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

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

|                               |
|-------------------------------|
|                               |  |  |
| Common Stock, $0.01 Par Value |   | NASDAQ Global Select Market |
| Title of each class           |   | Name of exchange on which registered |

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

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

----

|                              |
|------------------------------|
|                              |  |  |
| Part III - Other Information |
| Item                         |   | Page |
| 10.                          | Directors, Executive Officers and Corporate Governance. | 4 |
| 11.                          | Executive Compensation. | 8 |
| 12.                          | Security Ownership of Certain Beneficial Owners and management and Related Stockholder Matters. | 22 |
| 13.                          | Certain Relationships and Related Transactions and Director Independence. | 23 |
| 14.                          | Principal Accounting Fees and Services. | 24 |
| Part IV                      |
| 15.                          | Exhibits. | 24 |
| Signatures                   | 25 |

----

----

|              |                                                        |
|--------------|--------------------------------------------------------|
| Item 10 | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |  |
| Age, Business Experience, Other Directorships and Qualifications                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Director of the Company Since |
| John A. Brooks, age 57                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 2017 |
| Mr. John A. Brooks has served on the Board and as President and CEO of the Company since August 2017.  Mr. Brooks had previously served in several management roles for Penn Virginia, including as Interim Principal Executive Officer of Penn Virginia Corporation from September 2016 to August 2017, as Executive Vice President and Chief Operating Officer from January 2014 to August 2017, as Executive Vice President, Operations from February 2013 to January 2014, Senior Vice President from February 2012 to February 2013 and Vice President from May 2008 to February 2012 and as Penn Virginia Oil & Gas Corporation’s Vice President and Regional Manager from October 2007 to February 2012, Operations Manager from January 2005 to October 2007 and Drilling Manager from February 2002 to January 2005. Mr. Brooks received his B.S. in Petroleum Engineering from the University of Texas at Austin in 1984.  The Board believes that Mr. Brooks’ experience in the exploration and production industry and detailed knowledge of our operations lends critical support to the Board’s decision making process. |   |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |
| Michael Hanna, age 39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2018 (2) |
| Mr. Michael Hanna has served on the Board since January 2018 and is a Partner and Portfolio Manager of KLS Diversified Asset Management LP (“KLS”), one of our shareholders. Mr. Hanna joined KLS in July 2015 and has 16 years of investment banking and portfolio management experience.  Prior to joining KLS, Mr. Hanna was a Portfolio Manager and Head of Trading at BulwarkBay Investment Group, LLC, an investment firm he co-founded in 2011. Previously, he was a portfolio manager with Concordia Advisors LLC, where he co-managed the firm’s Distressed Debt Fund. Mr. Hanna joined Concordia in 2005. Prior to joining Concordia, he worked in the Leveraged Finance/Financial Sponsors and Global Corporate Investment Banking groups of RBC Capital Markets from 2004 to 2005 and Bank of America Merrill Lynch from 2001 to 2004. Mr. Hanna’s industry experience includes oil & gas, industrials, paper and forest products, insurance and financials, aerospace and energy. He is a member of the board of directors of Modular Space Corporation and Sensei, Inc. Mr. Hanna received a B.A. from the University of Michigan in 2001 and is a CFA Charter holder. The Board believes that Mr. Hanna’s prior experience in finance and his affiliation with one of the Company’s shareholders provides significant contributions to our Board. |   |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |  |
| Darin G. Holderness, age 55                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 2016 (1)(2)(3) |
| Mr. Darin G. Holderness, CPA has served on the Board since September 2016 and as Chairman of the Board since February 2018. Mr. Holderness was the Senior Vice President, Chief Financial Officer and Treasurer of Concho Resources Inc., an oil and gas exploration and development company, until May 2016. Mr. Holderness has over 20 years of experience in the energy sector, including nine years with KPMG LLP where his practice was focused in the energy industry, and over 17 years in the industry in increasing roles of responsibility, including serving as Vice President and Controller of Pure Resources, Inc., Vice President and Chief Financial Officer of Basic Energy Services, Inc., Vice President and Chief Accounting Officer of Pioneer Natural Resources Company, and most recently as Senior Vice President and Chief Financial Officer of Eagle Rock Energy Partners, L.P. Mr. Holderness is a 1986 graduate of Boise State University with a Bachelor of Business Administration in Accounting and is a Certified Public Accountant. The Board believes that Mr. Holderness’ prior experience as an executive and his past audit, accounting and financial reporting experience provide significant contributions to our Board. |   |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |  |
| V. Frank Pottow, age 55                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2018 (1)(3) |
| Mr. V. Frank Pottow has served on the Board since September 2018.  Mr. Pottow is the Co-Founder of GCP Capital Partners LLC (“GCP Capital”) and has been a Managing Director and member of the investment committee of GCP Capital and Greenhill Capital Partners since July 2002. Mr. Pottow has more than 25 years of private equity investment experience, with a focus on energy companies. Prior to GCP Capital, Mr. Pottow was a founding partner of Société Générale’s US private equity affiliate SG Capital Partners and a Principal of Odyssey Partners, L.P. Mr. Pottow graduated cum laude from The Wharton School of the University of Pennsylvania in 1986 and from Harvard Business School with high distinction as a Baker Scholar in 1990. The Board believes that Mr. Pottow’s more than 20 years' experience with energy companies and his financial expertise provide significant contributions to our Board. |   |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |
| Jerry R. Schuyler, age 64                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2016 (1)(2)(3) |
| Mr. Jerry R. Schuyler has served on the Board since October 2016. Mr. Schuyler is currently interim Chief Executive Officer and Chairman of the Board of Gastar Exploration Inc. He served as Executive Vice President, Chief Operating Officer and Director of Laredo Petroleum, Inc. beginning in June 2007, was promoted to President and Chief Operating Officer in July 2008 and retired in July 2013. Mr. Schuyler served as an independent director for Yates Petroleum Corporation from December 2015 until the sale of the company in October 2016; an independent director for Rosetta Resources Inc. from December 2013 until the company was sold in July 2015 and an independent director for Gulf Coast Energy Resources, LLC from 2010 until the sale of the company in April 2015. Mr. Schuyler holds a B.S. in Petroleum Engineering from Montana College of Mineral Science and Technology and attended several graduate business courses at the University of Houston. The Board believes that Mr. Schuyler’s prior experience as an executive and director of numerous energy companies provides significant contributions to our Board. |   |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |
| Brian Steck, age 52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2019 |
| Mr. Brian Steck has served on the Board since April 2019. Mr. Steck is a Partner, Senior Analyst at Mangrove Partners, one of our shareholders, where he has worked since 2011. Since 2017, Mr. Steck has also served as a board member and Chairman of the Nominating & Corporate Governance Committee of Bonanza Creek Energy, Inc. Through early 2011, Mr. Steck managed The Laurel Capital Group, LLC, the general partner of a hedge fund he founded in 2009. From 2006 until 2008, Mr. Steck was Head of US Equities at Tisbury Capital where he built and managed a team focused on event- and fundamentally-driven investment opportunities. From 2000 until 2005, Mr. Steck was a partner at K Capital where he focused on European and U.S. opportunities that included special situations, merger arbitrage, deep value and shareholder activism. Prior to K Capital, Mr. Steck spent 10 years at UBS and its predecessors Swiss Bank Corporation and O'Connor & Associates, where he focused on equity derivative trading and risk management, built equity derivative and event-driven client businesses and was Global Co-Head of Equity Hedge Fund Coverage.  Mr. Steck received a B.S., with highest honors, from the University of Illinois at Urbana Champaign. The Board believes that Mr. Steck’s financial experience, experience as a director and experience as an investor in the energy sector provides significant contributions to our Board. |   |   |

|           |                                                      |
|-----------|------------------------------------------------------|
| (1)  | Member of the Nominating & Governance Committee. |

|           |                                                     |
|-----------|-----------------------------------------------------|
| (2)  | Member of the Compensation & Benefits Committee |

|           |                               |
|-----------|-------------------------------|
| (3)  | Member of the Audit Committee |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |
| Age, Position with the Company and Business Experience                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Officer of the Company Since |
| John A. Brooks (see above)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2011 |
| Steven A. Hartman, age 52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2010 |
| Mr. Hartman has served as our Senior Vice President, Chief Financial Officer and Treasurer since December 2010. He served as our Vice President and Treasurer from July 2006 to December 2010, as our Assistant Treasurer and Treasury Manager from September 2004 to July 2006 and as our Manager, Corporate Development from August 2003 to September 2004. Mr. Hartman also served as Vice President and Treasurer of PVG GP, LLC, the general partner of Penn Virginia GP Holdings, L.P., from September 2006 to June 2010 and of Penn Virginia Resource GP, LLC, the general partner of Penn Virginia Resource Partners, L.P., from July 2006 to June 2010. Prior to joining the Company, Mr. Hartman was employed by El Paso Corporation and its publicly traded spin-off, GulfTerra Energy Partners, L.P., in a variety of financial and corporate-development related positions. |   |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |
| Benjamin A. Mathis, age 48                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2017 |
| Mr. Mathis has served as our Senior Vice President, Operations and Engineering since July 2018.  Prior to such time, he served as our Vice President, Operations since September 2017.  Mr. Mathis has more than 25 years of energy industry experience, all of which has been in operations with a primary focus on the drilling and completion functions. Mr. Mathis served as Drilling and Completions Manager - US Onshore for Statoil from October 2015 to September 2017, where he was responsible for Statoil’s drilling, completions and workover operations for the Eagle Ford, Bakken and Marcellus/Utica areas. Prior to that role, Mr. Mathis served as Statoil’s Operations Manager - Eagle Ford from November 2014 to October 2015, Drilling and Completions Manager - Eagle Ford from October 2012 to November 2014 and Drilling Engineer Manager - Onshore from August 2011 to September 2012. Prior to his tenure at Statoil, Mr. Mathis also held positions of increasing responsibility at Occidental Petroleum Corporation and Unocal, both domestically and internationally. Mr. Mathis received a B.S. in Petroleum Engineering from Texas A&M University in 1992. |   |   |

----

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |
| 2018 Director Compensation |
| Name                       |   | Fees Earned or Paid in Cash ($) |   | Stock Awards($)(1) |   | Total ($) |
| David Geenberg(2)          |   | — |  |   | — |  |   | — |  |
| Michael Hanna(2)           |   | — |  |   | — |  |   | — |  |
| Darin G. Holderness        |   | 172,208 |  |   | — |  |   | 172,208 |  |
| Marc McCarthy(3)           |   | 13,062 |  |   | — |  |   | 13,062 |  |
| V. Frank Pottow            |   | 21,346 |  |   | 156,000 |  |   | 177,346 |  |
| Jerry Schuyler             |   | 85,250 |  |   | — |  |   | 85,250 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | No equity awards were granted to our non-employee directors during 2018 except for 1,898 restricted stock units granted to Mr. Pottow in connection with his appointment to the Board in September 2018.  As of December 31, 2018, Messrs. Holderness and Schuyler each had 2,781 restricted stock units outstanding and Mr. Pottow had 949 restricted stock units outstanding. |

----

|     |                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Messrs. Geenberg and Hanna, who were appointed to our Board in January 2018, agreed to waive all compensation, including equity compensation, in exchange for their service on the Board and committees of the Board. |

|     |                                                                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Mr. McCarthy is a Senior Managing Director at Wexford Capital LP (“Wexford”). We paid the compensation owed to Mr. McCarthy for his services as a director directly to Wexford Capital LP. Mr. McCarthy resigned from the Board in March 2018. |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | an annual cash retainer of $70,000 to each non-employee director, payable quarterly in arrears and pro-rated for any periods of partial service; |

|         |                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | annual cash retainers of $18,500, $15,000 and $10,000 for the Chairman of the Audit, C&B and N&G Committees, respectively, payable quarterly in arrears and pro-rated for any periods of partial service; and |

|         |                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | an additional annual cash retainer of $100,000 for the Chairman of the Board, payable quarterly in arrears and pro-rated for any periods of partial service. |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | Harry Quarls, our former Executive Chairman who retired effective February 28, 2018; |

|         |                                                            |
|---------|------------------------------------------------------------|
| • | John A. Brooks, our President and Chief Executive Officer; |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | Steven A. Hartman, our Senior Vice President, Chief Financial Officer and Treasurer; and |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | Benjamin A. Mathis, our Senior Vice President, Operations and Engineering. |

----

----

|                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                 |  |
| Wildhorse Resource Development CorporationMidstates Petroleum Company, Inc.Jagged Peak Energy Inc.SilverBow Resources, Inc.Abraxas Petroleum CorporationEarthstone Energy, Inc. | Gastar Exploration Inc.PrimeEnergy CorporationCallon Petroleum CompanyResolute Energy CorporationApproach Resources, Inc.Lonestar Resources US Inc. |

----

|                       |
|-----------------------|
|                       |  |  |
|  Element         |  Characteristics |  Primary Objective |
| Base Salary           | Cash | Attract and retain highly talented individuals |
| Short-Term Incentives | Cash bonus | Reward individual and corporate performance |
| Long-Term Incentives  | Time and service-based equity awards | Align the interests of our employees and shareholders by providing employees with incentives to perform in a manner that promotes share price appreciation and achieves corporate objectives   |
| Other Benefits        | Participation in broad based 401(k) and employee health benefit plans | Provide competitive benefits that promote employee health and support employees in attaining financial security |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |
|                                                         |   | Salary ($) |
| Name and Principal Position                                  |   | 2018 |   | 2017 |
|                                                         |   |   |   |   |
| Harry Quarls                                                 |   | — |  |   | 250,000 |  |
| Former Executive Chairman                                    |   |   |   |   |
|                                                         |   |   |   |   |
| John A. Brooks                                               |   | 437,750 |  |   | 425,000 |  |
| President and Chief Executive Officer                        |   |   |   |   |
|                                                         |   |   |   |   |
| Steven A. Hartman                                            |   | 283,250 |  |   | 275,000 |  |
| Senior Vice President, Chief Financial Officer and Treasurer |   |   |   |   |
|                                                         |   |   |   |   |
| Benjamin A. Mathis                                           |   | 330,000 |  |   | 300,000 |  |
| Senior Vice President, Operations and Engineering            |   |   |   |   |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Performance Metric                      |   | Weighting Factor |   | Threshold Performance 35% |   | Target Performance100% (1) |   | Maximum 200% |   | Actual Performance |   | Payout |   | Payout Level Percent (2) |
| Production (MBOE)                       |   | 20 | % |   | (20 | )% |   | 8,404 |  |   | 20 |  % |   | 7,944 |  |   | 82.2 | % |   | 16.4 | % |
| Drilling Capital Efficiency per BOE (3) |   | 20 | % |   | 20 |  % |   | $ | 14.34 |  |   | (20 | )% |   | $ | 17.90 |  |   | — |  |   | — |  |
| Adjusted EBITDAX per BOE (4)            |   | 20 | % |   | (20 | )% |   | $ | 33.61 |  |   | 20 |  % |   | $ | 37.70 |  |   | 160.8 | % |   | 32.2 | % |
| LOE per BOE (5)                         |   | 5 | % |   | 20 |  % |   | $ | 4.97 |  |   | (20 | )% |   | $ | 4.52 |  |   | 145.3 | % |   | 7.3 | % |
| Cash G&A ($MM) (6)                  |   | 5 | % |   | 20 |  % |   | $ | 19.70 |  |   | (20 | )% |   | $ | 17.20 |  |   | 164.0 | % |   | 8.2 | % |
| Discretionary                           |   | 30 | % |   |   |   |   |   |   |   |   |   | 100 | % |   | 30 | % |
| Total Payout Level                      |   |   |   |   |   |   |   |   |   |   |   |   |   | 94 | % |

|     |                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Reflects the Company’s budget as approved by the Board in February 2018. With respect to the Drilling Capital Efficiency per BOE metric, target performance reflects actual authorizations for expenditures. |

|     |                                                                                      |
|-----|--------------------------------------------------------------------------------------|
| (2) | Represents the bonus pool payout percentage based on the percent of target achieved. |

|     |                                                                                                                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Drilling Capital Efficiency is defined as (A) the total well cost, net to the Company’s working interest, with respect to wells turned in-line during the twelve-month period ending on the last day of the applicable year, divided by (B) the Company’s technical estimated ultimate recovery, net to the Company’s working interests (as |

----

|     |                                                                                                                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Adjusted EBITDAX is as defined in the Company’s Credit Agreement dated September 12, 2016; provided however, that for purposes of determining the Consolidated Net Income of the Company under such definition, non-recurring general and administrative expenses and share-based compensation expenses are excluded. |

|     |                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------|
| (5) | LOE means the Company’s lease operating expense, as set forth in the financial statements for the applicable plan year. |

|     |                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Cash G&A means the Company’s recurring general and administrative expenses less equity classified share-based compensation expense, in each case as set forth in the financial statements for the applicable plan year. |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | total shareholder returns that were the highest among the peer group; |

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | production and adjusted EBITDAX increase of over 110% and 194%, respectively; |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | substantial growth in proved reserves for year-end 2018 as compared to 2017; |

|         |                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | successful consummation of one acquisition, the sale of the Company’s non-core Oklahoma assets and the entry into the merger agreement with Denbury Resources Inc., all of which required significant Company resources; and |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | the Company’s total recordable incident rate as compared to the industry average. |

|                      |
|----------------------|
|                      |  |  |  |
| NEOs' Target Amounts |
| Name                 |   | 2018 Target (% of Base Salary) |
|                 |   |   |
| John. A. Brooks      |   | 100 |  |
| Steven A. Hartman    |   | 85 |  |
| Benjamin A. Mathis   |   | 85 |  |

----

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |
| Name               |   | 2018 Target ($) |   | 2018 Payout (as a % of Target) |   | 2018 Payout ($) |
|               |   |   |   |   |   |   |
| John A. Brooks     |   | 437,750 |  |   | 94 | % |   | 411,485 |  |
| Steven A. Hartman  |   | 240,763 |  |   | 94 | % |   | 226,317 |  |
| Benjamin A. Mathis |   | 280,500 |  |   | 94 | % |   | 263,670 |  |

----

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | We pay a mix of compensation which includes near-term cash and long-term equity-based compensation. |

|         |                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We base our annual incentive cash bonus and long-term equity compensation awards on several different performance metrics, which discourages our employees from placing undue emphasis on any one metric or aspect of our business at the expense of others. |

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | We believe that our performance metrics are reasonably challenging, yet should not require undue risk-taking to achieve. |

|         |                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Our performance metrics include quantitative financial and operational metrics as well as qualitative metrics related to our operations, strategy and other aspects of our business. |

|         |                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The performance periods under our performance-based restricted stock units overlap, and our time-vested restricted stock units generally vest over a five-year period.  This mitigates the motivation to maximize performance in any one period at the expense of others. |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | Our NEOs are required to own our stock as provided in our Executive Stock Ownership Guidelines. |

|         |                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------|
| • | We believe that we have an effective management process for developing and executing our short and long-term business plans. |

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | Our compensation policies and programs are overseen by the C&B Committee. |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | The C&B Committee retains an independent compensation consultant. |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Name and Principal Position                       |   | Year |   | Salary($) |   | Bonus($) |   | Stock Awards($) (1)(2) |   | All Other Compensation($) (3) |   | Total($) |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Harry Quarls(4)                                   |   | 2018 |   | 41,346 |  |   | — |  |   | — |  |   | 250,000 |  |   | 291,346 |  |
| Former Executive Chairman                         |   | 2017 |   | 95,192 |  |   | — |  |   | 840,644 |  |   | 37,500 |  |   | 973,336 |  |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| John A. Brooks                                    |   | 2018 |   | 437,500 |  |   | 411,485 |  |   | — |  |   | 19,000 |  |   | 867,985 |  |
| President and                                     |   | 2017 |   | 400,231 |  |   | 300,944 |  |   | 4,386,084 |  |   | 38,800 |  |   | 5,126,059 |  |
| Chief Executive Officer                           |   | 2016 |   | 385,000 |  |   | 777,200 |  | (5)  | — |  |   | 38,800 |  |   | 1,201,000 |  |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Steven A. Hartman                                 |   | 2018 |   | 283,500 |  |   | 226,317 |  |   | — |  |   | 19,000 |  |   | 528,817 |  |
| Senior Vice President and                         |   | 2017 |   | 275,000 |  |   | 187,000 |  |   | 573,150 |  |   | 18,400 |  |   | 1,053,550 |  |
| Chief Financial Officer                           |   | 2016 |   | 285,621 |  |   | 170,000 |  |   | 600,000 |  |   | 31,000 |  |   | 1,086,621 |  |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Benjamin A. Mathis (6)                            |   | 2018 |   | 312,512 |  |   | 263,670 |  |   | 440,115 |  |   | 19,000 |  |   | 1,035,297 |  |
| Senior Vice President, Operations and Engineering |   |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Represents the aggregate grant date fair value of time-vested restricted stock units and performance-based restricted stock units granted by the C&B Committee to each NEO in consideration for services rendered to us.  These amounts were computed in accordance with FASB ASC Topic 718 and were based on the closing prices of our Common Stock on the dates of grant, in the case of the time-vested restricted stock units, and a Monte Carlo simulation of potential outcomes, in the case of the performance-based restricted stock units.  See Note 17 to our Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2018. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Performance-based restricted stock units granted in 2017 are reported in this column based on target level achievement, which was the probable outcome of such conditions on the dates of grant. No performance-based restricted stock units were granted to our NEOs in 2016 or 2018.  The grant date values of the performance-based restricted stock units assuming that the highest level of performance conditions will be achieved was as follows: |

|         |
|---------|
|         |  |  |  |  |
| Name    |   | 2017 |
| Quarls  |   | $ | 937,180 |  |
| Brooks  |   | $ | 4,835,218 |  |
| Hartman |   | $ | 629,200 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Includes our matching and other contributions to our NEOs’ 401(k) plan accounts. Additionally, we paid $37,500 in annual retainers to Mr. Quarls in 2017 for his service on our Board prior to his appointment as Executive Chairman in August 2017 and $250,000 to Mr. Quarls in 2018 in consulting fees. Please see “—Employment Contracts-Separation and Consulting Agreement”. We contributed the following amounts to the 401(k) plan accounts of our NEOs in 2018: |

|         |
|---------|
|         |  |  |  |  |
| Name    |   | 2018 |
| Quarls  |   | $ | — |  |
| Brooks  |   | $ | 19,000 |  |
| Hartman |   | $ | 19,000 |  |
| Mathis  |   | $ | 19,000 |  |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Mr. Quarls was elected Executive Chairman effective August 15, 2017 and retired from employment with the Company on February 28, 2018.  The amounts shown above for Mr. Quarls for 2017 reflect amounts paid to him from and after August 15, 2017 in his capacity as Executive Chairman, and prior to such date, in his capacity as a non-employee director of the Company.  Amounts shown for 2018 reflect his base salary received for services prior to his retirement and consulting fees paid to him pursuant to his Separation and Consulting Agreement. |

|     |                                                                                                                                  |
|-----|----------------------------------------------------------------------------------------------------------------------------------|
| (5) | Includes a $500,000 retention bonus paid to Mr. Brooks upon the Company’s emergence from bankruptcy on September 12, 2016. |

|     |                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Mr. Mathis joined the Company as Vice President, Operations in September 2017 and was promoted to Senior Vice President, Operations and Engineering in August 2018. |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |
| Name               |   | Grant Date |   | All Other Stock Awards: Number of Shares of Stock or Units (#) (1) |   | Grant Date Fair Value of Stock Awards ($) (2) |
|               |   |   |   |   |   |   |
| Benjamin A. Mathis |   | 7/24/2018 |   | 5,007 |  |   | $ | 440,115 |  |

|     |                                                                                          |
|-----|------------------------------------------------------------------------------------------|
| (1) | These are awards of time-vested restricted stock units granted under the Incentive Plan. |

|     |                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The grant date fair value of the time-vested units was calculated using a per share price of $87.90, which was the closing price of our Common Stock on the grant date. |

----

|                      |
|----------------------|
|                      |  |  |  |  |  |
| Performance Delta(1) |   | Positive Share Price Appreciation |   | Negative Share Price Appreciation |
| 30 or Greater        |   | 200% |   | 100% |
| 25                   |   | 180% |   | 90% |
| 20                   |   | 160% |   | 80% |
| 15                   |   | 140% |   | 70% |
| 10                   |   | 120% |   | 60% |
| 0                    |   | 100% |   | 50% |
| -5                   |   | 75% |   | 38% |
| -10                  |   | 50% |   | 25% |
| Less than -10.01     |   | 0% |   | 0% |
|                 |   |
| (1)                  | Equal to the difference between the share price appreciation of the Company and the share price appreciation of the peer group index for the period beginning on the first day of the performance period and ending on the last day of the applicable performance period. |

----

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               |   | Stock Awards |   |
| Name               |   | Number of Shares or Units of Stock That Have Not Vested (#) |   | Market Value of Shares or Units of Stock That Have Not Vested (1) |   | Equity Incentive Plan Awards:  Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |   | Equity Incentive Plan Awards:  Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (1) |   |
|               |   |   |   |   |   |   |   |   |   |
| Harry Quarls       |   | — |  |  | — |  |   | — |  |  | — |  |  |
|               |   |   |   |   |   |   |   |   |   |
| John A. Brooks     |   | 22,336 |  | (2)  | $ | 1,207,484 |  |   | 27,920 |  | (3)  | $ | 1,509,355 |  |  |
|               |   | 10,668 |  | (4)  | $ | 576,712 |  |   | 13,335 |  | (5)  | $ | 720,890 |  |  |
|               |   |   |   |   |   |   |   |   |   |
| Steven A. Hartman  |   | 21,254 |  | (6)  | $ | 1,148,991 |  |   |  |  |  |  |  |  |
|               |   | 4,000 |  | (7)  | $ | 216,240 |  |   | 5,000 |  | (3)  | $ | 270,300 |  |  |
|               |   |   |   |   |   |   |   |   |   |
| Benjamin A. Mathis |   | 10,448 |  | (8)  | $ | 564,819 |  |   | 13,061 |  | (5)  | $ | 706,077 |  |  |
|               |   | 5,007 |  | (9)  | $ | 270,678 |  |   |  |  |  |  |  |  |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The value of these awards is based on the number of shares reported multiplied by $54.06, the closing price of our Common Stock on December 31, 2018, the last trading day of our fiscal year. |

|     |                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Of these time-vested restricted stock units, 5,584 vested on January 26, 2019 and 5,584 will vest on January 26 of each of 2020, 2021 and 2022. |

|     |                                                                                                                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The performance period for one-third of these performance-based restricted stock units will expire on each of December 31, 2019, December 31, 2020 and December 31, 2021.  The market value of these performance-based restricted stock units reflect an assumed payout percentage of 100%. |

|     |                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Of these time-vested restricted stock units, 2,667 vested on January 26, 2019 and 2,667 will vest on January 26 of each of 2020, 2021 and 2022. |

|     |                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The performance period for one-half of these performance-based restricted stock units will expire on each of December 31, 2020 and December 31, 2021.  The market value of these performance-based restricted stock units reflect an assumed payout percentage of 100%. |

|     |                                                                    |
|-----|--------------------------------------------------------------------|
| (6) | All 21,254 restricted stock units will vest on September 12, 2019. |

|     |                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Of these time-vested restricted stock units, 1,000 vested on January 26, 2019 and 1,000 will vest on January 26 of each of 2020, 2021 and 2022. |

|     |                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Of these time-vested restricted stock units, 2,612 vested on January 26, 2019 and 2,612 will vest on January 26 of each of 2020, 2021 and 2022. |

|     |                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Of these time-vested restricted stock units, 1,252 vested on January 26, 2019 and 1,252 will vest on January 26 of each of 2020, 2021 and 2022. |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |
|               |   | Stock Awards |
| Name               |   | Number of Shares Acquired on Vesting(#) |   | Value Realized on Vesting (1) |
| Harry Quarls       |   | 18,265 |  |   | $ | 697,169 |  |
| John A. Brooks     |   | 8,251 |  |   | $ | 377,071 |  |
| Steven A. Hartman  |   | 22,254 |  |   | $ | 1,637,412 |  |
| Benjamin A. Mathis |   | 2,612 |  |   | $ | 119,368 |  |

|     |                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Amount is based on the number of shares of restricted stock units vested multiplied by the market value of the underlying shares on the vesting date. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A lump-sum cash payment in an amount equal to a specified number of weeks of “Base Pay” with Mr. Brooks eligible to receive 130 weeks of Base Pay and the other NEOs eligible to receive 78 weeks of Base Pay. “Base Pay” refers to the base salary or base wages that the executive officer earns during a week, based upon rate of pay in effect for the participant immediately before the participant’s termination of employment, excluding overtime, bonuses, incentive compensation or any other special payments. |

|         |                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | If the NEO elects continuation coverage under COBRA, continued coverage at the same contribution rate paid by Penn Virginia for active employees for the executive officer and his or her covered dependents following the NEO’s date of termination for the number of weeks indicated above (or such shorter period during which the executive is eligible to receive COBRA coverage). |

----

|                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |
| Name of Executive Officer                                                                                                     |   | Cash Severance($) |   | Accelerated Vesting of Restricted Stock Units(#) |   | Total Estimated Value of Accelerated Vesting ($) (1) |   | Other Benefits  ($) (2) |
|                                                                                                                          |   |   |   |   |   |   |   |   |
| John A. Brooks                                                                                                                |   |   |   |   |   |   |   |   |
| Death or Disability                                                                                                           |   | — |  |   | 26,028 |  |   | 1,407,054 |  |   | — |  |
| Change in Control                                                                                                             |   | 1,094,375 |  |   | 74,259 |  |   | 4,014,442 |  |   | 36,000 |  |
| Termination by Employee     Without Good Reason or by     Company for Cause |   | — |  |   | — |  |   | — |  |   | — |  |
| Termination for Good     Reason or by Company      Without Cause            |   | — |  |   | 27,647 |  |   | 1,494,577 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |
| Steven A. Hartman                                                                                                             |   |   |   |   |   |   |   |   |
| Death or Disability                                                                                                           |   | — |  |   | 3,540 |  |   | 191,366 |  |   | — |  |
| Change in Control                                                                                                             |   | 424,875 |  |   | 30,254 |  |   | 1,635,531 |  |   | 36,000 |  |
| Termination by Employee     Without Good Reason or by     Company for Cause |   | — |  |   | — |  |   | — |  |   | — |  |
| Termination for Good     Reason or by Company      Without Cause            |   | — |  |   | 24,865 |  |   | 1,344,208 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |
| Benjamin A. Mathis                                                                                                            |   |   |   |   |   |   |   |   |
| Death or Disability                                                                                                           |   | — |  |   | 6,456 |  |   | 349,025 |  |   | — |  |
| Change in Control                                                                                                             |   | 495,000 |  |   | 28,517 |  |   | 1,541,629 |  |   | 36,000 |  |
| Termination by Employee     Without Good Reason or by     Company for Cause |   | — |  |   | — |  |   | — |  |   | — |  |
| Termination for Good     Reason or by Company      Without Cause            |   | — |  |   | 8,417 |  |   | 455,000 |  |   | — |  |

|     |                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Reflects value of accelerated vesting of equity grants at $54.06 per share (closing price on December 31, 2018, the last trading day of the fiscal year). |

|     |                                                         |
|-----|---------------------------------------------------------|
| (2) | Includes estimated cost of COBRA continuation coverage. |

----

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |
| Name of Beneficial Owners                               |   | Shares Beneficially Owned (1) |   | Percent of Class (2) |
| Contrarian Capital Management, L.L.C. (3)               |   | 788,285 |  |   | 5.2 | % |
| Mangrove Partners Master Fund, Ltd (4)                  |   | 1,615,497 |  |   | 10.7 | % |
| Strategic Value Partners, LLC (5)                       |   | 1,540,634 |  |   | 10.2% |  |
| BlackRock, Inc. (6)                                     |   | 1,956,108 |  |   | 12.9% |  |
| The Vanguard Group (7)                                  |   | 809,738 |  |   | 5.4% |  |
| Directors/Executive Officers                            |   |  |  |   |  |  |
| Darin G. Holderness                                     |   | 5,562 |  |   | * |  |
| Jerry R. Schuyler                                       |   | 5,562 |  |   | * |  |
| Michael Hanna                                           |   | — |  |   | * |  |
| Brian Steck                                             |   | — |  |   | * |  |
| V. Frank Pottow                                         |   | 949 |  |   | * |  |
| John A. Brooks                                          |   | 10,435 |  |   | * |  |
| Steven A. Hartman                                       |   | 27,990 |  |   | * |  |
| Benjamin Mathis                                         |   | 4,604 |  |   | * |  |
| Directors and Executive Officers as a group (8 persons) |   | 55,102 |  |   | * |  |

|                  |                          |
|------------------|--------------------------|
|    * | Represents less than 1%. |

|     |                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, all shares are owned directly by the named holder and such holder has the sole power to vote and dispose of such shares. |

|     |                                                                                          |
|-----|------------------------------------------------------------------------------------------|
| (2) | Based on 15,105,251 shares of our Common Stock issued and outstanding on April 16, 2019. |

|     |                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Based solely on a Schedule 13G filed with the SEC on April 5, 2019 by Contrarian Capital Management, L.L.C. The address for Contrarian Capital Management, L.L.C. is 411 West Putnam Avenue, Suite 125, Greenwich, CT 06830. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Based on a Schedule 13D/A filed with the SEC on March 28, 2019 by Mangrove Partners Master Fund, Ltd., Mangrove Partners and Nathaniel H. August. Such filing indicated that Mangrove Partners Master Fund, Ltd, Mangrove Partners and Nathanial August had shared voting and dispositive power with respect to all 1,615,497 shares of Penn Virginia Common Stock. The address for Mangrove Partners Master Fund, Ltd is Maples Corp. Svcs, PO Box 309, Ugland House, S. Church Street, George Town E9 KY1-114, and the address for Mangrove Partners and Nathaniel H. August is 645 Madison Avenue, 14th Floor, New York, New York 10022. |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Based solely on a Schedule 13D/A filed with the SEC on April 16, 2019 by Strategic Value Partners, LLC and several investment manager entities of which Strategic Value Partners, LLC is a managing member.  Such filing indicates that Strategic Value Partners, LLC had shared voting and dispositive power with respect to all of the shares of Penn Virginia Common Stock included in the table above. The address for Strategic Value Partners, LLC is 100 West Putnam Avenue, Greenwich, CT 06830. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Based solely on a Schedule 13G/A filed with the SEC on January 31, 2019 by BlackRock, Inc. Such filing indicates that BlackRock, Inc. has sole voting power with respect to 1,918,993 shares of Penn Virginia Common Stock and sole dispositive power with respect to 1,956,108 shares of Penn Virginia Common Stock. The address of BlackRock, Inc. is 55 East 52nd Street, New York, NY 10055. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Based solely on a Schedule 13G filed with the SEC on February 11, 2019 by The Vanguard Group. Such filing indicates that The Vanguard Group has sole voting power with respect to 25,284 shares of Penn Virginia Common Stock and sole dispositive power with respect to 784,608 shares of Penn Virginia Common Stock. Such filing also indicates that The Vanguard Group beneficially owns, in the aggregate, 809,738 shares of Penn Virginia Common Stock. The address of The Vanguard Group is 100 Vanguard Boulevard, Malvern, PA 19355. |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |
| Plan Category                                              |   | Number of Securities To Be Issued Upon Vesting of Outstanding Options, Warrants and Rights (a) |   | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b) |   | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))(c) |
| Equity compensation plans approved by shareholders         |   | — |  |  | — |  |  | — |  |
| Equity compensation plans not approved by shareholders (1) |   | 386,182 |  | (2)  | N/A |  | (3)  | 275,544 |  |

|     |                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | In accordance with our Plan of Reorganization which was supported by our prior creditors and current equityholders and confirmed by the Bankruptcy Court, we reserved for issuance 5% of our outstanding Common Stock for issuance under the Incentive Plan, which is described further below. |

|     |                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | This amount consists of outstanding time- and performance-based restricted stock units and includes the maximum number of shares that may be issued upon settlement of outstanding performance-based restricted stock units granted under the Incentive Plan. |

|     |                                                                                       |
|-----|---------------------------------------------------------------------------------------|
| (3) | Restricted stock units do not have an exercise price and thus are not reflected here. |

----

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |
|                 | 2018 |   | 2017 |
| Audit Fees (1)  | $ | 659,500 |  |   | $ | 661,267 |  |
| Audit-Related Fees   | — |  |   | — |  |
| Tax Fees             | — |  |   | — |  |
| All Other Fees       | — |  |   | — |  |
| Total Fees           | $ | 659,500 |  |   | $ | 661,267 |  |

|     |                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Audit fees consist of fees for the audit of our consolidated financial statements, reviews of interim financial statements, the audit of our internal control over financial reporting, consents for registration statements and reviews of acquisition financials. |

|          |
|----------|
|          |  |
| (31.1) # | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| (31.2) # | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |

|   |                 |
|---|-----------------|
| # | Filed herewith. |

----

|                |
|----------------|
|                |  |  |
|           | PENN VIRGINIA CORPORATION |
|           |   |
| April 29, 2019 | By: | /s/ STEVEN A. HARTMAN |
|           |   | Steven A. Hartman  |
|           |   | Senior Vice President, Chief Financial Officer and Treasurer |
|           |   |   |
| April 29, 2019 | By:  | /s/ TAMMY L. HINKLE |
|           |   | Tammy L. Hinkle |
|           |   | Vice President and Controller |
|           |   | (Principal Accounting Officer) |