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Penn Virginia Corporation | 8th Annual Capital One Southcoast Energy Conference | John A. Brooks | Page 9 of 11 | November 23, 2024

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8 Overview of PVA’s Eagle Ford Shale Position Emerging Presence in Leading U.S. Oil Shale Play • 112,000 gross (72,200 net) acres in Gonzales and Lavaca Counties, TX • Operator of 98,700 (65,700 net) acres - 67% WI • Non-operator of 13,300 (6,500 net) acres - 49% WI • Added ~20K net acres since the late April MHR acquisition • Avg. IP/30-day rates of 1,383/901 BOEPD for last 37/33 wells in the Peach Creek and Shiner Fields (1) • Proved reserves of 51.0 MMBOE at mid-year 2013, consisting of 75% oil, 13% NGLs and 11% gas (2) • Proved PV-10 at MY13 of $1,032MM ($660MM of PD value) (2) ? Approximately 170 MMBOE of 3P reserves at MY13 • Lower well costs in 2H13 have helped boost returns and value • Greater than 890 remaining gross drilling locations (1) • Positive down-spacing results of 14 pads have been successful (1) • Additional upside potential in upper Eagle Ford (Marl), Austin Chalk & Pearsall Shale ? Up to 50% of acreage prospective in upper Eagle Ford ? Plans to test upper Eagle Ford by early 2014 • Drilling longer laterals and spending less per frac stage • Rigs, infrastructure in place • 2014 plan assumes up to 6 rigs –5-6 operated; 0-1 non-operated • Likely monetization of gas gathering and gas lift systems by 1Q14 • Rationalize monetization of right to construct oil gathering system in 2014 (1) See IP table in the Appendix. (2) Based on internal SEC Estimate as of 6/30/13. PVA Hunt BHP Billiton ConocoPhillips Devon (new) EOG Nearby Operators Forest Marathon Pioneer Plains Statoil Gonzales Lavaca DeWitt