|        |
|--------|
|        |
|   |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| Virginia                                                      |   | 23-1184320 |
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification Number) |

|                               |
|-------------------------------|
|                               |  |  |
| Title of each class           |   | Name of exchange on which registered |
| Common Stock, $0.01 Par Value |   | New York Stock Exchange |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |
| Large accelerated filer | ý |   | Accelerated filer | o |   | Non-accelerated filer | o |   | Smaller reporting company | o |

|        |
|--------|
|        |
|   |

----

|                                          |
|------------------------------------------|
|                                          |  |  |
|                                     | Page |
| Explanatory Note                         | 1 |
| Forward-Looking Statements               | 2 |
| Glossary of Certain Industry Terminology | 3 |
| Part I                                   |
| Item                                     |   |   |
| 2.                                       | Properties | 5 |
| Part II                                  |
|                                     |   |   |
| 7.                                       | Management’s Discussion and Analysis of Financial Condition and Results of Operations: |   |
|                                     | Overview and Executive Summary | 12 |
|                                     | Key Developments | 13 |
|                                     | Results of Operations | 15 |
|                                     | Financial Condition | 23 |
|                                     | Off-Balance Sheet Arrangements | 28 |
|                                     | Contractual Obligations | 28 |
|                                     | Critical Accounting Estimates | 29 |
|                                     |   |   |
| Part IV                                  |
|                                     |   |   |
| 15.                                      | Exhibits and Financial Statement Schedules | 31 |
|                                     |   |
| Signatures                               | 35 |

----

----

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | the volatility of commodity prices for oil, natural gas liquids and natural gas; |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | our ability to develop, explore for, acquire and replace oil and 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, natural gas liquids 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 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 the ability of these parties to meet their future obligations; |

|         |                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | compliance with and changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; |

|         |                                                  |
|---------|--------------------------------------------------|
| • | physical, electronic and cybersecurity breaches; |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | uncertainties relating to general domestic and international economic and political conditions; and |

|         |                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | other factors set forth in our periodic filings with the Securities and Exchange Commission, including the risks set forth in Item 1A of this Annual Report on Form 10-K for the year ended December 31, 2014. |

----

----

----

|        |                  |
|--------|------------------|
| Item 2 |  Properties |

----

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          | Crude Oil |   | NGLs |   | NaturalGas |   | OilEquivalents |   | StandardizedMeasure |   | Price Measurement Used 1 |
|          | (MMBbl) |   | (MMBbl) |   | (Bcf) |   | (MMBOE) |   | $ in millions |   | $/Bbl of Oil |   | $/Bbl of NGLs |   | $/MMBtu |
| 2014          |   |  |   |   |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |
| Developed     |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   |
| Producing     | 21.8 |  |   | 7.4 |  |   | 77.9 |  |   | 42.1 |  |   | $ | 794.9 |  |   |   |   |   |   |   |
| Non-producing | 0.3 |  |   | 0.7 |  |   | 16.6 |  |   | 3.8 |  |   | 8.6 |  |   |   |   |   |   |   |
|          | 22.1 |  |   | 8.1 |  |   | 94.5 |  |   | 45.9 |  |   | 803.5 |  |   |   |   |   |   |   |
| Undeveloped   | 47.0 |  |   | 11.1 |  |   | 64.7 |  |   | 68.9 |  |   | 378.9 |  |   |   |   |   |   |   |
|          | 69.0 |  |   | 19.2 |  |   | 159.2 |  |   | 114.8 |  |   | $ | 1,182.4 |  |   | $ | 92.91 |  |   | $ | 25.49 |  |   | $ | 4.32 |  |
| 2013          |  |   |  |   |  |   |  |   |  |   |   |   |   |   |   |
| Developed     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Producing     | 19.0 |  |   | 7.5 |  |   | 146.5 |  |   | 50.9 |  |   | $ | 701.7 |  |   |   |   |   |   |   |
| Non-producing | 0.3 |  |   | 1.0 |  |   | 16.7 |  |   | 4.1 |  |   | 7.3 |  |   |   |   |   |   |   |
|          | 19.3 |  |   | 8.5 |  |   | 163.2 |  |   | 55.0 |  |   | 709.0 |  |   |   |   |   |   |   |
| Undeveloped   | 41.4 |  |   | 13.4 |  |   | 158.9 |  |   | 81.3 |  |   | 554.8 |  |   |   |   |   |   |   |
|          | 60.7 |  |   | 21.9 |  |   | 322.1 |  |   | 136.3 |  |   | $ | 1,263.8 |  |   | $ | 103.11 |  |   | $ | 31.10 |  |   | $ | 3.47 |  |
| 2012          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Developed     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Producing     | 10.2 |  |   | 7.0 |  |   | 152.0 |  |   | 42.5 |  |   | $ | 408.5 |  |   |   |   |   |   |   |
| Non-producing | 0.3 |  |   | 1.2 |  |   | 17.4 |  |   | 4.5 |  |   | 43.0 |  |   |   |   |   |   |   |
|          | 10.5 |  |   | 8.3 |  |   | 169.4 |  |   | 47.0 |  |   | 451.5 |  |   |   |   |   |   |   |
| Undeveloped   | 14.4 |  |   | 12.4 |  |   | 238.1 |  |   | 66.5 |  |   | 46.4 |  |   |   |   |   |   |   |
|          | 24.9 |  |   | 20.7 |  |   | 407.5 |  |   | 113.5 |  |   | $ | 497.9 |  |   | $ | 102.24 |  |   | $ | 39.48 |  |   | $ | 2.47 |  |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |
|          |   | Proved |   | % of TotalProved |   | % Proved |
| Region        |   | Reserves |   | Reserves |   | Developed |
|          |   | (MMBOE) |   |   |  |   |   |  |
| Texas         |   |   |   |  |  |   |   |
| South Texas   |   | 94.1 |  |   | 82 | % |   | 29 | % |
| East Texas    |   | 13.7 |  |   | 12 | % |   | 85 | % |
| Mid-Continent |   | 6.9 |  |   | 6 | % |   | 95 | % |
| Other 1       |   | 0.1 |  |   | — | % |   | 100 | % |
|          |   | 114.8 |  |   | 100 | % |   | 40 | % |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | Crude Oil |   | NGLs |   | Natural Gas |   | Oil Equivalents |
|                                             | (MMBbl) |   | (MMBbl) |   | (Bcf) |   | (MMBOE) |
| Proved undeveloped reserves at beginning of year | 41.4 |  |   | 13.4 |  |   | 158.9 |  |   | 81.3 |  |
| Revisions of previous estimates                  | (5.1 | ) |   | (5.4 | ) |   | (84.2 | ) |   | (24.5 | ) |
| Extensions, discoveries and other additions      | 18.4 |  |   | 5.1 |  |   | 26.5 |  |   | 28.0 |  |
| Sale of reserves in place                        | — |  |   | — |  |   | (26.1 | ) |   | (4.4 | ) |
| Conversion to proved developed reserves          | (7.7 | ) |   | (2.0 | ) |   | (10.5 | ) |   | (11.5 | ) |
| Proved undeveloped reserves at end of year       | 47.0 |  |   | 11.1 |  |   | 64.7 |  |   | 68.9 |  |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |
|          | Crude Oil |   | NGLs |   | Natural Gas |   | Oil Equivalents |
|          | (MMBbl) |   | (MMBbl) |   | (Bcf) |   | (MMBOE) |
| Texas         |   |   |   |   |   |   |   |
| South Texas   | 46.7 |  |   | 10.7 |  |   | 54.7 |  |   | 66.5 |  |
| East Texas    | 0.2 |  |   | 0.3 |  |   | 8.9 |  |   | 2.0 |  |
| Mid-Continent | 0.1 |  |   | 0.1 |  |   | 1.1 |  |   | 0.4 |  |
|          | 47.0 |  |   | 11.1 |  |   | 64.7 |  |   | 68.9 |  |

----

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          |   |   |   | Total Productionfor the Year Ended December 31, |
| Region        |   |   |   |   |   |   |   | 2014 |   | 2013 |   | 2012 |
|          |   |   |   |   |   |   |   |   |  |   | (MBOE)  |   |   |  |
| Texas         |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas 1 |   |   |   |   |   |   |   | 5,913 |  |   | 4,091 |  |   | 2,334 |  |
| East Texas    |   |   |   |   |   |   |   | 844 |  |   | 1,020 |  |   | 1,337 |  |
| Mid-Continent |   |   |   |   |   |   |   | 741 |  |   | 937 |  |   | 1,211 |  |
| Other 2       |   |   |   |   |   |   |   | 437 |  |   | 776 |  |   | 1,631 |  |
|          |   |  |   |  |   |  |   | 7,934 |  |   | 6,824 |  |   | 6,513 |  |
|          |   |   |   |   |   |   |   |   |   |   |   |   |
|          |   |   |   |   |   |   |   | Average Daily Productionfor the Year Ended December 31, |
|          |   |   |   |   |   |   |   | 2014 |   | 2013 |   | 2012 |
|          |   |   |   |   |   |   |   |   |   | (BOEPD)  |   |   |
| Texas         |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas 1 |   |   |   |   |   |   |   | 16,201 |  |   | 11,208 |  |   | 6,377 |  |
| East Texas    |   |   |   |   |   |   |   | 2,311 |  |   | 2,795 |  |   | 3,653 |  |
| Mid-Continent |   |   |   |   |   |   |   | 2,029 |  |   | 2,567 |  |   | 3,309 |  |
| Other 2       |   |   |   |   |   |   |   | 1,196 |  |   | 2,126 |  |   | 4,456 |  |
|          |   |   |   |   |   |   |   | 21,738 |  |   | 18,696 |  |   | 17,795 |  |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | Year Ended December 31, |
|                                             | 2014 |   | 2013 |   | 2012 |
| Average prices:                                  |   |   |   |   |   |
| Crude oil ($ per Bbl)                            | $ | 90.50 |  |   | $ | 101.13 |  |   | $ | 101.95 |  |
| NGLs ($ per Bbl)                                 | $ | 31.14 |  |   | $ | 31.30 |  |   | $ | 35.13 |  |
| Natural gas ($ per Mcf)                          | $ | 4.44 |  |   | $ | 3.64 |  |   | $ | 2.46 |  |
| Aggregate ($ per BOE)                            | $ | 64.64 |  |   | $ | 63.11 |  |   | $ | 47.67 |  |
| Average production and lifting cost ($ per BOE): |   |   |   |   |   |
| Lease operating                                  | $ | 6.09 |  |   | $ | 5.20 |  |   | $ | 4.80 |  |
| Gathering processing and transportation          | 2.31 |  |   | 1.88 |  |   | 2.18 |  |
|                                             | $ | 8.40 |  |   | $ | 7.08 |  |   | $ | 6.98 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |
|                                              | Year Ended December 31, |
|                                              | 2014 |   | 2013 |   | 2012 |
| Production:                                       |   |  |   |   |  |   |   |  |
| Crude oil (MBbl)                                  | 4,450 |  |   | 3,197 |  |   | 1,960 |  |
| NGLs (MBbl)                                       | 773 |  |   | 478 |  |   | 205 |  |
| Natural gas (MMcf)                                | 4,070 |  |   | 2,406 |  |   | 1,015 |  |
| Total (MBOE)                                      | 5,901 |  |   | 4,077 |  |   | 2,334 |  |
| Percent of total company production               | 74 | % |   | 60 | % |   | 36 | % |
| Average prices:                                   |   |   |   |   |   |
| Crude oil ($ per Bbl)                             | $ | 90.57 |  |   | $ | 101.55 |  |   | $ | 103.33 |  |
| NGLs ($ per Bbl)                                  | $ | 25.23 |  |   | $ | 26.68 |  |   | $ | 31.43 |  |
| Natural gas ($ per Mcf)                           | $ | 4.20 |  |   | $ | 3.52 |  |   | $ | 2.56 |  |
| Aggregate ($ per BOE)                             | $ | 74.49 |  |   | $ | 84.85 |  |   | $ | 90.63 |  |
| Average production and lifting cost ($ per BOE)1: |   |   |   |   |   |
| Lease operating                                   | $ | 5.36 |  |   | $ | 4.30 |  |   | $ | 3.12 |  |
| Gathering processing and transportation           | 1.76 |  |   | 1.08 |  |   | 0.72 |  |
|                                              | $ | 7.12 |  |   | $ | 5.38 |  |   | $ | 3.84 |  |

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              | 2014 |   | 2013 |   | 2012 |
|                              | Gross |   | Net |   | Gross |   | Net |   | Gross |   | Net |
| Development                       |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Productive                        | 83 |  |   | 50.8 |  |   | 58 |  |   | 34.1 |  |   | 36 |  |   | 27.8 |  |
| Non-productive                    | 1 |  |   | 0.8 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Under evaluation                  | — |  |   | — |  |   | 1 |  |   | 0.5 |  |   | — |  |   | — |  |
| Total development                 | 84 |  |   | 51.6 |  |   | 59 |  |   | 34.6 |  |   | 36 |  |   | 27.8 |  |
|                              |   |   |   |   |   |   |   |   |   |   |   |
| Exploratory                       |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Productive                        | — |  |   | — |  |   | — |  |   | — |  |   | 5 |  |   | 3.9 |  |
| Non-productive                    | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Under evaluation                  | — |  |   | — |  |   | — |  |   | — |  |   | 1 |  |   | 1.0 |  |
| Total exploratory                 | — |  |   | — |  |   | — |  |   | — |  |   | 6 |  |   | 4.9 |  |
| Total                             | 84 |  |   | 51.6 |  |   | 59 |  |   | 34.6 |  |   | 42 |  |   | 32.7 |  |
|                              |   |   |   |   |   |   |   |   |   |   |   |
| Wells in progress at end of year1 | 28 |  |   | 14.3 |  |   | 16 |  |   | 11.5 |  |   | 3 |  |   | 2.7 |  |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          |   | 2014 |   | 2013 |   | 2012 |
| Region        |   | Gross |   | Net |   | Gross |   | Net |   | Gross |   | Net |
| Texas         |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas 1 |   | 84 |  |   | 51.6 |  |   | 57 |  |   | 34.1 |  |   | 35 |  |   | 29.5 |  |
| East Texas    |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Mid-Continent |   | — |  |   | — |  |   | 2 |  |   | 0.5 |  |   | 7 |  |   | 3.2 |  |
| Other         |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|          |   | 84 |  |   | 51.6 |  |   | 59 |  |   | 34.6 |  |   | 42 |  |   | 32.7 |  |

----

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          |   | Primarily Oil |   | Primarily Natural Gas |   | Total |
| Region        |   | Gross |   | Net |   | Gross |   | Net |   | Gross |   | Net |
| Texas         |   |   |   |   |   |   |   |   |   |  |  |   |  |  |
| South Texas 1 |   | 275 |  |   | 175.2 |  |   | — |  |   | — |  |   | 275 |  |   | 175.2 |  |
| East Texas    |   | — |  |   | — |  |   | 356 |  |   | 254.9 |  |   | 356 |  |   | 254.9 |  |
| Mid-Continent |   | 5 |  |   | 3.1 |  |   | 99 |  |   | 42.6 |  |   | 104 |  |   | 45.7 |  |
| Other 2       |   | — |  |   | — |  |   | 3 |  |   | 3.0 |  |   | 3 |  |   | 3.0 |  |
|          |   | 280 |  |   | 178.3 |  |   | 458 |  |   | 300.5 |  |   | 738 |  |   | 478.8 |  |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          |   | Developed  |   | Undeveloped  |   | Total  |
| Region        |   | Gross  |   | Net  |   | Gross  |   | Net  |   | Gross  |   | Net  |
| Texas         |   |   |   |   |   |   |   |   |   |  |  |   |  |  |
| South Texas   |   | 70.4 |  |   | 45.2 |  |   | 69.3 |  |   | 56.6 |  |   | 139.7 |  |   | 101.8 |  |
| East Texas    |   | 45.3 |  |   | 32.0 |  |   | 2.1 |  |   | 0.6 |  |   | 47.4 |  |   | 32.6 |  |
| Mid-Continent |   | 16.5 |  |   | 8.0 |  |   | 5.0 |  |   | 1.8 |  |   | 21.5 |  |   | 9.8 |  |
| Other         |   | 1.7 |  |   | 1.3 |  |   | 13.7 |  |   | 13.1 |  |   | 15.4 |  |   | 14.4 |  |
|          |   | 133.9 |  |   | 86.5 |  |   | 90.1 |  |   | 72.1 |  |   | 224.0 |  |   | 158.6 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
|                                 | 2015 |   | 2016 |   | 2017 |   | Thereafter |
| Percent of gross undeveloped acreage | 20 | % |   | 44 | % |   | 24 | % |   | 12 | % |
| Percent of net undeveloped acreage   | 15 | % |   | 45 | % |   | 26 | % |   | 14 | % |

----

|        |                                                                                             |
|--------|---------------------------------------------------------------------------------------------|
| Item 7 | Management’s Discussion and Analysis of Financial Condition and Results of Operations |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Year Ended December 31, |
|                                                                | 2014 |   | 2013 |   | 2012 |
| Total production (MBOE)                                             | 7,934 |  |   | 6,824 |  |   | 6,513 |  |
| Average daily production (BOEPD)                                    | 21,738 |  |   | 18,696 |  |   | 17,795 |  |
| Crude oil and NGL production (MBbl)                                 | 5,754 |  |   | 4,417 |  |   | 3,136 |  |
| Crude oil and NGL production as a percent of total                  | 73 | % |   | 65 | % |   | 48 | % |
| Product revenues, as reported                                       | $ | 512,882 |  |   | $ | 430,693 |  |   | $ | 310,484 |  |
| Product revenues, adjusted for derivatives                          | $ | 505,458 |  |   | $ | 429,651 |  |   | $ | 338,802 |  |
| Crude oil and NGL revenues as a percent of total, as reported       | 89 | % |   | 88 | % |   | 84 | % |
| Realized prices:                                                    |   |   |   |   |   |
| Crude oil ($/Bbl)                                                   | $ | 90.50 |  |   | $ | 101.13 |  |   | $ | 101.95 |  |
| NGL ($/Bbl)                                                         | $ | 31.14 |  |   | $ | 31.30 |  |   | $ | 35.13 |  |
| Natural gas ($/Mcf)                                                 | $ | 4.44 |  |   | $ | 3.64 |  |   | $ | 2.46 |  |
| Aggregate ($/BOE)                                                   | $ | 64.64 |  |   | $ | 63.11 |  |   | $ | 47.67 |  |
| Production and lifting costs ($/BOE):                               |   |   |   |   |   |
| Lease operating                                                     | $ | 6.09 |  |   | $ | 5.20 |  |   | $ | 4.80 |  |
| Gathering, processing and transportation                            | $ | 2.31 |  |   | $ | 1.88 |  |   | $ | 2.18 |  |
| Production and ad valorem taxes ($/BOE)                             | $ | 3.53 |  |   | $ | 3.28 |  |   | $ | 1.63 |  |
| General and administrative ($/BOE) 1                                | $ | 5.15 |  |   | $ | 6.46 |  |   | $ | 5.96 |  |
| Total operating costs ($/BOE)                                       | $ | 17.08 |  |   | $ | 16.82 |  |   | $ | 14.57 |  |
| Depreciation, depletion and amortization ($/BOE)                    | $ | 37.85 |  |   | $ | 35.99 |  |   | $ | 31.68 |  |
| Cash provided by operating activities 2                             | $ | 282,724 |  |   | $ | 261,512 |  |   | $ | 241,458 |  |
| Cash paid for capital expenditures, excluding 2013 EF Acquisition   | $ | 774,139 |  |   | $ | 504,203 |  |   | $ | 370,907 |  |
| Cash and cash equivalents at end of period                          | $ | 6,252 |  |   | $ | 23,474 |  |   | $ | 17,650 |  |
| Debt outstanding, net of discount, at end of period                 | $ | 1,110,000 |  |   | $ | 1,281,000 |  |   | $ | 594,759 |  |
| Credit available under revolving credit facility at end of period 3 | $ | 413,196 |  |   | $ | 191,346 |  |   | $ | 297,922 |  |
| Proved reserves (MMBOE)                                             | 115 |  |   | 136 |  |   | 113 |  |
| Net development wells drilled                                       | 51.6 |  |   | 34.6 |  |   | 27.8 |  |
| Net exploratory wells drilled                                       | — |  |   | — |  |   | 4.9 |  |

----

----

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|           | Total Production |   | Average Daily Production |
| Crude oil      | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |   | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|           | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |   | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|           | (MBbl) |   | (Bbl per day) |
| Texas          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas    | 4,459 |  |   | 3,199 |  |   | 1,960 |  |   | 1,259 |  |   | 1,240 |  |   | 12,216 |  |   | 8,766 |  |   | 5,354 |  |   | 3,451 |  |   | 3,412 |  |
| East Texas     | 54 |  |   | 63 |  |   | 71 |  |   | (10 | ) |   | (8 | ) |   | 148 |  |   | 174 |  |   | 194 |  |   | (26 | ) |   | (20 | ) |
| Mid-Continent  | 126 |  |   | 160 |  |   | 206 |  |   | (35 | ) |   | (46 | ) |   | 345 |  |   | 440 |  |   | 563 |  |   | (94 | ) |   | (124 | ) |
| Other          | 5 |  |   | 12 |  |   | 15 |  |   | (7 | ) |   | (3 | ) |   | 14 |  |   | 33 |  |   | 41 |  |   | (19 | ) |   | (8 | ) |
|           | 4,644 |  |   | 3,435 |  |   | 2,252 |  |   | 1,209 |  |   | 1,183 |  |   | 12,723 |  |   | 9,412 |  |   | 6,153 |  |   | 3,311 |  |   | 3,259 |  |
| % Change       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 35 |  % |   | 53 |  % |
|           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NGLs           | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |   | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|           | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |   | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|           | (MBbl) |   | (Bbl per day) |
| Texas          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas    | 775 |  |   | 485 |  |   | 205 |  |   | 289 |  |   | 280 |  |   | 2,122 |  |   | 1,330 |  |   | 561 |  |   | 793 |  |   | 769 |  |
| East Texas     | 122 |  |   | 191 |  |   | 281 |  |   | (68 | ) |   | (90 | ) |   | 335 |  |   | 523 |  |   | 767 |  |   | (187 | ) |   | (244 | ) |
| Mid-Continent  | 213 |  |   | 306 |  |   | 397 |  |   | (94 | ) |   | (91 | ) |   | 582 |  |   | 840 |  |   | 1,085 |  |   | (257 | ) |   | (246 | ) |
| Other          | — |  |   | — |  |   | 1 |  |   | — |  |   | (1 | ) |   | — |  |   | — |  |   | 2 |  |   | — |  |   | (2 | ) |
|           | 1,110 |  |   | 982 |  |   | 884 |  |   | 127 |  |   | 98 |  |   | 3,040 |  |   | 2,692 |  |   | 2,415 |  |   | 348 |  |   | 277 |  |
| % Change       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 13 |  % |   | 11 |  % |
|           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas    | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |   | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|           | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |   | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|           | (MMcf) |   | (MMcf per day) |
| Texas          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas    | 4,081 |  |   | 2,436 |  |   | 1,015 |  |   | 1,644 |  |   | 1,422 |  |   | 11 |  |   | 7 |  |   | 3 |  |   | 5 |  |   | 4 |  |
| East Texas     | 4,004 |  |   | 4,593 |  |   | 5,909 |  |   | (588 | ) |   | (1,316 | ) |   | 11 |  |   | 13 |  |   | 16 |  |   | (2 | ) |   | (4 | ) |
| Mid-Continent  | 2,413 |  |   | 2,823 |  |   | 3,646 |  |   | (410 | ) |   | (823 | ) |   | 7 |  |   | 8 |  |   | 10 |  |   | (1 | ) |   | (2 | ) |
| Other          | 2,586 |  |   | 4,583 |  |   | 9,692 |  |   | (1,996 | ) |   | (5,109 | ) |   | 7 |  |   | 13 |  |   | 26 |  |   | (5 | ) |   | (14 | ) |
|           | 13,085 |  |   | 14,435 |  |   | 20,261 |  |   | (1,350 | ) |   | (5,826 | ) |   | 36 |  |   | 40 |  |   | 55 |  |   | (4 | ) |   | (16 | ) |
| % Change       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (9 | )% |   | (29 | )% |
|           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Combined total | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |   | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|           | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |   | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|           | (MBOE) |   | (BOE per day) |
| Texas          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas    | 5,913 |  |   | 4,091 |  |   | 2,334 |  |   | 1,823 |  |   | 1,757 |  |   | 16,201 |  |   | 11,208 |  |   | 6,378 |  |   | 4,994 |  |   | 4,830 |  |
| East Texas     | 844 |  |   | 1,020 |  |   | 1,337 |  |   | (176 | ) |   | (317 | ) |   | 2,311 |  |   | 2,794 |  |   | 3,653 |  |   | (482 | ) |   | (859 | ) |
| Mid-Continent  | 741 |  |   | 937 |  |   | 1,211 |  |   | (197 | ) |   | (273 | ) |   | 2,029 |  |   | 2,568 |  |   | 3,308 |  |   | (539 | ) |   | (740 | ) |
| Other 1        | 437 |  |   | 776 |  |   | 1,631 |  |   | (339 | ) |   | (855 | ) |   | 1,196 |  |   | 2,126 |  |   | 4,457 |  |   | (929 | ) |   | (2,332 | ) |
|           | 7,934 |  |   | 6,824 |  |   | 6,513 |  |   | 1,111 |  |   | 311 |  |   | 21,738 |  |   | 18,696 |  |   | 17,795 |  |   | 3,043 |  |   | 900 |  |
| % Change       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 16 |  % |   | 5 |  % |

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil      | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |   | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|           | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |   | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|           |   |   | ($ per Bbl) |
| Texas          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas    | $ | 403,879 |  |   | $ | 324,899 |  |   | $ | 202,479 |  |   | $ | 78,980 |  |   | $ | 122,420 |  |   | $ | 90.58 |  |   | $ | 101.55 |  |   | $ | 103.33 |  |   | $ | (10.96 | ) |   | $ | (1.78 | ) |
| East Texas     | 4,852 |  |   | 6,325 |  |   | 6,862 |  |   | (1,473 | ) |   | (537 | ) |   | 90.08 |  |   | 99.69 |  |   | 96.55 |  |   | (9.61 | ) |   | 3.14 |  |
| Mid-Continent  | 11,027 |  |   | 14,920 |  |   | 18,667 |  |   | (3,893 | ) |   | (3,747 | ) |   | 87.59 |  |   | 93.01 |  |   | 90.55 |  |   | (5.42 | ) |   | 2.46 |  |
| Other          | 528 |  |   | 1,263 |  |   | 1,564 |  |   | (735 | ) |   | (301 | ) |   | 96.02 |  |   | 104.75 |  |   | 103.81 |  |   | (8.73 | ) |   | 0.94 |  |
|           | $ | 420,286 |  |   | $ | 347,407 |  |   | $ | 229,572 |  |   | $ | 72,879 |  |   | $ | 117,835 |  |   | $ | 90.50 |  |   | $ | 101.13 |  |   | $ | 101.95 |  |   | $ | (10.62 | ) |   | $ | (0.83 | ) |
| % Change       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (11 | )% |   | (1 | )% |
|           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NGLs           | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |   | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|           | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |   | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|           |   |   | ($ per Bbl) |
| Texas          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas    | $ | 19,555 |  |   | $ | 12,969 |  |   | $ | 6,451 |  |   | $ | 6,586 |  |   | $ | 6,518 |  |   | $ | 25.24 |  |   | $ | 26.72 |  |   | $ | 31.43 |  |   | $ | (1.48 | ) |   | $ | (4.71 | ) |
| East Texas     | 5,440 |  |   | 6,743 |  |   | 10,195 |  |   | (1,303 | ) |   | (3,452 | ) |   | 44.44 |  |   | 35.35 |  |   | 36.32 |  |   | 9.09 |  |   | (0.97 | ) |
| Mid-Continent  | 9,557 |  |   | 11,036 |  |   | 14,365 |  |   | (1,479 | ) |   | (3,329 | ) |   | 44.95 |  |   | 36.01 |  |   | 36.16 |  |   | 8.94 |  |   | (0.15 | ) |
| Other          | — |  |   | — |  |   | 40 |  |   | — |  |   | (40 | ) |   | — |  |   | — |  |   | 51.61 |  |   | — |  |   | (51.61 | ) |
|           | $ | 34,552 |  |   | $ | 30,748 |  |   | $ | 31,051 |  |   | $ | 3,804 |  |   | $ | (303 | ) |   | $ | 31.14 |  |   | $ | 31.30 |  |   | $ | 35.13 |  |   | $ | (0.17 | ) |   | $ | (3.82 | ) |
| % Change       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1 | )% |   | (11 | )% |
|           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas    | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |   | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|           | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |   | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|           |   |   | ($ per Mcf) |
| Texas          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas    | $ | 17,132 |  |   | $ | 8,586 |  |   | $ | 2,593 |  |   | $ | 8,546 |  |   | $ | 5,993 |  |   | $ | 4.20 |  |   | $ | 3.52 |  |   | $ | 2.56 |  |   | $ | 0.67 |  |   | $ | 0.97 |  |
| East Texas     | 17,875 |  |   | 15,571 |  |   | 13,607 |  |   | 2,304 |  |   | 1,964 |  |   | 4.46 |  |   | 3.39 |  |   | 2.30 |  |   | 1.07 |  |   | 1.09 |  |
| Mid-Continent  | 11,060 |  |   | 10,655 |  |   | 7,920 |  |   | 405 |  |   | 2,735 |  |   | 4.58 |  |   | 3.77 |  |   | 2.17 |  |   | 0.81 |  |   | 1.60 |  |
| Other          | 11,977 |  |   | 17,726 |  |   | 25,741 |  |   | (5,749 | ) |   | (8,015 | ) |   | 4.63 |  |   | 3.87 |  |   | 2.66 |  |   | 0.76 |  |   | 1.21 |  |
|           | $ | 58,044 |  |   | $ | 52,538 |  |   | $ | 49,861 |  |   | $ | 5,506 |  |   | $ | 2,677 |  |   | $ | 4.44 |  |   | $ | 3.64 |  |   | $ | 2.46 |  |   | $ | 0.80 |  |   | $ | 1.18 |  |
| % Change       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 22 |  % |   | 48 |  % |
|           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Combined total | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |   | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|           | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |   | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|           |   |   | ($ per BOE) |
| Texas          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| South Texas    | $ | 440,566 |  |   | 346,454 |  |   | 211,523 |  |   | $ | 94,112 |  |   | $ | 134,931 |  |   | $ | 74.50 |  |   | $ | 84.69 |  |   | $ | 90.62 |  |   | $ | (10.19 | ) |   | $ | (5.93 | ) |
| East Texas     | 28,167 |  |   | 28,639 |  |   | 30,664 |  |   | (472 | ) |   | (2,025 | ) |   | 33.39 |  |   | 28.09 |  |   | 22.94 |  |   | 5.29 |  |   | 5.15 |  |
| Mid-Continent  | 31,644 |  |   | 36,611 |  |   | 40,952 |  |   | (4,967 | ) |   | (4,341 | ) |   | 42.72 |  |   | 39.09 |  |   | 33.83 |  |   | 3.63 |  |   | 5.27 |  |
| Other          | 12,505 |  |   | 18,989 |  |   | 27,345 |  |   | (6,484 | ) |   | (8,356 | ) |   | 28.64 |  |   | 24.48 |  |   | 16.76 |  |   | 4.17 |  |   | 7.71 |  |
|           | $ | 512,882 |  |   | $ | 430,693 |  |   | $ | 310,484 |  |   | $ | 82,189 |  |   | $ | 120,209 |  |   | $ | 64.64 |  |   | $ | 63.11 |  |   | $ | 47.67 |  |   | $ | 1.53 |  |   | $ | 15.44 |  |
| % Change       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 2 |  % |   | 32 |  % |

----

|             |
|-------------|
|             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|        | 2014 vs. 2013 Revenue Variance Due to |   | 2013 vs. 2012 Revenue Variance Due to |
|        | Volume |   | Price |   | Total |   | Volume |   | Price |   | Total |
| Crude oil   | $ | 122,219 |  |   | $ | (49,340 | ) |   | $ | 72,879 |  |   | $ | 120,652 |  |   | $ | (2,817 | ) |   | $ | 117,835 |  |
| NGLs        | 3,987 |  |   | (183 | ) |   | 3,804 |  |   | 3,460 |  |   | (3,763 | ) |   | (303 | ) |
| Natural gas | (4,962 | ) |   | 10,468 |  |   | 5,506 |  |   | (14,356 | ) |   | 17,033 |  |   | 2,677 |  |
|        | $ | 121,244 |  |   | $ | (39,055 | ) |   | $ | 82,189 |  |   | $ | 109,756 |  |   | $ | 10,453 |  |   | $ | 120,209 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Year Ended December 31, |   | Increase |   | Year Ended December 31, |   | Favorable |
|                                    | 2014 |   | 2013 |   | (Unfavorable) |   | 2013 |   | 2012 |   | (Unfavorable) |
| Crude oil revenues as reported          | $ | 420,286 |  |   | $ | 347,407 |  |   | $ | 72,879 |  |   | $ | 347,407 |  |   | $ | 229,572 |  |   | $ | 576,979 |  |
| Derivative settlements, net             | (6,170 | ) |   | (2,624 | ) |   | (3,546 | ) |   | (2,624 | ) |   | 8,428 |  |   | 5,804 |  |
|                                    | $ | 414,116 |  |   | $ | 344,783 |  |   | $ | 69,333 |  |   | $ | 344,783 |  |   | $ | 238,000 |  |   | $ | 582,783 |  |
|                                    |   |   |   |   |   |   |   |   |   |   |   |
| Crude oil prices per Bbl, as reported   | $ | 90.50 |  |   | $ | 101.13 |  |   | $ | (10.63 | ) |   | $ | 101.13 |  |   | $ | 101.94 |  |   | $ | (0.81 | ) |
| Derivative settlements per Bbl          | (1.33 | ) |   | (0.76 | ) |   | (0.57 | ) |   | (0.76 | ) |   | 3.74 |  |   | (4.50 | ) |
|                                    | $ | 89.17 |  |   | $ | 100.37 |  |   | $ | (11.20 | ) |   | $ | 100.37 |  |   | $ | 105.68 |  |   | $ | (5.31 | ) |
|                                    |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas revenues as reported        | $ | 58,044 |  |   | $ | 52,538 |  |   | $ | 5,506 |  |   | $ | 52,538 |  |   | $ | 49,861 |  |   | $ | 2,677 |  |
| Derivative settlements, net             | (1,254 | ) |   | 1,582 |  |   | (2,836 | ) |   | 1,582 |  |   | 19,890 |  |   | (18,308 | ) |
|                                    | $ | 56,790 |  |   | $ | 54,120 |  |   | $ | 2,670 |  |   | $ | 54,120 |  |   | $ | 69,751 |  |   | $ | (15,631 | ) |
|                                    |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas prices per Mcf, as reported | $ | 4.44 |  |   | $ | 3.64 |  |   | $ | 0.80 |  |   | $ | 3.64 |  |   | $ | 2.46 |  |   | $ | 1.18 |  |
| Derivative settlements per Mcf          | (0.10 | ) |   | 0.11 |  |   | (0.21 | ) |   | 0.11 |  |   | 0.98 |  |   | (0.87 | ) |
|                                    | $ | 4.34 |  |   | $ | 3.75 |  |   | $ | 0.59 |  |   | $ | 3.75 |  |   | $ | 3.44 |  |   | $ | 0.31 |  |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|                            | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|                            |   |   |   |   |   |   | Favorable (unfavorable) |
| Lease operating                 | $ | 48,298 |  |   | $ | 35,461 |  |   | $ | 31,266 |  |   | $ | (12,837 | ) |   | $ | (4,195 | ) |
| Per unit of production ($/BOE)  | $ | 6.09 |  |   | $ | 5.20 |  |   | $ | 4.80 |  |   | $ | (0.89 | ) |   | $ | (0.40 | ) |
| % Change per unit of production |   |   |   |   |   |   | (17 | )% |   | (8 | )% |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|                                     | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|                                     |   |   |   |   |   |   | Favorable (unfavorable) |
| Gathering, processing and transportation | $ | 18,294 |  |   | $ | 12,839 |  |   | $ | 14,196 |  |   | $ | (5,455 | ) |   | $ | 1,357 |  |
| Per unit production ($/BOE)              | $ | 2.31 |  |   | $ | 1.88 |  |   | $ | 2.18 |  |   | $ | (0.42 | ) |   | $ | 0.30 |  |
| % Change per unit of production          |   |   |   |   |   |   | (23 | )% |   | 14 | % |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|                            | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|                            |   |   |   |   |   |   | Favorable (unfavorable) |
| Production/severance taxes      | $ | 22,567 |  |   | $ | 17,355 |  |   | $ | 7,534 |  |   | $ | (5,212 | ) |   | $ | (9,821 | ) |
| Ad valorem taxes                | 5,423 |  |   | 5,049 |  |   | 3,100 |  |   | (374 | ) |   | (1,949 | ) |
|                            | $ | 27,990 |  |   | $ | 22,404 |  |   | $ | 10,634 |  |   | $ | (5,586 | ) |   | $ | (11,770 | ) |
| Per unit production ($/BOE)     | $ | 3.53 |  |   | $ | 3.28 |  |   | $ | 1.63 |  |   | $ | (0.24 | ) |   | $ | (1.65 | ) |
| Production/severance tax rate   | 4.4 | % |   | 4.0 | % |   | 2.4 | % |   |   |   |   |
| % Change per unit of production |   |   |   |   |   |   | (7 | )% |   | NM |  |

----

|                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|                                                                                                                | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|                                                                                                                |   |   |   |   |   |   | Favorable (unfavorable) |
| General and administrative expenses                                                                                 | $ | 39,106 |  |   | $ | 40,410 |  |   | $ | 37,555 |  |   | $ | 1,304 |  |  | $ | (2,855 | ) |
| Share-based compensation (liability-classified)                                                                     | 4,519 |  |   | 4,116 |  |   | 714 |  |   | (403 | ) |  | (3,402 | ) |
| Share-based compensation (equity-classified)                                                                        | 3,627 |  |   | 5,781 |  |   | 6,347 |  |   | 2,154 |  |  | 566 |  |
| Significant non-recurring expenses:                                                                                 |   |   |   |   |   |   |   |   |   |
| ERP system development costs                                                                                        | 1,154 |  |   | 655 |  |   | — |  |   | (499 | ) |  | (655 | ) |
| EF Acquisition-related transaction costs                                                                            | — |  |   | 2,587 |  |   | — |  |   | 2,587 |  |  | (2,587 | ) |
| EF Acquisition-related arbitration and other costs                                                                  | 589 |  |   | 442 |  |   | — |  |   | (147 | ) |   | (442 | ) |
| Restructuring expenses                                                                                              | 10 |  |   | 7 |  |   | 1,284 |  |   | (3 | ) |  | 1,277 |  |
|                                                                                                                | $ | 49,005 |  |   | $ | 53,998 |  |   | $ | 45,900 |  |   | $ | 4,993 |  |  | $ | (8,098 | ) |
| Per unit of production ($/BOE)                                                                                      | $ | 6.18 |  |   | $ | 7.91 |  |   | $ | 7.05 |  |   | $ | 1.74 |  |  | $ | (0.87 | ) |
| Per unit of production excluding liability and equity-classified share-based compensation ($/BOE)                   | $ | 5.15 |  |   | $ | 6.46 |  |   | $ | 5.96 |  |   | $ | 1.31 |  |   | $ | (0.50 | ) |
| Per unit of production excluding share-based compensation and other non-recurring expenses identified above ($/BOE) | $ | 4.93 |  |   | $ | 5.92 |  |   | $ | 5.77 |  |   | $ | 0.99 |  |  | $ | (0.15 | ) |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|                             | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|                             |   |   |   |   |   |   | Favorable (unfavorable) |
| Unproved leasehold amortization  | $ | 10,346 |  |   | $ | 17,451 |  |   | $ | 32,634 |  |   | $ | 7,105 |  |   | $ | 15,183 |  |
| Geological and geophysical costs | 5,106 |  |   | 2,882 |  |   | 816 |  |   | (2,224 | ) |   | (2,066 | ) |
| Drilling rig termination charges | 751 |  |   | — |  |   | — |  |   | (751 | ) |   | — |  |
| Other, primarily delay rentals   | 860 |  |   | 661 |  |   | 642 |  |   | (199 | ) |   | (19 | ) |
|                             | $ | 17,063 |  |   | $ | 20,994 |  |   | $ | 34,092 |  |   | $ | 3,931 |  |   | $ | 13,098 |  |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|                                   | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|                                   |   |   |   |   |   |   | Favorable (unfavorable) |
| DD&A expense                       | $ | 300,299 |  |   | $ | 245,594 |  |   | $ | 206,336 |  |   | $ | (54,705 | ) |   | $ | (39,258 | ) |
| DD&A rate ($/BOE)                  | $ | 37.85 |  |   | $ | 35.99 |  |   | $ | 31.68 |  |   | $ | (1.86 | ) |   | $ | (4.31 | ) |
|                                   |   |   |   |   |   |   |   |   |   |
|                                   | DD&A Variance due to: |   |   |   |   |
|                                   | Production |   | Rates |   | Total |   |   |   |   |
| 2014 to 2013 DD&A variance due to: | $ | (39,955 | ) |   | $ | (14,750 | ) |   | $ | (54,705 | ) |   |   |   |   |
| 2013 to 2012 DD&A variance due to: | $ | (9,789 | ) |   | $ | (29,469 | ) |   | $ | (39,258 | ) |   |   |   |   |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|                                    | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|                                    |   |   |   |   |   |   | Favorable (unfavorable) |
| Interest on borrowings and related fees | $ | 91,866 |  |   | $ | 80,263 |  |   | $ | 56,080 |  |   | $ | (11,603 | ) |  | $ | (24,183 | ) |
| Amortization of debt issuance costs     | 4,197 |  |   | 3,413 |  |   | 2,695 |  |   | (784 | ) |  | (718 | ) |
| Accretion of original issue discount    | — |  |   | 431 |  |   | 1,367 |  |   | 431 |  |  | 936 |  |
| Capitalized interest                    | (7,232 | ) |   | (5,266 | ) |   | (803 | ) |   | 1,966 |  |  | 4,463 |  |
|                                    | $ | 88,831 |  |   | $ | 78,841 |  |   | $ | 59,339 |  |   | $ | (9,990 | ) |   | $ | (19,502 | ) |
| Weighted-average debt outstanding       | $ | 1,205,077 |  |   | $ | 1,022,337 |  |   | $ | 697,786 |  |   | $ | (182,740 | ) |   | $ | (324,551 | ) |
| Weighted average interest rate          | 7.97 | % |   | 8.23 | % |   | 8.62 | % |   |   |   |   |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                               | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|                               | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|                               |   |   |   |   |   |   | Favorable (unfavorable) |
| Oil and gas derivatives settled    | $ | (7,424 | ) |   | $ | (1,042 | ) |   | $ | 28,317 |  |   |  |   | $ | 29,359 |  |
| Oil and gas derivative gain (loss) | 169,636 |  |   | (19,810 | ) |   | 6,464 |  |   | (189,446 | ) |   | 26,274 |  |
| Interest rate swap gain            | — |  |   | — |  |   | 1,406 |  |   | — |  |   | 1,406 |  |
|                               | $ | 162,212 |  |   | $ | (20,852 | ) |   | $ | 36,187 |  |   | $ | (189,446 | ) |   | $ | 57,039 |  |

----

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | Year Ended December 31, |   | 2014 vs. |   | 2013 vs. |
|                         | 2014 |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
|                         |   |   |   |   |   |   | Favorable (unfavorable) |
| Income tax expense (benefit) | $ | 131,678 |  |   | $ | 77,696 |  |   | $ | 68,702 |  |   | $ | (53,982 | ) |   | $ | (8,994 | ) |
| Effective tax rate           | 24.3 | % |   | 35.2 | % |   | 39.6 | % |   |   |   |   |

----

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |
|                                 | Borrowings Outstanding |   |   |
|                                 | Weighted-Average |   | Maximum |   | Weighted-Average Rate |
| Three months ended December 31, 2014 | $ | 10,663 |  |   | $ | 35,000 |  |   | 1.7970 | % |
| Year ended December 31, 2014         | $ | 130,438 |  |   | $ | 407,000 |  |   | 2.2179 | % |

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |
|                                                                      | Year Ended December 31, |   |   |
|                                                                      | 2014 |   | 2013 |   | Variance |
| Cash flows from operating activities                                      |   |   |   |   |  |  |
| Operating cash flows, net                                                 | $ | 372,611 |  |   | $ | 314,424 |  |   | $ | 58,187 |  |
| Working capital changes (excluding interest and income taxes), net        | 9,033 |  |   | 19,120 |  |   | (10,087 | ) |
| Commodity derivative settlements (paid) received, net:                    |   |   |   |   | — |  |
| Crude oil                                                                 | (6,170 | ) |   | (2,624 | ) |   | (3,546 | ) |
| Natural gas                                                               | (1,254 | ) |   | 1,582 |  |   | (2,836 | ) |
| Interest payments, net of amounts capitalized                             | (84,797 | ) |   | (65,107 | ) |   | (19,690 | ) |
| Income taxes paid                                                         | (3,612 | ) |   | — |  |   | (3,612 | ) |
| EF Acquisition arbitration, transaction, integration and other costs paid | (589 | ) |   | (3,029 | ) |   | 2,440 |  |
| Restructuring and exit costs paid                                         | (2,498 | ) |   | (2,854 | ) |   | 356 |  |
| Net cash provided by operating activities                                 | 282,724 |  |   | 261,512 |  |   | 21,212 |  |
| Cash flows from investing activities                                      |   |  |   |   |  |   |   |  |
| EF Acquisition and working capital-related settlements, net               | 33,712 |  |   | (380,694 | ) |   | 414,406 |  |
| Capital expenditures – property and equipment                  | (774,139 | ) |   | (504,203 | ) |   | (269,936 | ) |
| Proceeds from sales of assets, net                                        | 313,933 |  |   | (54 | ) |   | 313,987 |  |
| Net cash used in investing activities                                     | (426,494 | ) |   | (884,951 | ) |   | 458,457 |  |
| Cash flows from financing activities                                      |   |  |   |   |  |   |   |  |
| Proceeds from the issuance of preferred stock, net                        | 313,330 |  |   | — |  |   | 313,330 |  |
| Payments made to induce conversion of preferred stock                     | (4,256 | ) |   | — |  |   | (4,256 | ) |
| Proceeds from the issuance of senior notes                                | — |  |   | 775,000 |  |   | (775,000 | ) |
| Retirement of senior notes                                                | — |  |   | (319,090 | ) |   | 319,090 |  |
| Proceeds (repayments) from revolving credit facility borrowings, net      | (171,000 | ) |   | 206,000 |  |   | (377,000 | ) |
| Debt issuance costs paid                                                  | (151 | ) |   | (25,634 | ) |   | 25,483 |  |
| Dividends paid on preferred stock                                         | (12,803 | ) |   | (6,862 | ) |   | (5,941 | ) |
| Other, net                                                                | 1,428 |  |   | (151 | ) |   | 1,579 |  |
| Net cash provided by financing activities                                 | 126,548 |  |   | 629,263 |  |   | (502,715 | ) |
| Net increase in cash and cash equivalents                                 | $ | (17,222 | ) |   | $ | 5,824 |  |   | $ | (23,046 | ) |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |
|                                               | Year Ended December 31, |
|                                               | 2014 |   | 2013 |
| Oil and gas:                                       |   |  |   |   |  |
| Drilling and completion                            | $ | 667,385 |  |   | $ | 418,246 |  |
| Lease acquisitions and other land-related costs 1  | 98,443 |  |   | 69,155 |  |
| Geological and geophysical (seismic) costs         | 5,106 |  |   | 2,882 |  |
| Pipeline, gathering facilities and other equipment | 21,538 |  |   | 17,583 |  |
|                                               | 792,472 |  |   | 507,866 |  |
| Other – Corporate 2                          | 1,463 |  |   | 2,370 |  |
| Total capital program costs                        | $ | 793,935 |  |   | $ | 510,236 |  |

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
|                                                                  | Year Ended December 31, |
|                                                                  | 2014 |   | 2013 |
| Total capital program costs                                           | $ | 793,935 |  |   | $ | 510,236 |  |
| Increase in accrued capitalized costs                                 | (24,715 | ) |   | (6,356 | ) |
| Less:                                                                 |   |   |   |
| Exploration expenses charged to operations:                           |   |   |   |
| Geological and geophysical (seismic)                                  | (5,106 | ) |   | (2,882 | ) |
| Other, primarily delay rentals                                        | (860 | ) |   | (661 | ) |
| Transfers from tubular inventory and well materials                   | (403 | ) |   | (2,471 | ) |
| Add:                                                                  |   |   |   |
| Tubular inventory and well materials purchased in advance of drilling | 4,056 |  |   | 1,071 |  |
| Capitalized interest                                                  | 7,232 |  |   | 5,266 |  |
| Total cash paid for capital expenditures                              | $ | 774,139 |  |   | $ | 504,203 |  |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |
|                                                                 | Year Ended December 31, |
|                                                                 | 2014 |   | 2013 |
| Rights to construct an oil gathering system in South Texas, net      | $ | 147,149 |  |   | $ | — |  |
| South Texas natural gas gathering and gas lift system, net           | 95,964 |  |   | — |  |
| Oil and gas properties, net                                          | 70,818 |  |   | 85 |  |
| Tubular inventory and well materials, net                            | 2 |  |   | 399 |  |
| Proceeds from the sales of assets, net                               | 313,933 |  |   | 484 |  |
| Payments of post-closing adjustments attributable to sales of assets | — |  |   | (538 | ) |
|                                                                 | $ | 313,933 |  |   | $ | (54 | ) |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | As of December 31, |
|                                | 2014 |   | 2013 |
| Revolving credit facility           | $ | 35,000 |  |   | $ | 206,000 |  |
| Senior notes due 2019               | 300,000 |  |   | 300,000 |  |
| Senior notes due 2020               | 775,000 |  |   | 775,000 |  |
| Total debt                          | 1,110,000 |  |   | 1,281,000 |  |
| Shareholders’ equity 1        | 675,817 |  |   | 788,804 |  |
|                                | $ | 1,785,817 |  |   | $ | 2,069,804 |  |
| Debt as a % of total capitalization | 62 | % |   | 62 | % |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total debt to EBITDAX, each as defined in the Revolver, for any four consecutive quarters may not exceed 4.25 to 1.0 for periods through December 31, 2014 and 4.0 to 1.0 for periods through maturity in 2017. EBITDAX, which is a non-GAAP measure, generally means net income plus interest expense, taxes, depreciation, depletion and amortization expenses, exploration expenses, impairments and other non-cash charges or losses. |

|         |                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The current ratio, as of the last day of any quarter, may not be less than 1.0 to 1.0. The current ratio is generally defined as current assets to current liabilities. Current assets and current liabilities attributable to derivative instruments are excluded. In addition, current assets include the amount of any unused commitment under the Revolver. |

----

|                         |
|-------------------------|
|                         |  |  |  |  |
|                    |   | Required |   | Actual |
| Description of Covenant |   | Covenant |   | Results |
| Total debt to EBITDAX   |   | < 4.25 to 1 |   | 3.0 to 1 |
| Current ratio           |   | > 1.00 to 1 |   | 2.0 to 1 |
| Interest coverage       |   | > 2.25 to 1 |   | 3.4 to 1 |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     | Payments Due by Period |
|                                     | Total |   | Less than1 Year |   | 1-3 Years |   | 3-5 Years |   | More Than5 Years |
| Revolver 1                               | $ | 35,000 |  |   | $ | — |  |   | $ | 35,000 |  |   | $ | — |  |   | $ | — |  |
| Senior Notes due 2019 and 2020 2         | 1,075,000 |  |   | — |  |   | — |  |   | 300,000 |  |   | 775,000 |  |
| Interest payments on long-term debt 3    | 461,813 |  |   | 88,216 |  |   | 176,285 |  |   | 164,375 |  |   | 32,937 |  |
| Operating leases 4                       | 6,482 |  |   | 1,967 |  |   | 3,166 |  |   | 1,349 |  |   | — |  |
| Well drilling and completion commitments | 33,660 |  |   | 33,660 |  |   | — |  |   | — |  |   | — |  |
| Firm transportation commitments 5        | 37,412 |  |   | 4,789 |  |   | 7,762 |  |   | 7,762 |  |   | 17,099 |  |
| Asset retirement obligations 6           | 76,969 |  |   | — |  |   | — |  |   | — |  |   | 76,969 |  |
| Other commitments 7                      | 139,124 |  |   | 10,337 |  |   | 32,899 |  |   | 27,376 |  |   | 68,512 |  |
| Total contractual obligations            | $ | 1,865,460 |  |   | $ | 138,969 |  |   | $ | 255,112 |  |   | $ | 500,862 |  |   | $ | 970,517 |  |

----

----

----

|              |                                                       |
|--------------|-------------------------------------------------------|
| Item 15 | Exhibit and Financial Statement Schedules   |

|          |
|----------|
|          |  |
| (1)      | Financial Statements — The financial statements filed herewith are listed in the Index to Consolidated Financial Statements on page 50 of the Annual Report on Form 10-K (previously filed as Exhibit 1 to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|     |   |
| (2.1)    | Purchase and Sale Agreement, dated May 30, 2014, by and between Penn Virginia Oil & Gas Corporation and KKR Management Holdings L.P. (incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on June 2, 2014). |
|     |   |
| (3.1)    | Restated Articles of Incorporation of Penn Virginia Corporation (incorporated by reference to Exhibit 3.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on July 30, 2013). |
|     |   |
| (3.1.1)  | Articles of Amendment of the Restated Articles of Incorporation of Penn Virginia Corporation (incorporated by reference to Exhibit 3.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on June 16, 2014). |
|     |   |
| (3.2)    | Amended and Restated Bylaws of Penn Virginia Corporation (incorporated by reference to Exhibit 3.2 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on June 16, 2014). |
|     |   |
| (4.1)    | Senior Indenture dated June 15, 2009 among Penn Virginia Corporation, as Issuer, the Subsidiary Guarantors named therein, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on June 16, 2009). |
|     |   |
| (4.1.1)  | First Supplemental Indenture relating to the 10.375% Senior Notes due 2016, dated June 15, 2009, among Penn Virginia Corporation, as Issuer, the Subsidiary Guarantors named therein and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Registrant’s Current Report on Form 8-K/A (File No. 001-13283) filed on June 18, 2009). |
|     |   |
| (4.1.2)  | Second Supplemental Indenture relating to the 10.375% Senior Notes due 2016, dated April 4, 2011, among Penn Virginia Corporation, as Issuer, the Subsidiary Guarantors named therein and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on April 5, 2011). |
|     |   |
| (4.1.3)  | Third Supplemental Indenture relating to the 7.25% Senior Notes due 2019, dated April 13, 2011, among Penn Virginia Corporation, as Issuer, the Subsidiary Guarantors named therein and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on April 14, 2011). |
|     |   |
| (4.1.4)  | Form of Note for 7.25% Senior Notes due 2019 (incorporated by reference to Annex A to  Exhibit 4.3 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on April 14, 2011). |
|     |   |
| (4.1.5)  | Fourth Supplemental Indenture relating to the 8.500% Senior Notes due 2020, dated April 24, 2013, among Penn Virginia Corporation, as Issuer, the Subsidiary Guarantors named therein and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on April 29, 2013). |
|     |   |
| (4.1.6)  | Form of 8.500% Senior Notes due 2020 (incorporated by reference to Exhibit 4.3 contained in Exhibit 1 to Exhibit 4.2 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on April 29, 2013). |
|     |   |
| (4.1.7)  | Fifth Supplemental Indenture relating to the 10.375% Senior Notes due 2016, dated April 24, 2013, among Penn Virginia Corporation, as Issuer, the Subsidiary Guarantors named therein and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.6 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on April 29, 2013). |
|     |   |
| (4.2)    | Deposit Agreement, dated October 17, 2012, among Penn Virginia Corporation, American Stock Transfer & Trust Company, LLC and the holders from time to time of the depositary shares described therein (incorporated by reference to Exhibit 4.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on October 17, 2012). |
|     |   |
| (4.2.1)  | Form of depositary receipt representing the Depositary Shares (incorporated by reference to Exhibit A to Exhibit 4.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on October 17, 2012). |
|     |   |
| (4.3)    | Deposit Agreement, dated June 16, 2014, among Penn Virginia Corporation, American Stock Transfer & Trust Company, LLC and the holders from time to time of the depositary receipts described therein (incorporated by reference to Exhibit 4.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on June 16, 2014). |
|     |   |
| (4.3.1)  | Form of depositary receipt representing the Depositary Shares (incorporated by reference to Exhibit A to Exhibit 4.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on June 16, 2014). |
|     |   |
| (10.1)   | Credit Agreement dated as of September 28, 2012 among Penn Virginia Holding Corp., as borrower, Penn Virginia Corporation, as parent, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on October 2, 2012). |
|     |   |
| (10.1.1) | Waiver and First Amendment to Credit Agreement dated as of April 2, 2013 by and among Penn Virginia Holding Corp., as borrower, Penn Virginia Corporation, as parent, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on April 3, 2013). |

----

|          |
|----------|
|          |  |
| (10.1.2) | Waiver and Second Amendment to Credit Agreement dated as of April 2, 2013 by and among Penn Virginia Holding Corp., as borrower, Penn Virginia Corporation, as parent, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on April 11, 2013). |
|     |   |
| (10.1.3) | Assignment and Third Amendment to Credit Agreement dated as of May 20, 2013 by and among Penn Virginia Holding Corp., as borrower, Penn Virginia Corporation, as parent, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on June 3, 2013). |
|     |   |
| (10.1.4) | Assignment and Fourth Amendment to Credit Agreement dated as of October 28, 2013 by and among Penn Virginia Holding Corp., as borrower, Penn Virginia Corporation, as parent, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on October 30, 2013). |
|     |   |
| (10.1.5) | Fifth Amendment and Borrowing Base Redetermination dated as of May 12, 2014 among Penn Virginia Holding Corp., as borrower, Penn Virginia Corporation, as parent, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on May 15, 2014). |
|     |   |
| (10.1.6) | Sixth Amendment to Credit Agreement dated as of June 16, 2014 by and among Penn Virginia Holding Corp., as borrower, Penn Virginia Corporation, as parent, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on June 16, 2014). |
|     |   |
| (10.1.7) | Seventh Amendment and Borrowing Base Redetermination dated as of October 23, 2014 among Penn Virginia Holding Corp., as borrower, Penn Virginia Corporation, as parent, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on October 27, 2014). |
|     |   |
| (10.1.8) | Eighth Amendment to Credit Agreement dated as of November 7, 2014 by and among Penn Virginia Holding Corp., as borrower, Penn Virginia Corporation, as parent, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on November 12, 2014). |
|     |   |
| (10.2)   | Penn Virginia Corporation Supplemental Employee Retirement Plan (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on October 29, 2007).* |
|     |   |
| (10.2.1) | Amendment 2009-1 to the Penn Virginia Corporation Supplemental Employee Retirement Plan (incorporated by reference to Exhibit 10.4.1 to Registrant’s Annual Report on Form 10-K (File No. 001-13283) filed on February 27, 2012).* |
|     |   |
| (10.3)   | Penn Virginia Corporation Amended and Restated Non-Employee Directors Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on October 29, 2007).* |
|     |   |
| (10.3.1) | Amendment One to the Penn Virginia Corporation Amended and Restated Non-Employee Directors Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on May 6, 2011).* |
|     |   |
| (10.4)   | Penn Virginia Corporation Fifth Amended and Restated 1995 Directors’ Compensation Plan (incorporated by reference to Exhibit 10.29 to Registrant’s Annual Report on Form 10-K (File No. 001-13283) filed on February 29, 2008). * |
|     |   |
| (10.4.1) | Form of Agreement for Deferred Common Stock Unit Grants under the Penn Virginia Corporation Fifth Amended and Restated 1995 Directors’ Compensation Plan (incorporated by reference to Exhibit 10.30 to Registrant’s Annual Report on Form 10-K (File No. 001-13283) filed on February 29, 2008).* |
|     |   |
| (10.5)   | Penn Virginia Corporation 2013 Amended and Restated Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on May 3, 2013).* |
|     |   |
| (10.5.1) | Form of Agreement for Restricted Stock Unit Awards under the Penn Virginia Corporation 2013 Amended and Restated Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on May 3, 2013).* |
|     |   |
| (10.5.2) | Form of Agreement for Performance Based Restricted Stock Unit Awards under the Penn Virginia Corporation 2013 Amended and Restated Long-Term Incentive Incentive Plan (incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on May 3, 2013).* |
|     |   |
| (10.5.3) | Form of Agreement for Stock Option Grants under the Penn Virginia Corporation Amended and Restated 2013 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.4 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on May 3, 2013).* |
|     |   |
| (10.5.4) | Form of Agreement for Deferred Common Stock Unit Awards under the Penn Virginia Corporation 2013 Amended and Restated Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on July 30, 2013).* |
|     |   |
| (10.5.5) | 2014 Form of Agreement for Restricted Stock Unit Awards under the Penn Virginia Corporation 2013 Amended and Restated Long-Term Incentive Plan (previously filed as Exhibit 10.5.5 to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015).* |
|     |   |

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|           |
|-----------|
|           |  |
| (10.5.6)  | 2014 Form of Agreement for Performance Based Restricted Stock Unit Awards under the Penn Virginia Corporation 2013 Amended and Restated Long-Term Incentive Incentive Plan (previously filed as Exhibit 10.5.6 to the Annual Report on Form 10-K(File No. 001-13283) originally filed on February 25, 2015).* |
|      |   |
| (10.5.7)  | 2014 Form of Agreement for Stock Option Grants under the Penn Virginia Corporation Amended and Restated 2013 Long-Term Incentive Plan (previously filed as Exhibit 10.5.7 to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015).* |
|      |   |
| (10.6)    | Amended and Restated Executive Change of Control Severance Agreement dated December 20, 2012 between Penn Virginia Corporation and H. Baird Whitehead (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K  (File No. 001-13283) filed on December 21, 2012).* |
|      |   |
| (10.7)    | Amended and Restated Executive Change of Control Severance Agreement dated December 20, 2012 between Penn Virginia Corporation and Nancy M. Snyder (incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on December 21, 2012).* |
|      |   |
| (10.8)    | Amended and Restated Executive Change of Control Severance Agreement dated December 20, 2012 between Penn Virginia Corporation and Steven A. Hartman (incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on December 21, 2012).* |
|      |   |
| (10.9)    | Executive Change of Control Severance Agreement dated January 29, 2013 between Penn Virginia Corporation and John A. Brooks (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on February 1, 2013). * |
|      |   |
| (10.10)   | Amended and Restated Change of Location Severance Agreement dated December 20, 2012 between Penn Virginia Corporation and Nancy M. Snyder (incorporated by reference to Exhibit 10.4 to Registrant’s Current Report on Form 8-K (File No. 001-13283) filed on December 21, 2012).* |
|      |   |
| (10.11)   | Penn Virginia Corporation Amended and Restated Annual Incentive Cash Bonus and Long-Term Equity Compensation Guidelines (incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K/A (File No. 001-13283) filed on February 19, 2014).* |
|      |   |
| (10.12)   | Purchase and Sale Agreement dated December 13, 2013, by and among Penn Virginia Oil & Gas, L.P., Ted Collins, Jr., Plein Sud Holdings, LLC as sellers and HPIP LaVaca, LLC as buyer (incorporated by reference to Exhibit 10.14 to Registrant’s Annual Report on Form 10-K (previously filed as an exhibit to the Annual Report on Form 10-K (File No. 001-13283) filed on February 24, 2014). |
|      |   |
| (10.13)   | Construction and Field Gathering Agreement dated July 30, 2014 by and between Penn Virginia Oil & Gas, L.P. and Republic Midstream, LLC (incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q (File No. 001-13283)filed on October 29, 2014). |
|      |   |
| (12.1)    | Statement of Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends Calculation (previously filed as  Exhibit 12.1 to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (21.1)    | Subsidiaries of Penn Virginia Corporation (previously filed as Exhibit 21.1 to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (23.1)    | Consent of Wright & Company, Inc. (filed herewith). |
|      |   |
| (31.1)    | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (previously filed as Exhibit 31.1 to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (31.2)    | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (previously filed as Exhibit 31.2 to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (31.3)    | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
|      |   |
| (31.4)    | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
|      |   |
| (32.1)    | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(previously filed as Exhibit 32.1 to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (32.2)    | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(previously filed as Exhibit 32.2 to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (99.1)    | Report of Wright & Company, Inc. dated January 9, 2015 concerning evaluation of oil and gas reserves (previously filed as Exhibit 99.1 to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (101.INS) | XBRL Instance Document (previously filed as Exhibit 101.INS to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |

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|           |
|-----------|
|           |  |
|      |   |
| (101.SCH) | XBRL Taxonomy Extension Schema Document (previously filed as Exhibit 101.SCH to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (101.CAL) | XBRL Taxonomy Extension Calculation Linkbase Document (previously filed as Exhibit 101.CAL to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (101.DEF) | XBRL Taxonomy Extension Definition Linkbase Document (previously filed as Exhibit 101.DEF to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (101.LAB) | XBRL Taxonomy Extension Label Linkbase Document (previously filed as Exhibit 101.LAB to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |
|      |   |
| (101.PRE) | XBRL Taxonomy Extension Presentation Linkbase Document (previously filed as Exhibit 101.PRE to the Annual Report on Form 10-K (File No. 001-13283) originally filed on February 25, 2015). |

|   |                                                          |
|---|----------------------------------------------------------|
| * | Management contract or compensatory plan or arrangement. |

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|               |
|---------------|
|               |  |  |
|          | PENN VIRGINIA CORPORATION |
|          |   |
|          | By: | /s/ STEVEN A. HARTMAN |
|          |   | Steven A. Hartman  |
|          |   | Senior Vice President and Chief Financial Officer |
|          |   |   |
| July 15, 2015 | By:  | /s/ JOAN C. SONNEN |
|          |   | Joan C. Sonnen  |
|          |   | Vice President, Chief Accounting Officer and Controller |
|          |   | (Principal Accounting Officer) |