On September 12, 2016 (“effective date”), the following directors ceased to serve on Penn Virginia Corporation's board of directors: Edward B. Cloues, Marsha R. Perelman, Gary K. Wright, John U. Clarke, Steven W. Krablin and H. Baird Whitehead. Pursuant to the Plan, the company's new board of directors, consisting of the following persons, was appointed as of the effective date: Mr. Darin G. Holderness, CPA, was the Senior Vice President, Chief Financial Officer and Treasurer of Concho Resources 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 ever increasing roles of responsibility, including serving as Vice President and Controller of Pure Resources, Vice President and Chief Financial Officer of Basic Energy Services, Vice President and Chief Accounting Officer of Pioneer Natural Resources, and most recently as Senior Vice President and Chief Financial Officer of Eagle Rock Energy Partners. Mr. Marc McCarthy is a Senior Managing Director at Wexford Capital LP, having joined them in 2008. Mr. McCarthy currently serves as Chairman of the board of directors of Mammoth Energy Services and previously served as a director of Coronado Midstream, LLC and as Chairman of the board of directors of Energy Partners Corp. from 2009 to 2014. Previously, Mr. McCarthy worked in the Global Equity Research Department of Bear Stearns & Co. Inc. and was responsible for coverage of the international oil and gas sector. Mr. Harry Quarls currently serves as a Managing Director at Global Infrastructure Partners. He also serves as a Director for Woodbine Holdings LLC, Fairway Resources LLC and Opal Resources LLC. He is Chairman of the Board for Woodbine Holdings. Each of Mr. Holderness, Mr. McCarthy and Mr. Quarls was appointed to serve on the Compensation and Benefits Committee, Audit Committee and Nominating and Governance Committee of the company. Mr. Quarls was appointed Chairman of the new board. Mr. Holderness was appointed Chairman of the Audit Committee. As of the Effective Date, Edward B. Cloues ceased to serve as interim Chief Executive Officer of the company and Joan Sonnen ceased to serve as Vice President, Chief Accounting Officer and Controller of the company. As of the effective date, Mr. John A. Brooks continues to serve as Executive Vice President and Chief Operating Officer of the company, positions he has held since January 2014, and he was appointed interim Principal Executive Officer of the company. He also served as Executive Vice President, Operations of the company from February 2013 to January 2014, as Senior Vice President of the company from February 2012 to February 2013, as Vice President of the Company from May 2008 to February 2012, as Vice President and Regional Manager of Penn Virginia Oil & Gas Corporation from October 2007 to February 2012, as Operations Manager of Penn Virginia Oil & Gas Corporation from January 2005 to October 2007 and as Drilling Manager of Penn Virginia Oil & Gas Corporation from February 2002 to January 2005. As of the effective date, Tammy Hinkle was appointed Vice President and Controller of the company. Ms. Hinkle served as the Director of Oil and Gas Accounting for the company since June 2013. Ms. Hinkle has over 35 years of experience in the oil and gas industry, most recently serving as Controller of Gulf Coast Energy Resources and Manager of Operations Accounting of Rosetta Resources, after 27 years with The Houston Exploration Company and its predecessor and successor companies.

On the September 12, 2016 (“effective date”), Penn Virginia Holding Corp. (the “borrower”) and the company entered into a credit agreement (the “credit agreement”) with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and issuing lender, providing for a new reserve-based revolving credit facility with up to $200 million in borrowing commitments. The initial borrowing base under the credit agreement is $128 million. As of the effective date, approximately $75 million in borrowings are outstanding under the credit agreement. The outstanding borrowings under the credit agreement bear interest at a rate equal to, at the option of the borrower, either (a) a customary reference rate plus an applicable margin ranging from 2.00% to 3.00%, determined based on the average availability under the credit agreement or (b) a customary London interbank offered rate plus an applicable margin ranging from 3.00% to 4.00%, determined based on the average availability under the credit agreement. Interest on reference rate borrowings is payable quarterly in arrears and is computed on the basis of a year of 365/366 days, and interest on eurocurrency borrowings is payable every one, three or six months, at the election of the borrower, and is computed on the basis of a 360-day year. The borrower has the right to prepay loans under the credit agreement at any time without a prepayment penalty, other than customary “breakage” costs with respect to eurocurrency loans. The obligations under the credit agreement are guaranteed by the company and its subsidiaries. On the effective date, the borrower, the company and the subsidiaries of the company providing guarantees under the credit agreement (collectively, the “Grantors”) entered into a pledge and security agreement (the “Security Agreement”) in favor of Wells Fargo Bank, National Association, as administrative agent for the benefit of the secured parties, pursuant to which the obligations of the Grantors under the credit agreement were secured by liens on substantially all assets of the Grantors. The credit agreement also contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), maintenance of required insurance, delivery of quarterly and annual financial statements, oil and gas engineering reports and budgets, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens and indebtedness, merger, consolidation or sale of assets and transactions with affiliates and other customary covenants. The maturity date under the credit agreement is September 12, 2020. The credit agreement contains customary events of default and remedies for credit facilities of this nature. If the company and the borrower do not comply with the financial and other covenants in the credit agreement, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the credit agreement.