Third Quarter 2009 Highlights

Third quarter 2009 highlights and results, with comparisons to third quarter 2008 results, included the following:

Distributable cash flow (DCF), a non-GAAP (generally accepted accounting principles) measure, of $37.2 million, as compared to $28.0 million in the prior year quarter;

Adjusted net income, a non-GAAP measure which excludes the effects of the non-cash change in derivatives fair value, of $22.2 million, or $0.30 per limited partner unit, as compared to $16.3 million, or $0.19 per limited partner unit, in the prior year quarter;

Net income of $18.8 million, or $0.24 per limited partner unit, as compared to $44.6 million, or $0.73per limited partner unit;

Coal production by lessees of 8.4 million tons, as compared to 8.5 million tons;

Coal royalties revenue, net of coal royalties expense, of $28.2 million, or $3.37 per ton, as compared to $31.2 million, or $3.67 per ton;

Quarterly natural gas midstream system throughput volumes of 29.8 billion cubic feet (Bcf), or 324million cubic feet (MMcf) per day, as compared to 27.7 Bcf, or 302 MMcf per day;

Midstream gross margin, prior to the cash impact of derivatives, of $26.1million, or $0.88 per thousand cubic feet (Mcf), as compared to $30.0million, or $1.08 per Mcf; and

Midstream gross margin, adjusted for the cash impact of midstream derivatives, of $28.1million, or $0.94 per Mcf, as compared to $17.5million, or $0.63 per Mcf.

Reconciliations of non-GAAP financial measures to GAAP-based measures appear in the financial tables later in this release.

DCF for the third quarter of 2009 of $37.2 million was approximately $9.3 million, or 33 percent higher, than $28.0 million of DCF in the third quarter of 2008 primarily due to:

a $9.2 million increase in operating income (adjusted for the cash impact of midstream derivatives and before depreciation, depletion and amortization (DD&A) expense) from the natural gas midstream segment (PVR Midstream), due to an increase in cash receipts from settlements of commodity derivatives;

a $5.0 million decrease in interest and other expenses primarily related to a $3.8 million "make-whole" payment related to the early repayment of senior unsecured notes in the prior year quarter, as well as lower interest expense; and

a $2.4 million decrease in other capital expenditures.

These increases in DCF were partially offset by a $5.9million decrease in operating income (before DD&A expense) from the coal and natural resource management segment (PVR Coal & Natural Resource Management) primarily due to decreases in coal royalties, oil and gas royalties, and other revenue, offset in part by decreased operating expenses, and a $1.5 million increase in cash paid to settle interest rate derivatives. DCF in the third quarter of 2009 was $2.6 million, or seven percent, higher than the $34.6million of DCF in the second quarter of 2009 primarily due to improved midstream segment gross margin.

The $5.9 million, or 36 percent, increase in adjusted net income as compared to the prior year quarter was primarily due to a $7.4 million increase in operating income from PVR Midstream, adjusted for the cash impact of midstream derivatives, and the $5.0 million decrease in interest and other expenses. These increases were offset in part by a $5.1 million decrease in operating income from PVR Coal & Natural Resource Management and the $1.5 million increase in cash paid to settle interest rate derivatives.

The $25.7 million, or 58 percent, decrease in net income as compared to the prior year quarter was due to an $18.5 million change in derivatives expense resulting from changes in the valuation of unrealized derivative positions and a $12.2 million decrease in operating income, partially offset by the $5.0 million decrease in interest and other expenses.

Cash Distribution

As previously announced, on November 13, 2009, we will pay to unitholders of record as of November 6, 2009 a quarterly cash distribution of $0.47 per unit, or an annualized rate of $1.88 per unit, covering the period of July 1 through September 30, 2009. The distribution remains unchanged from the distribution paid with respect to each of the previous four quarters.

Management Comment

A. James Dearlove, Chief Executive Officer of PVR, said, "We are pleased to report that distributable cash flow generated by our two business segments increased by $2.6 million, or seven percent, over the second quarter of 2009 and was $9.3 million, or 33 percent, higher than the third quarter of 2008.

"The significant improvement in sequential quarterly results was largely due to PVR Midstream, as fractionation, or frac, spreads improved over the second quarter of 2009 due to higher natural gas liquids (NGLs) prices. We also began to see the benefits of the acquisition of a processing plant and expanded capacity in our Panhandle system, which allows us to process gas volumes of approximately 50MMcf per day which were previously being bypassed and processed by third parties as a result of processing capacity constraints. We anticipate results from the midstream segment will continue to improve as producers˜ drilling activity is expected to increase in late 2009 and into 2010 due to the nascent recovery in spot and futures prices for natural gas.

"Coal royalties revenue, net of coal royalties expense, which accounted for approximately 84 percent of the Coal and Natural Resource Management segment's third quarter revenues, was sequentially flat as compared to the second quarter of 2009, but was nine percent lower than the strong prior year quarter. Other revenues, which accounted for the remaining 16 percent of the segment's second quarter revenues, were adversely impacted by decreases in the prices of timber and natural gas. We continue to benefit from the long-term contract prices our lessees previously negotiated with their customers.

"As of September 30, 2009, we had approximately $170 million of unused borrowing capacity under our revolving credit facility, which we believe provides adequate capital to support modest growth opportunities. We continue to review growth projects for both segments and we remain confident in the long-term fundamental characteristics of our business."

Coal and Natural Resource Management Segment Review

During the third quarter of 2009, operating income for PVR Coal & Natural Resource Management decreased by 19 percent to $21.2 million from $26.3 million in the prior year quarter. Total revenues, net of coal royalties expense, decreased by $5.9 million, or 15 percent, to $33.6 million from $39.5 million in the prior year quarter due to a $2.9 million, or nine percent, decrease in coal royalties revenue, net of coal royalties expense, a $1.4 million decrease in oil and gas royalties revenue resulting from lower commodity prices and a $1.6 million decrease in timber and other revenues. As compared to the second quarter of 2009, operating income was four percent higher. Total revenues, net of coal royalties expense, of $33.6million was flat as compared to the second quarter of 2009.

Coal royalties revenue, net of coal royalties expense, was nine percent lower than the prior year quarter, primarily due to a $0.30, or eight percent decrease, in average net coal royalties per ton to $3.37 in the third quarter of 2009 as compared to $3.67 in the prior year quarter. Quarter to quarter lessee production was relatively unchanged, with decreases in Northern and Central Appalachia offset by production increases in the San Juan and Illinois Basins. Operating expenses, excluding coal royalties expense, decreased by seven percent to $12.4million primarily due to lower DD&A and other operating expenses.

Natural Gas Midstream Segment Review

During the third quarter, operating income for PVR Midstream decreased 52 percent to $6.6 million from $13.7million in the prior year quarter. Adjusted for the cash impact of derivatives, operating income increased 629 percent to $8.6 million from $1.2 million in the prior year quarter. Midstream gross margin decreased by 13 percent to $26.1million, or $0.88 per Mcf, from $30.0million, or $1.08 per Mcf, in the prior year quarter primarily due to a decrease in the price of NGLs as a result of reduced demand, partially offset by a seven percent increase in system throughput volumes and increased processed volumes. Adjusted for the cash impact of derivatives, midstream gross margin was $28.1million, or $0.94 per Mcf, up 61percent from $17.5 million, or $0.63 per Mcf, in the prior year quarter and up 16 percent from $24.3million, or $0.77per Mcf, in the second quarter of 2009.

System throughput volumes at our gas processing plants and gathering systems increased seven percent to 29.8 Bcf, or approximately 324 MMcf per day, in the third quarter of 2009 from 27.7 Bcf, or approximately 302 MMcf per day, in the prior year quarter. The volumes increased primarily as a result of contributions from expansions and acquisitions completed in 2008 and 2009, as well as successful results by producers connected to our gathering systems. While system throughput volumes in the third quarter were 20 MMcf per day, or six percent, lower than the 344 MMcf per day in the second quarter of 2009, processed volumes increased due to the acquisition of a processing plant and expanded capacity in our Panhandle system, which allows us to process gas volumes of approximately 50 MMcf per day that were previously being bypassed and processed by third parties due to processing capacity constraints. Other expenses increased by $2.9 million, or 15percent, to $21.5 million, primarily due to higher DD&A, operating and G&A expenses resulting from acquisitions and increased system throughput volumes.

Capital Resources and Impact of Derivatives

As of September 30, 2009, we had outstanding borrowings of $628.1 million under our $800 million revolving credit facility and $11.3 million of cash and equivalents, with remaining revolver borrowing capacity of approximately $170million. The $60.0 million increase in outstanding borrowings as compared to the $568.1 million outstanding as of December 31, 2008 was primarily due to capital expenditures during the first nine months of 2009. Interest expense decreased from $7.1 million in the third quarter of 2008 to $6.5 million in the third quarter of 2009 due to decreased interest rates, offset in part by the higher level of outstanding borrowings during the quarter as compared to the prior year quarter.

For the third quarter of 2009, derivatives expense was $2.8 million, as compared to derivatives income of $15.7million in the prior year quarter. Cash settlements of derivatives resulted in net cash payments of $0.3 million during the third quarter of 2009 related to commodity and interest rate derivatives, as compared to $14.1million of net cash payments in the prior year quarter, a $13.8 million improvement. See the Natural Gas Midstream Segment Review in this release for a discussion of the impact of derivatives on PVR Midstream's gross margin. See the Guidance Table included in this release for details of derivative positions as of September 30, 2009.

Guidance for 2009

See the Guidance Table included in this release for guidance estimates for full-year 2009. These estimates, including capital expenditure plans, are meant to provide guidance only and are subject to revision as our operating environment changes.

Conference Call

A joint conference call and webcast, during which management will discuss third quarter 2009 financial and operational results for PVR and PVG, is scheduled for Thursday, November 5, 2009 at 1:00p.m. ET. Prepared remarks by A. James Dearlove, Chief Executive Officer, will be followed by a question and answer period. Investors and analysts may participate via phone by dialing 1-866-630-9986 five to ten minutes before the scheduled start of the conference call and using the passcode 3241667, or via webcast by logging on to our website at www.pvresource.com at least 20 minutes prior to the scheduled start of the call to download and install any necessary audio software. A telephonic replay will be available approximately two hours after the call for two weeks by dialing toll free 888-203-1112 (international: 719-457-0820) and using the replay code 3241667. In addition, an on-demand replay of the webcast will also be available for two weeks at PVR's or PVG's websites beginning 24 hours after the webcast.

Headquartered in Radnor, PA, Penn Virginia Resource Partners, L.P. (NYSE:PVR) is a publicly traded limited partnership formed by Penn Virginia Corporation (NYSE:PVA). PVR manages coal and natural resource properties and related assets and operates a midstream natural gas gathering and processing business.

For more information about us, visit our website at www.pvresource.com.

Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the volatility of commodity prices for natural gas, NGLs and coal; our ability to access external sources of capital; any impairment writedowns of our assets; the relationship between natural gas, NGL and coal prices; the projected demand for and supply of natural gas, NGLs and coal; competition among producers in the coal industry generally and among natural gas midstream companies; the extent to which the amount and quality of actual production of our coal differs from estimated recoverable coal reserves; our ability to generate sufficient cash from our businesses to maintain and pay the quarterly distribution to our general partner and our unitholders; the experience and financial condition of our coal lessees and natural gas midstream customers, including our lessees' ability to satisfy their royalty, environmental, reclamation and other obligations to us and others; operating risks, including unanticipated geological problems, incidental to our coal and natural resource management or natural gas midstream businesses; our ability to acquire new coal reserves or natural gas midstream assets and new sources of natural gas supply and connections to third-party pipelines on satisfactory terms;our ability to retain existing or acquire new natural gas midstream customers and coal lessees; the ability of our lessees to produce sufficient quantities of coal on an economic basis from our reserves and obtain favorable contracts for such production; the occurrence of unusual weather or operating conditions including force majeure events; delays in anticipated start-up dates of our lessees' mining operations and related coal infrastructure projects and new processing plants in our natural gas midstream business; environmental risks affecting the mining of coal reserves or the production, gathering and processing of natural gas; the timing of receipt of necessary governmental permits by us or our lessees; hedging results; accidents; changes in governmental regulation or enforcement practices, especially with respect to environmental, health and safety matters, including with respect to emissions levels applicable to coal-burning power generators; uncertainties relating to the outcome of current and future litigation regarding mine permitting; risks and uncertainties relating to general domestic and international economic (including inflation, interest rates and financial and credit markets) and political conditions (including the impact of potential terrorist attacks); and other risks set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2008. Many of the factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

                                                                                                                                      
 PENN VIRGINIA RESOURCE PARTNERS, L.P.