Penn Virginia Corporation announced that effective as of the Closing Date, Darin G. Holderness tendered his resignation from the board of directors of the Company (the “Board”) to the Company. Mr. Holderness served as a director and as Chairman of the Audit Committee of the Board. The decision of Mr. Holderness to resign as a director of the Company was not a result of any disagreement with the Company on any matter relating to the operations, policies or practices of the Company. Accordingly, as of the Closing Date, the Board has nine members, consisting of the eight individuals serving on the Board prior to consummation of the Merger, and Mr. Burnett. In connection with the appointment of Mr. Burnett, the Board determined that Mr. Burnett is independent under the rules of The Nasdaq Stock Market. In connection with the appointment of Mr. Burnett, effective as of the Closing Date, the Board accepted Mr. Holderness’ resignation from his position as director and Chairman of the Audit Committee and appointed Mr. Burnett to serve as the new Chairman of the Audit Committee.