Exhibit 99.1

Penn Virginia Reports Fourth Quarter and Full-Year 2019 Results
--- Generated Net Cash Provided by Operating Activities of $76 Million and Free Cash Flow of $4 Million for the Fourth Quarter 2019 ---
--- Grew Oil Production by 23% and Total Production by 27% for 2019 ---

HOUSTON, February 27, 2020 (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 2019, year-end reserve estimates and 2020 outlook.
Significant Highlights
Generated net cash provided by operating activities of $76.0 million and $4.4 million of free cash flow (“FCF”) (1) for the fourth quarter of 2019 and expect to generate FCF(1) for full-year 2020;
Produced 22,211 barrels of oil per day (“BOPD”) for the fourth quarter of 2019, exceeding mid-point of guidance. Total production for the fourth quarter was 29,314 barrels of oil equivalent per day (“BOEPD”) (76% crude oil), also exceeding mid-point of guidance;
Grew oil production by 23% to 20,418 BOPD and total production by 27% to 27,730 BOEPD (74% crude oil) for the full-year 2019, in each case exceeding mid-point of guidance;
Generated net income of $3.3 million, or $0.22 per diluted share, and adjusted net income(2) of $41.6 million, or $2.75 per diluted share, for the fourth quarter of 2019. Net Income was $70.6 million, or $4.67 per diluted share, and adjusted net income(2) of $135.6 million, or $8.97 per diluted share, for the full year 2019;
Generated adjusted EBITDAX(3) of $96.4 million for the fourth quarter of 2019. For the full year 2019, the Company generated adjusted EBITDAX(3) of $352.2 million;
Hedged approximately 76% of 2020 oil production (assuming mid-point of guidance); and
Lowered Penn Virginia’s net debt to adjusted EBITDAX ratio(4) to below 1.6x as of December 31, 2019.

John A. Brooks, President and Chief Executive Officer of Penn Virginia commented, “We were pleased with our solid performance during the fourth quarter, which was highlighted by higher quarterly oil and total production volumes that both exceeded the mid-point of guidance and lower total cash direct operating costs per BOE as compared to the third quarter. Most importantly, our continued focus on increasing operational efficiencies and driving down costs led to strong cash margins during the fourth quarter and the generation of free cash flow, as well as a reduction in our leverage ratio.”
Mr. Brooks continued, “We believe Penn Virginia is uniquely positioned in this market. As we look into 2020, we expect to moderately grow oil production. This expected growth, coupled with a low-cost structure, anticipated strong cash margins, declining capital expenditures, and low leverage, positions Penn Virginia to generate free cash flow. We believe this makes Penn Virginia a strong investment opportunity and uniquely positioned among its peer group.”
Fourth Quarter 2019 and Full-Year Operating Results
Total production in the fourth quarter of 2019 increased by approximately 14% from the fourth quarter of 2018 to 2.7 MMBOE, or 29,314 BOEPD (76% crude oil). Penn Virginia produced 10.1 MMBOE, or 27,730 BOEPD (74% crude oil), for full-year 2019, representing 27% growth in total production and 23% growth in oil production over 2018 levels.
Penn Virginia spud 12 gross (10.9 net) wells and turned to sales 11 gross (9.9 net) wells during the fourth quarter of 2019, all in the Eagle Ford. During 2019, the Company spud 46 gross (41.4 net) wells and turned to sales 48 gross (43.3 net) and had five drilled but uncompleted wells at year-end.
Year-End 2019 Proved Reserves
Penn Virginia's total proved reserves as of December 31, 2019, increased 8% to approximately 133.1 MMBOE compared to 123.0 MMBOE reported at year-end 2018. The composition of the reserves at the end of 2019 was 74% oil, 15% NGLs and 11% natural gas, with 42% of the reserves classified as proved developed. The proved reserves were calculated in accordance with Securities and Exchange Commission (“SEC”) guidelines using the pricing of $55.67 per barrel for crude oil and $2.58 per million British Thermal Units (MMBtu) for natural gas.
The Company's Standardized Measure was $1.5 billion as of December 31, 2019, compared to $1.6 billion as of year-end 2018. The value of the Company’s total proved reserves, utilizing the SEC price guidelines, discounted at 10% and before tax (“PV-10 value”)(5), was $1,600.1 million as of December 31, 2019. The PV-10 value of the Company's total proved developed (“PD”) reserves utilizing the SEC price guidelines was $1,012.0 million as of December 31, 2019(5).
The table below summarizes the changes in the Company’s proved reserves during 2019:



The following information was filed by Penn Virginia Corp (PVAC) on Thursday, February 27, 2020 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.

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