr. Brooks continued, “Generating sustainable free cash flow remains Penn Virginia’s top priority and we continue to focus on driving down our capital costs and increasing operational efficiencies. During the third quarter, we successfully turned in-line 18.3 net wells, which was 4.8 net wells - or more than 35% - higher than previously anticipated as a result of our strong drilling and completion performance during the quarter. Given these additional wells were brought on-line late in the period, we have momentum heading into the fourth quarter. Combined with our ongoing cost reduction efforts and operational enhancement initiatives, we expect to drill within cash flow in the fourth quarter of 2019. More importantly, we expect to generate free cash flow in 2020.”
Third Quarter 2019 Operating Results
Total production increased approximately 27% from the third quarter of 2018 to 2.668 million barrels of oil equivalent (“MMBOE”), or 29,003 BOEPD (73% crude oil). Penn Virginia turned to sales 20 gross (18.3 net) wells during the third quarter of 2019, which is 4.8 net wells more than originally planned.
Third Quarter 2019 Financial Summary 
Adjusted cash direct operating expenses(3), which consist of LOE, gathering, processing, and transportation (“GPT”) expenses, production and ad valorem taxes, and cash general and administrative (“G&A”) expenses, were $31.7 million, or $11.88 per BOE, in the third quarter of 2019.  Total G&A expenses for the third quarter of 2019 were $6.9 million, or $2.58 per BOE, which included $1.0 million of non-cash share-based compensation.  For the third quarter of 2019, adjusted cash general and administrative expenses, which excludes non-cash share-based compensation(4), were $2.18 per BOE. LOE was $4.45 per BOE.
Net income for the third quarter of 2019 was $54.4 million, or $3.59 per diluted share, compared to net income of $16.3 million, or $1.06 per diluted share, in the third quarter of 2018.  Adjusted net income(1) was $29.8 million, or $1.97 per diluted share in the third quarter of 2019, versus $41.7 million, or $2.72 per diluted share, in the third quarter of 2018.
Adjusted EBITDAX(2) was $87.1 million in the third quarter of 2019, compared to $85.1 million in the third quarter of 2018.
Hedging Update
Penn Virginia enters into oil hedges on a portion of its production to help mitigate commodity price risk. 
The table below sets forth Penn Virginia’s current oil hedge positions:
 
WTI - Oil Volumes (Bbls Per Day)
WTI - Average Swap Price ($/barrel)
LLS - Oil Volumes (Bbls Per Day)
LLS - Average Swap Price ($/barrel)
MEH - Oil Volumes (Bbls Per Day)
MEH - Average Swap Price ($/barrel)
Q4 2019
11,400

$
55.97

5,000

$
59.17

1,000

$
64.00

2020
10,100

$
54.97


$

2,000

$
61.03


Balance Sheet and Liquidity
During the third quarter of 2019, the Company incurred $99.1 million of capital expenditures (excluding acquisitions), of which 98% was associated with drilling and completion capital.
As of September 30, 2019, Penn Virginia had cash of $11.4 million and total debt of $570.4 million, including borrowings under its revolving credit facility of $370.4 million. Liquidity was $140.6 million, including cash and $129.2 million available under the Company’s revolving credit facility. As of September 30, 2019, the Company’s net debt to adjusted EBITDAX ratio was approximately 1.7x(5).
Acreage and Drilling Inventory
As of September 30, 2019, the Company had approximately 100,200 gross (87,300 net) acres.  Penn Virginia’s acreage is approximately 91% held by production.
Penn Virginia had an estimated 500 gross (440 net) drilling locations on September 30, 2019, of which 100% are Company-operated.
Outlook
The Company is committed to maintaining financial discipline and a strong balance sheet.  Penn Virginia is targeting year-over-year production growth of approximately 25% to 30% for 2019, assuming a two-rig development program. The Company currently plans on maintaining its two-rig program throughout 2020.
The table below sets forth the Company’s operational and financial guidance:



The following information was filed by Penn Virginia Corp (PVAC) on Thursday, November 7, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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