Exhibit 99.1

Lumos Networks Corp. Reports Third Quarter 2011 Operating Results

Company Completes Separation from NTELOS Holdings Corp.

Declares Initial Dividend of $0.14 per Share

WAYNESBORO, VA – November 7, 2011 – Lumos Networks Corp. (“Lumos Networks,” Nasdaq: LMOS), a fiber-based service provider of voice, data and IP-based telecommunication services in the Mid-Atlantic region, today announced operating results for its third quarter of 2011. Lumos Networks was separated from NTELOS Holdings Corp. (“NTELOS”) through a spin-off effective after the close of business on October 31, 2011.

“We are delighted to become an independent publicly traded company,” said James A. Hyde, chief executive officer of Lumos Networks. “It is a truly exciting time for our business. Opportunities in newly acquired markets, the recent expansion of our fiber network and continued growth in demand for high-speed data services combine with the separation to position us well for the future.”

Highlights for third quarter 2011 include:

Recent Developments

Funding of Credit Facility: Concurrent with the separation, Lumos Networks received funding of $340 million under a new $370 million senior credit facility consisting of a $60 million senior secured five-year revolving credit facility (the “Revolver”), of which $30 million was drawn; a $110 million senior secured five-year amortizing Term Loan A and a $200 million senior secured six-year amortizing Term Loan B. The proceeds were used to fund a working capital cash reserve at Lumos Networks and approximately $315 million was distributed to NTELOS to pay off intercompany debt owed and to fund a mandatory repayment on NTELOS Inc.’s credit facility. Pricing of the Lumos Networks credit facility was LIBOR plus 3.25% for the Revolver and the Term Loan A and LIBOR plus 3.50% for the Term Loan B, with no LIBOR floor.

Declaration of Dividend: On November 4, 2011, the Board of Directors of Lumos Networks Corp. declared the company’s first quarterly cash dividend on its common stock in the amount of $0.14 per share to be paid on January 12, 2012 to stockholders of record on December 16, 2011.

Chief Financial Officer Appointed: Harold L. “Hal” Covert joined Lumos Networks in September as executive vice president and chief financial officer. Mr. Covert’s career includes over 27 years of experience serving as chief financial officer for public and private technology companies.

Operating Highlights

Total operating revenues for the third quarter 2011 were $51.6 million compared to $35.6 million for third quarter 2010 and total adjusted EBITDA was $24.6 million for the third quarter 2011, compared to $19.4 million in third quarter 2010, each reflecting the results of FiberNet, which was acquired December 1, 2010.

Competitive Segment: Representing 75% of total revenues, Competitive revenues for third quarter 2011 were $38.5 million, compared to $21.0 million in third quarter 2010 and to $39.1 million in third quarter 2010, pro forma for the FiberNet acquisition. For the first nine months of 2011, Competitive revenues were $115.4 million compared to $116.5 million for the first nine months of 2010, pro forma. The following results are presented on a pro forma basis to reflect the acquisition of FiberNet on December 1, 2010:

Adjusted EBITDA for Competitive was $15.7 million for the third quarter 2011, compared to $9.0 million in third quarter 2010 and $14.2 million pro forma third quarter 2010. For the first nine months of 2011, pro forma adjusted EBITDA was $45.7 million, a 9% increase over $42.0 million pro forma for the first nine months of 2010.

RLEC: RLEC revenues for the third quarter of 2011 were $13.1 million and were down 10% from third quarter 2010 and down $0.5 million, or 4% from second quarter 2011, reflecting access revenue losses. The biennial regulatory access rate reset effective July 1, 2011 negatively impacted RLEC revenues by approximately $0.6 million in the third quarter of 2011, compared to the previous quarter. RLEC adjusted EBITDA, with a margin of 68%, was $8.9 million for third quarter 2011, compared to $10.4 million in third quarter 2010.

Michael B. Moneymaker, president of Lumos Networks said, “We continue to see strong growth in revenues from enterprise data products, particularly in the newly integrated markets, and wireless carrier backhaul is driving significant wholesale revenue increases across the footprint.” He continued, “With market data demand only in early stages, we are well positioned for continued sales successes in these key segments.”

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Business Outlook

The Company will provide financial guidance on the Third Quarter 2011 Earnings Conference Call scheduled for tomorrow, November 8, 2011 at 10:00 A.M. ET.

Statements made will be based on management’s current expectations. These statements are forward-looking and actual results may differ materially. Please see “Special Note from the Company Regarding Forward-Looking Statements.”

Presentation of Third Quarter 2011 Lumos Networks Corp. Results

The separation of Lumos Networks from NTELOS became effective after the close of business on October 31, 2011. A reverse split of one share for every two shares of NTELOS common stock was completed on this date and stockholders of record on October 24, 2011 received one share of Lumos Networks common stock for every share of the NTELOS common stock held, after giving effect to the reverse split, resulting in the distribution of approximately 21 million shares of Lumos Networks Corp. common stock. Since the separation occurred after the close of third quarter 2011, results for Lumos Networks were reported within the consolidated results of NTELOS.

The financial results in this presentation have been adjusted to reflect certain corporate expenses which were not previously allocated to the NTELOS segments. These allocations primarily represent corporate support functions, including but not limited to accounting, human resources, information technology and executive management, as well as corporate legal and professional fees, including audit fees, and equity-based compensation expense related to equity-based awards granted to employees in corporate support functions. These additional expenses for the nine months ended September 30, 2011 and 2010 totaled $2.3 million and $1.8 million, respectively.

This presentation does not reflect the funding of the Lumos Networks credit facility, the distribution of Lumos Networks common stock and certain additional costs of being a stand-alone public company.

Non-GAAP Measures

Adjusted EBITDA is defined as net income attributable to Lumos Networks before interest, income taxes, depreciation and amortization, accretion of asset retirement obligations, net income attributable to noncontrolling interests, other expenses/income, equity based compensation charges, acquisition related charges, and costs related to the separation of the company from NTELOS.

Adjusted EBITDA is a non-GAAP financial performance measure. It should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the exhibits and materials posted on the Lumos Networks website for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability and use of such financial performance measures.

About Lumos Networks

Lumos Networks is a fiber-based service provider in the Mid-Atlantic region serving carrier, business and residential customers over a dense fiber network offering data, voice and IP services. With headquarters in Waynesboro, VA, Lumos Networks serves Virginia, West Virginia and portions of Pennsylvania, Kentucky, Ohio, and Maryland over a 5,800 route-mile fiber network. Detailed information about Lumos Networks is available at www.lumosnetworks.com.

SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS

Any statements contained in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words “anticipates,” “believes,” “expects,” “intends,” “plans,” “estimates,” “targets,” “projects,” “should,” “may,” “will” and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. Important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include, but are not limited to: rapid development and intense competition in the telecommunications industry; our ability to achieve benefits from our separation from NTELOS Holdings Corp; our ability to successfully integrate the operations of the FiberNet business and increase revenues and manage churn in this business; our ability to offset expected revenue declines in our RLEC business related to the recent regulatory developments and carriers grooming their networks; the failure to realize synergies and cost savings from the acquisition of the FiberNet business or delay in realization thereof; adverse economic conditions; operating and financial restrictions imposed by our senior credit facility; our cash and capital requirements; declining prices for our services; the potential to experience a high rate of customer turnover; federal and state regulatory fees, requirements and developments; our reliance on certain suppliers and vendors; Failure to complete the business separation of the wireless and wireline operations in an orderly fashion as currently structured and other unforeseen difficulties that may occur. These risks and uncertainties are not intended to represent a complete list of all risks and uncertainties inherent in our business, and should be read in conjunction with the more detailed cautionary statements and risk factors included in our SEC filings, including our Annual Reports filed on Forms 10-K.

Exhibits:

Lumos Networks Corp.

Condensed Consolidated Balance Sheets

Lumos Networks Corp.

Condensed Consolidated Statements of Operations

Note: First nine months of 2011 includes the operating results of FiberNet, acquired on December 1, 2010.

Lumos Networks Corp.

Summary of Operating Results

Lumos Networks Corp.

Reconciliation of Net Income Attributable to Lumos Networks Corp. to Operating Income

Lumos Networks Corp.

Reconciliation of Operating Income to Adjusted EBITDA

Lumos Networks Corp.

Customers and Network Statistics