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IPAA Oil & Gas Investor SymposiumApril 21, 2004

PENN VIRGINIA CORPORATION

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Unique in EnergyUnique in Energy

Long history in upstream energy 24 Years oil & gas E&P 122 Years coal leasing

Balanced portfolio of energy assets Oil & Gas

Long-lived, low risk reserves Upside gulf coast potential CBM niche

Coal royalty and Land Management CAPP strength Increasing diversity Fee-based component

Structure Dividend

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Organizational StructureOrganizational Structure

Penn Virginia Resource GP, LLC(and its affiliates) *

Oil and Gas Explorationand Production

Operations

Penn VirginiaResource Partners, L.P.

(NYSE:PVR)

Public9.17 mm

common units

Penn VirginiaCorporation

(NYSE: PVA)

Peabody Energy 1.11 mm

common units

100% 100%

44.3%

49.7%

6.0%

* 7.65 million subordinated units, 0.14 million common units, 100% of General Partner.

Market Capitalization @ 3/30/04:

PVA $549 MM

PVR $619 MM

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Corporate StrategyCorporate Strategy

Approach to Risk Focus on value Maintain structure Financial discipline

Oil & Gas Portfolio driven Emphasize low risk, moderate return development

CBM and HCBM Balance with higher risk, higher return exploration

Gulf coast Prospect generation capability

Coal Royalty and Land Management Growth through acquisition Geographic diversity Fee based assets

Coal infrastructure Other qualified income sources

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$48.50

$76.40

$92.00

$267.90

$372.20

NASDAQ

S&P

Dow Jones

Peers (1)

PVA

Performance ComparisonPerformance Comparison(Value of a $100 investment made 1/1/2000 as of 12/31/2003)(Value of a $100 investment made 1/1/2000 as of 12/31/2003)

39%

PVA out-performance

305%

387%

667%

(1) Peers = TBI, COG, EVG, NEV, NFX, POG, PPP, PENG, REM, SM, SGY, SFY, VPI

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Oil & GasOil & Gas

• Proved Reserves, 12/31/03: Bcfe

Appalachia 50% 161

Mississippi 22% 72

Gulf Coast 28% 90

Total Proved Reserves 323

(88% Natural Gas, 78% Proved Developed)

• Daily Production*: MMcfe/d

Appalachia 39% 28

Mississippi 18% 12

Gulf Coast 43% 31

Total Daily Production 71

• Net Acreage (12/31/03) 762,000

• Wells (12/31/03) 1,287 Gross; 847 net(91% operated)

Production (Bcfe): 2000

11.8 2001

14.1 2002

20.8 2003 23.8

Core Producing Areas

AppalachiaAppalachia

MississippiMississippiGulf Coast, W. Texas,Gulf Coast, W. Texas,E. Texas/N. LouisianaE. Texas/N. Louisiana

* - Year-end 2003 exit production rate

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Performance – Oil & Gas

* Year-end SEC proved reserves

Production and Proved Reserves*

0

10

20

30

40

50

60

70

Mm

cfe

per

Day

-

50

100

150

200

250

300

350

Bcf

e

Daily Production 22.7 24.4 32.3 38.6 57 65.3

Proved Reserves 165.7 187.2 174.7 252.8 273.4 322.9

1998 1999 2000 2001 2002 2003

2003 Production Growth 15%

Reserves Growth 18%

Production CAGR 24%

Reserves CAGR 14%

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Performance – Oil & Gas

Growth in Proved Reserves per Share

20.022.3

20.8

28.430.4

35.7

$4.58

$9.35

$5.65

$0.39

$1.78

$7.07

0

10

20

30

40

1998 1999 2000 2001 2002 2003

Res

erve

s p

er S

har

e (M

cfe)

$0.00

$5.00

$10.00

$15.00

$20.00

Deb

t pe

r S

har

e*

Reserves per Share Debt per Share

* Excludes PVR debt 2001 forward

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Portfolio of OpportunitiesPortfolio of Opportunities

Low RiskModest Potential

Moderate RiskModerate Potential

Higher RiskHigher Impact

AppalachiaLegacy Field developmentMississippian/Devonian sandsInfill drilling/developmentField ExtensionsHorizontal CBM (single & stacked seam development) – Potential for High Returns

Mississippi (Selma Chalk)Infill drilling/developmentField Extensions

East Texas/North LouisianaCotton Valley (Ninock, GMX)

South TexasVicksburg (SW Kingsville)

West TexasCherry/Brushy Canyon (Matthews)

Mississippi/Louisiana MioceneInternally generated from 2-D seismic, <6,000’ amplitudes

Mid-Continent (SE Kansas) CBMCurrently testing internally generated traditional and horizontal opportunities

South LouisianaMid-Lower Miocene (Stella, Bayou Sale, Avondale, S. Creole)South TexasWilcox (Tom Lyne)Frio/Vicksburg (Rugeley, Fannett, SW Kingsville)

South LouisianaMid-Lower Miocene (Atchafalaya, Sweetlake, Bayou Sale)

South TexasDeep Vicksburg (Esperanza, Fannett)Yegua (Richard King)Frio/Hackberry (Fannett)

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2004 Gulf Coast Program

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Three-Phased Project

2004 Development Program

8 Wells

PVOG Interest

70 -80%

Potential 2005

Development Program

PVOG Interest

50 -80%

Bethany Bethany (GMX)(GMX) Joint Venture Joint Venture

5000 Acres

6500 Acres

5700 Acres

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CBM Project AreaCBM Project Area

PVA controls 620,000 acres in WV, VA & KY

240,000 acres with coal thickness of 30+ inches

With a 50% geological risk, potential net reserve additions > 100Bcf

Plus a significant increase in net production

Bell

Virginia

Grayson

Scott

Lee

Washington

CarrollSmyth

Harlan

WytheRussellWise

Pulaski

Letcher

Dickenson

Bland

Tazewell

Giles

Buchanan

McDowell

Mercer

Monroe

PikeFloyd

Wyoming

SummersMartinMingo

RaleighLogan

Boone

Fayette

GreenbrierLincoln

Wayne

Virginia

Tennessee

Kentucky

West

N. Carolina

AMI BOUNDARY

PVOG PROPERTY

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HORIZONTAL CBMHORIZONTAL CBM

0

500

1000

1500

2000

2500

1 2 3 4 5 6 7 8 9 10

YEAR

MCF

D

• Significant production acceleration

• Gulf Coast production profile with little geological risk

• IRR 2-4 times greater than vertical development

• Payout in ~ 1 Year

• Typical F&D cost $1.00 - $1.50/Mcf

• Solution to develop tight coals

• 85% - 90% gas recovery

438 ACRES

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2003 HCBM Drilling Program2003 HCBM Drilling ProgramPVOG Risked Drilling Estimated

Revenue Producing Producing Horizontal Reserve F&D ATAXProject Interest Wells Patterns Distance Estimate Estimate ROR (% )

Drilled Completed During 2003: (Feet) (Bcf-gross)

LCHC002 69% 1 1 18,345 0.9 1.26$ 74%LCHC003 65% 1 1 16,300 0.8 1.54 80%Lasher 1 23% 2 3 44,067 1.4 1.82 86%

SLB 12% 2 2 15,074 0.5 2.20 69%LCHC001 69% 2 2 38,475 1.3 1.27 100%CDX 95 8% 2 2 54,500 1.5 1.23 100%Penn 2 53% 2 2 40,600 1.1 1.52 100%

Drilling in Progress at YE 2003:WPHC008 69% 2 4 117,481 3.0 1.34 100%WPHC009 69% 2 4 112,895 3.0 1.34 100%Lasher 3 26% 2 2 53,950 1.2 2.03 100%

Program Totals 18 23 511,687 14.7 1.47$

Note: ROR is based on $4.50/MMbtu Henry Hub gas price held flat.

02,0004,0006,0008,000

10,00012,00014,000

MC

FD

Gross HCBM Production

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2004 Appalachia Program2004 Appalachia Program

Virginia

Kentucky

West Virginia

Ohio

14 Dev.wells

30 HCBM Wellsin Budget

Loup Creek/Mcgraws

10 Dev. wells

Roaring Fork

Prospect AreaDevonian Shale

Prospect AreaNew CBM

(Green)Mingo Properties

New 2003Leases

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2004 Mississippi Program

Washington

Tangipahoa

St. Helena

St. Tammany

Livingston

Pearl River Stone

Harrison

Hancock

MarionAmite

Pike WalthallForrestLamar

Mississippi

Louisiana

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Hedging ProgramHedging ProgramSystematic Program Ensures Cash FlowSystematic Program Ensures Cash Flow

$28.83 $29.48 $30.36 $30.41 $30.13

0

100

200

300

400

500

600

700

1Q04 2Q04 3Q04 4Q04 1Q05

Bar

rels

per

Day

$0.00

$7.00

$14.00

$21.00

$28.00

$35.00

Swap

Pri

ce p

er B

arre

l

$5.59$5.98 $6.02

$6.43$6.75

$6.25

$3.71 $3.80$4.08 $4.16

$6.13

$4.19$4.50$4.27

0

6,000

12,000

18,000

24,000

30,000

36,000

42,000

1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05

Mm

btu

per

Day

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

Flo

or

/ C

eili

ng

Pri

ce p

er M

Mb

tu

Natural Gas

Crude Oil

Q4/03 Daily Production:

61 MMcf Natural Gas

1,100 Barrels Crude Oil

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Penn Virginia Resource Partners Penn Virginia Resource Partners

Active in coal royalty business for 122 years Royalties 90% of 2003 revenue Timber and coal infrastructure

Control approximately 588 million tons of high quality coal reserves (as of 12/31/03)

515MM tons in Appalachia (low sulfur/high BTU)

73MM tons in New Mexico Majority of coal is high BTU and over 61% is low sulfur

60% low sulfur; 33% compliance 53 leases with 29 different operators Coal production from PVR properties:

2002 – 14.3MM tons 2003 – 26.5MM tons

Infrastructure investments to enhance lessee production

Committed to growth Coal reserves increased 30% from 12/31/00 – 12/31/03 Acquired 120 MM tons from Peabody late 2002 Geographic and asset mix diversification focusing on

Coal reserves

Coal-related infrastructure

Mid-stream oil & gas assets

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PVR’s Coal Royalty & Land Management BusinessPVR’s Coal Royalty & Land Management Business Provides Diversified and Stable Cash Flows Provides Diversified and Stable Cash Flows

Diversified sources of royalty revenues Operating risk spread over 29 operators on 53 leases

Downside commodity price protection without limiting upside Leases provide for greater of (a) a % of the actual sales price or

(b) a fixed minimum per ton and include a minimum rental payment obligation

Peabody Leases provide for fixed royalties which escalate annually and include high minimum payments*

$ R

oyal

ty p

er to

n

Coal sales prices per ton

Fixed Minimum Royalty per Ton

% of Gross Sales Price

*Peabody escalating royalty rates only relate to Fed #2 mine and Lee Ranch mine. These escalate from $1.09 and $1.50 in 2003 to $1.75 and $2.48, respectively, over the life of the leases.

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1998 1999 2000 2001 2002 2003

Operating Income 10.5 16.4 19.8 25.2 24.4 26.5

Plus: D,D&A 0.6 1.3 2.0 3.1 4.0 16.6

EBITDA 11.1 17.7 21.8 28.3 28.4 43.1

PVR Performance – Coal Royalty & Land Management EBITDA

0.0

10.0

20.0

30.0

40.0

50.0$M

M

At $2.08/unit, PVR’s current distribution rate and the 2% GP interest, PVA received approx. $16.5MM of pre-tax cash flow from PVR in 2003.

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Financial Highlights - Consolidated

2004 Guidance2001 2002 2003 Range

Production·       Oil and Gas (Bcfe) 14.1 20.8 23.8 25.5 - 27.5·       Coal (MM Tons) 15.3 14.3 26.5 26.5 - 29.0

Realized Oil & Gas Prices ·       Natural Gas ($/Mcf) $4.06 $3.35 $5.31 ·       Oil ($/Bbl) 22.94 23.63 26.91

Operating Income ($MM) 1.6 30.8 62.1

Net Income ($MM) 34.3 12.1 28.5

Earnings Per Share (diluted) 3.86 1.34 3.15

Cash Flow from Operations ($MM)

44.2 65.8 109.7

Capital Spending ($MM) 241.7 203.8 138.8 98.3 - 98.4·       Oil & Gas/Corporate 208.0 56.3 133.5 98·       PVR 33.7 147.5 5.3 0.3 - 0.4

Long-Term Debt ($MM) 3.5 106.9 154.3 ·       PVA 3.5 16.0 64.0 ·       PVR -- 90.9 90.3 ·       Debt / Book Cap 1% 22% 28%

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Capital Spending

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Strategic SummaryStrategic Summary

PVA Increase inventory of development drilling Continue to develop portfolio of exploration opportunities Exploit CBM expertise and proprietary technology Redeploy MLP cash flow into growth opportunities

PVR Make accretive acquisitions

Goal to Increase distributions Diversify asset base

Geographic Fee-based

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Forward-Looking StatementsForward-Looking Statements

This presentation includes forward-looking statements within the meaning of the federal securities laws with respect to development activities, capital expenditures, acquisitions and dispositions, drilling and exploration programs, expected commencement dates of coal mining or oil and gas production, projected quantities of future oil and gas production by PVA, projected quantities of future coal production by PVR’s lessees producing coal from reserves leased from PVR, costs and expenditures as well as projected demand or supply for coal and oil and gas, which will affect sales levels, prices and royalties realized by PVA. These factors are discussed further in the PVA’s and PVR’s filings with the Securities and Exchange Commission, and reference is made to such filings. Although PVA and PVR believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.