Penn Virginia Corporation has closed two acquisitions for $32.5 million, including one in east Texas targeting the Cotton Valley and one in Mississippi targeting the Selma Chalk.

Highlights of the transactions include the following:

East Texas (Cotton Valley)

Approximately 4,000 acres located in the Woodlawn Field of Harrison County, Texas, with a working interest of approximately 99 percent and an average net revenue interest of approximately 76 percent;

Estimated proved reserves of 19.5 billion cubic feet of natural gas equivalent ("Bcfe"), 3.3 Bcfe of which are proved developed reserves, as well as probable or possible reserves of 10.2 Bcfe;

Estimated 31 drilling locations, with four wells expected to be drilled in the second half of 2007;

Current net production of approximately 1.0 million cubic feet of natural gas equivalent ("MMcfe") per day;

In addition to the undeveloped acreage, potential upsides include down-spacing, horizontal drilling and prospective production from the Travis Peak formation; and

Purchase price of $22.0 million was funded with cash on hand and by borrowings under the Company's revolving credit facility.

Mississippi / Gwinville Field (Selma Chalk)

Approximately 640 acres located in the Gwinville Field of Jefferson Davis County, Mississippi, with a working interest of 100 percent and an average net revenue interest of approximately 80 percent;

Estimated proved reserves of 11.2 Bcfe, 2.3 Bcfe of which are proved developed reserves;

Estimated 19 drilling locations, with four wells expected to be drilled in the second half of 2007;

Current net production of approximately 0.6 MMcfe per day;

In addition to the undeveloped acreage, potential upside includes down-spacing and horizontal drilling; and

Purchase price of $10.5 million was funded with cash on hand and by borrowings under the Company's revolving credit facility. Management Comments

A. James Dearlove, President and Chief Executive Officer, stated, "These two acquisitions are located near our existing Cotton Valley and Selma Chalk plays and thus are consistent with our growth strategy. We believe that these acquisitions have attractive transaction economics and provide us with additional exposure to potential upside opportunities."