Exhibit 99.1

Four Radnor Corporate Center, Suite 200

Radnor, PA 19087

Ph: (610) 687-8900 Fax: (610) 687-3688

www.pennvirginia.com

FOR IMMEDIATE RELEASE

PENN VIRGINIA CORPORATION ANNOUNCES THIRD QUARTER 2014 RESULTS

TOTAL PRODUCTION UP 4% QUARTER-OVER-QUARTER, EXCEEDING GUIDANCE

EAGLE FORD PRODUCTION UP 8% QUARTER-OVER-QUARTER

ADJUSTED EBITDAX INCREASED TO $98 MILLION

BORROWING BASE INCREASED TO $500 MILLION

RADNOR, PA (Globe Newswire) October 29, 2014 – Penn Virginia Corporation (NYSE: PVA) today reported financial results for the three months ended September 30, 2014 and provided updates of its operations and 2014 guidance.

Key Third Quarter Highlights

Production

Operations – Eagle Ford

Financial Resources and Liquidity

Definitions of non-GAAP financial measures and reconciliations of these non-GAAP financial measures to GAAP-based measures appear later in this release.

Management Comment

H. Baird Whitehead, President and Chief Executive Officer, stated, “In the third quarter of 2014, production exceeded the upper end of guidance, supporting strong cash flows and margins in line with our expectations. Our continued focus on improving execution is showing results as we transition to using larger production casing. This change is driving fewer operational delays and eliminating inefficiencies with our service providers. Based on these improvements, we are reaffirming production guidance for the fourth quarter of 2014. In addition, we have begun completions of our most recently drilled Upper Eagle Ford wells and we believe the play is highly prospective across our acreage.

Whitehead added, “With respect to 2015, we expect to see continued growth in production and cash flow, but we are reassessing our previously announced preliminary guidance and our level of capital expenditures for 2015 in light of the current and projected oil price environment. We plan to release updated 2015 guidance in mid-December after our budget is finalized. Importantly, our current financial liquidity, together with future operating cash flows, is sufficient to fully fund any reasonable capital program we might consider in this evolving environment. Also, in view of our depressed share price and to expand our capital allocation options, we will seek an amendment to our credit facility to permit us to repurchase our common stock under appropriate circumstances.”

Third Quarter 2014 Results

Overview of Results

Operating income increased $3.0 million to $29.3 million, excluding $63.5 million of gains on the sale of assets and $6.1 million of impairments, in the third quarter of 2014 from $26.3 million, excluding $117.9 million of impairments, in the second quarter of 2014. This increase was due primarily to a $5.4 million increase in product revenues, a $1.4 million decrease in exploration expense, a $1.2 million decrease in share-based compensation expenses and a $1.2 million decrease in recurring general and administrative (G&A) expense. The effect of these favorable changes was partially offset by a $4.4 million increase in lease operating, gathering, processing and transportation expenses and production and ad valorem taxes and a $0.6 million increase in depletion, depreciation and amortization (DD&A) expense.

Net income attributable to common shareholders for the third quarter was $81.1 million, or $0.87 per diluted share, compared to net loss of $105.9 million, or $1.59 per diluted share, in the prior quarter. Adjusted net loss attributable to common shareholders for the third quarter, a non-GAAP measure which includes our preferred stock dividend but excludes the effects of other items that affect comparability to other periods, was $7.4 million, or $0.10 per diluted share, compared to a loss of $4.3 million, or $0.07 per diluted share, in the prior quarter.

Product Revenues

Total product revenues increased 4% to $141.9 million, or $67.91 per barrel of oil equivalent (BOE), in the third quarter of 2014, from $136.4 million, or $68.81 per BOE, in the second quarter due primarily to a 5% increase in total production, partially offset by an overall 1% decrease in the weighted average product price per BOE. For the third quarter, the realized oil price decreased by 5%, the realized natural gas price decreased by 7% and the realized natural gas liquid (NGL) price increased by 3% over the second quarter. Oil and NGL revenues were $128.5 million in the third quarter, a 7% increase compared to $120.1 million in the second quarter due to a 13% increase in combined oil and NGL production, partially offset by a 5% decrease in combined oil and NGL prices. Oil and NGL revenues were 91% of product revenues in the third quarter, compared to 88% in the second quarter. Natural gas revenues were $13.4 million in the third quarter, an 18% decrease compared to $16.3 million in the second quarter, primarily due to the sale of our Mississippi Selma Chalk properties in July 2014.

Production

As shown in the table below, total production in the third quarter of 2014 was 22,706 BOEPD, compared to 21,786 BOEPD in the second quarter of 2014. As a percentage of total equivalent production, oil and NGL volumes were 74% in the third quarter of 2014, compared to 70% in the second quarter of 2014.

Note - Numbers may not add due to rounding. MBOE equals one thousand barrels of oil equivalent.

Operating Expenses

As discussed below, third quarter 2014 total direct operating expenses, excluding share-based compensation and non-recurring expenses, increased by $3.2 million to $38.5 million, or $18.41 per BOE produced, compared to $35.3 million, or $17.80 per BOE, in the second quarter of 2014.

Exploration expense decreased $1.4 million from the second quarter to $2.0 million in the third quarter, due primarily to lower unproved leasehold amortization expense.

DD&A expense increased by $0.6 million to $72.0 million, or $34.47 per BOE, in the third quarter, from $71.4 million, or $36.03 per BOE, in the second quarter, due to higher production, partially offset by lower depletion rates.

In the third quarter, we incurred a $6.1 million impairment charge in the Mid-Continent with respect to an exploratory prospect and we recorded a $63.5 million gain on the sale of assets due primarily to our sale of rights to construct an oil gathering system in south Texas.

Capital Expenditures

During the third quarter of 2014, capital expenditures were $205 million, an increase of $35 million, or 21%, compared to $170 million in the second quarter of 2014, consisting of:

Capital Resources and Liquidity, Interest Expense and Impact of Derivatives

As of September 30, 2014, we had total debt of $1,075 million, consisting of $300 million principal amount of 7.25% senior unsecured notes due 2019 and $775 million principal amount of 8.50% senior unsecured notes due 2020. At September 30, 2014, we had a zero balance under our revolving credit facility (Revolver). In October 2014, the borrowing base under our Revolver was increased from $438 million to $500 million. Together with cash and equivalents of $124 million and net of letters of credit of approximately $2 million at September 30, 2014, our pro forma financial liquidity was approximately $622 million at September 30, 2014. Our leverage ratio under the Revolver at September 30, 2014 was 2.6 times trailing twelve months’ pro forma Adjusted EBITDAX of approximately $372 million, compared to 3.1 times at June 30, 2014.

During the third quarter, interest expense was $22.0 million, of which $20.9 million was cash interest expense, compared to $23.2 million in the second quarter, of which $22.2 million was cash interest expense.

During the third quarter, derivatives income was $66.5 million, compared to derivatives loss of $42.7 million in the second quarter. Third quarter 2014 cash settlements of derivatives resulted in net cash outlays of $7.6 million, compared to $7.2 million of net cash outlays in the second quarter.

Pricing

Our third quarter 2014 realized oil price was $95.19 per barrel, compared to $100.16 per barrel in the second quarter of 2014. Our third quarter 2014 realized NGL price was $31.76 per barrel, compared to $30.85 per barrel in the second quarter. Our third quarter 2014 realized natural gas price was $4.17 per thousand cubic feet (Mcf), compared to $4.51 per Mcf in the second quarter. Adjusting for oil and gas hedges, our third quarter 2014 effective oil price was $89.08 per barrel and our third quarter 2014 effective natural gas price was $4.19 per Mcf, or a decrease of $6.11 per barrel from the realized oil price and an increase of $0.02 per Mcf from the realized gas price.

Derivatives Update

To support our operating cash flows, we hedge a portion of our oil and natural gas production at pre-determined prices or price ranges. Based on hedges currently in place, we have hedged 13,000 barrels of daily crude oil production, or approximately 79% of the midpoint of guidance for the fourth quarter of 2014, at a weighted average floor/swap price of $92.92 per barrel. For 2015, we have hedged 11,992 barrels of daily crude oil production at a weighted average floor/swap price of $90.20 per barrel. For 2016, we have hedged 3,000 barrels of daily crude oil production at a weighted average floor/swap price of $90.84 per barrel.

We have also hedged 5,000 MMBtu (million British Thermal Units) of daily natural gas production, or approximately 13% of the midpoint of guidance for the fourth quarter of 2014, at a weighted average floor/swap price of $4.50 per MMBtu. For the first quarter of 2015, we have hedged 5,000 MMBtu of daily natural gas production at a weighted average floor/swap price of $4.50 per MMBtu.

Please see the Derivatives Table included in this release for our current derivative positions.

Eagle Ford Shale Operational Update

Third Quarter 2014 Update

Third quarter production from our Eagle Ford operations was 16,929 BOEPD, up 8% compared to 15,618 BOEPD in the second quarter. Approximately 76% of our third quarter production was from crude oil, 13% was from NGLs and 11% was from natural gas. In September 2014, our average production was 17,936 BOEPD, 75% of which was from crude oil, 13% was from NGLs and 12% was from natural gas. Year-to-date, we have turned in line 55 (32.9 net) operated wells (excludes six shallow and five non-operated wells).

Below are the results and statistics for Eagle Ford wells (excluding shallow and non-operated wells) over the past six quarters:⁽¹⁾

During the third quarter of 2014, we turned in line 17 (8.3 net) operated wells (excludes four shallow wells and one non-operated well). As a group, these 17 wells had an average IP rate of 1,350 BOEPD over an average of 27.3 frac stages, with 84% of production from crude oil. Of these 17 wells, five wells with sufficient production history had a 30-day average rate of 867 BOEPD, with 92% of production from crude oil.

Among these wells, the more notable wells and their IP rates included the Cinco J Ranch #1H (2,611 BOEPD with 32 frac stages), the L&J Lee #2H (2,166 BOEPD with 25 frac stages), the L&J Lee #1H (2,102 BOEPD with 25 frac stages), the Porter #6H (2,019 BOEPD with 27 frac stages) and the Porter #7H (1,944 BOEPD with 24 frac stages). The average amount of proppant per stage for these 17 wells was approximately 368,000 pounds, flat with the second quarter of 2014.

Upper Eagle Ford (Marl) Shale Update

Thus far in the second half of 2014, we have completed six Upper Eagle Ford wells, all of which are now flowing back and being tested. Two of those wells (the Netardus #2H and Netardus #3H) have been flowing into sales for approximately 25 days. In addition to the Netardus wells, the Welhausen #7H and Welhausen #8H wells have recently been turned in line and are cleaning up, while the Hinze #2H and Hinze #3H wells were just completed and are in the early stages of clean-up. To date during 2014, we have completed eight Upper Eagle Ford wells and for the remainder of 2014 we expect ten additional Upper Eagle Ford wells to be drilled, completed and turned in line.

The Welhausen #A2H was turned in line in March 2014 and has cumulative production of 179,394 BOE (52% oil), or an average of 1,008 BOEPD over 178 producing days, along with a 60-day rate of 1,519 BOEPD, a 30-day rate of 1,767 BOEPD and a peak rate of 2,238 BOEPD.

The Martinsen #2H was turned in line in May 2014 and has cumulative production of 178,584 BOE (54% oil), or an average of 1,038 BOEPD over 172 producing days, along with a 60-day rate of 1,149 BOEPD, a 30-day rate of 1,238 BOEPD and a peak rate of 1,599 BOEPD.

After observing the performance of these wells relative to adjacent wells in the Lower Eagle Ford and the fact that their initial decline rates are less than what we have typically seen with the Lower Eagle Ford, we are increasingly confident that the Upper Eagle Ford and Lower Eagle Ford are separate reservoirs, but additional completion and production information from additional wells will be necessary to confirm that belief. During the fourth quarter of 2014 and into 2015, we will continue to test the Upper Eagle Ford across our Lavaca County acreage.

Updated Full-Year 2014 Guidance

2014 capital expenditures are expected to range between $754 and $800 million ($197 to $243 million for the fourth quarter of 2014), which is an increase of $22 to $28 million from previous guidance. This reflects increases in drilling and completion capital expenditures of between $13 and $14 million and in lease acquisition capital expenditures of between $10 and $11 million. The increase in drilling and completion expenditures is attributable to higher tubular steel, sand, trucking and completion costs. We expect to turn in line 33 (23.0 net) wells (excludes three non-operated wells) during the fourth quarter of 2014, for an estimated total of 88 (55.9 net) operated wells (excludes six shallow and eight non-operated wells) to be turned in line during 2014. For 2014, we expect to turn in line 18 (16.4 net) Upper Eagle Ford wells.

2014 production is expected to range between approximately 8.4 and 8.6 MMBOE (2.4 to 2.6 MMBOE in the fourth quarter of 2014). This represents an increase of 169 MBOE from the lower end of previous fourth quarter guidance and a decrease of 12 MBOE from the upper end of previous fourth quarter guidance.

2014 Adjusted EBITDAX, which includes the cash impact of derivatives, is expected to range between $387 and $427 million ($100 to $140 million during the fourth quarter of 2014). This represents a decrease of $7 to $12 million from previous guidance. Our estimates assume the benchmark (WTI) oil price will average $80.67 per barrel and the benchmark (Henry Hub) natural gas price will average $3.97 per MMBTU in the fourth quarter of 2014.

Please see the Guidance Table included in this release for guidance estimates for full-year 2014. These estimates are meant to provide guidance only and are subject to revision as our operating environment changes.

Third Quarter 2014 Conference Call

A conference call and webcast, during which management will discuss third quarter 2014 financial and operational results, is scheduled for Thursday, October 30, 2014 at 10:00 a.m. ET. Prepared remarks by H. Baird Whitehead, President and Chief Executive Officer, will be followed by a question and answer period. Investors and analysts may participate via phone by dialing toll free 1-877-316-5288 (international: 1-734-385-4977) five to 10 minutes before the scheduled start of the conference call (use the conference code 3713192), or via webcast by logging on to our website, www.pennvirginia.com, at least 15 minutes prior to the scheduled start of the call to download and install any necessary audio software. A telephonic replay will be available for two weeks beginning approximately 24 hours after the call. The replay can be accessed by dialing toll free 1-855-859-2056 (international: 1-404-537-3406) and using the replay code 3713192. In addition, an on-demand replay of the webcast will also be available for two weeks at our website beginning approximately 24 hours after the webcast.

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Penn Virginia Corporation (NYSE: PVA) is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in south Texas. For more information, please visit our website at www.pennvirginia.com.

Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the volatility of commodity prices for oil, NGLs and natural gas; our ability to develop, explore for, acquire and replace oil and natural gas reserves and sustain production; our ability to generate profits or achieve targeted reserves in our development and exploratory drilling and well operations; any impairments, write-downs or write-offs of our reserves or assets; the projected demand for and supply of oil, NGLs and natural gas; reductions in the borrowing base under our revolving credit facility; our ability to contract for drilling rigs, supplies and services at reasonable costs; our ability to obtain adequate pipeline transportation capacity for our oil and gas production at reasonable cost and to sell the production at, or at reasonable discounts to, market prices; the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from estimated proved oil and natural gas reserves; drilling and operating risks; our ability to compete effectively against other oil and gas companies; our ability to successfully monetize select assets and repay our debt; leasehold terms expiring before production can be established; environmental obligations, costs and liabilities that are not covered by an effective indemnity or insurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements; our ability to maintain adequate financial liquidity and to access adequate levels of capital on reasonable terms; the occurrence of unusual weather or operating conditions, including force majeure events; our ability to retain or attract senior management and key technical employees; counterparty risk related to their ability to meet their future obligations; compliance with and changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; uncertainties relating to general domestic and international economic and political conditions; and other risks set forth in our filings with the Securities and Exchange Commission (SEC).

Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All subsequent written and oral forward-looking statements attributable to PVA or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law.

PENN VIRGINIA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - unaudited

(in thousands, except per share data)

PENN VIRGINIA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited

(in thousands)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited

(in thousands)

PENN VIRGINIA CORPORATION

CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited

(in thousands)

PENN VIRGINIA CORPORATION

GUIDANCE TABLE - unaudited

(dollars in millions except where noted)

We are providing the following guidance regarding financial and operational expectations for full-year 2014. These estimates are meant to provide guidance only and are subject to change as PVA’s operating environment changes.