Exhibit 99.1

Penn Virginia Resource Partners, L.P.

Three Radnor Corporate Center, Suite 300, 100 Matsonford Road, Radnor, PA 19087

FOR IMMEDIATE RELEASE

PENN VIRGINIA RESOURCE PARTNERS, L.P.

ANNOUNCES RECORD 2007 RESULTS

NEW RECORDS SET FOR OPERATING INCOME AND DISTRIBUTABLE CASH FLOW

RADNOR, PA (BusinessWire) February 13, 2008 – Penn Virginia Resource Partners, L.P. (NYSE: PVR) today reported financial and operational results for the fiscal year and three months ended December 31, 2007, including record annual and quarterly operating income and distributable cash flow.

Full-Year and Fourth Quarter 2007 Highlights

Full-year 2007 results, with comparisons to full-year 2006 results, included the following:

Fourth quarter 2007 results, with comparisons to fourth quarter 2006 results, included the following:

A reconciliation of non-GAAP financial measures appears in the financial tables later in this release.

Distributable cash flow for 2007 was $120.8 million, which was $20.5 million, or 20 percent, higher than 2006. The increase was primarily due to a $14.9 million, or 14 percent, increase in operating income, lower net interest expense and a decrease in cash paid to settle derivatives. The increase in operating income was primarily due to a $19.5 million, or 67 percent, increase in operating income from the natural gas midstream segment (PVR Midstream) resulting from record high natural gas midstream processing margins. The $21.3 million, or 31 percent, increase in adjusted net income was primarily due the increase in operating income, the decrease in net interest expense and the decrease in cash paid to settle derivatives, partially offset by a $4.6 million, or six percent, decrease in operating income from the coal and natural resource management segment (PVR Coal & NRM). The $17.3 million, or 23 percent, decrease in net income was primarily due to a $37.0 million increase in derivatives expense resulting from changes in the valuation of unrealized derivative positions and, to a lesser extent, the cash paid to settle derivatives.

Distributable cash flow for the fourth quarter of 2007 was $32.5 million, which was $7.4 million, or 29 percent, higher than the fourth quarter of 2006. The increase was primarily due to the $10.8 million, or 43 percent, increase in operating income, partially offset by an increase in cash paid to settle derivatives. The $6.7 million, or 39 percent, increase in adjusted net income was primarily due to a $13.5 million, or 191 percent, increase in operating income from PVR Midstream, partially offset by a $2.7 million, or 15 percent, decrease in operating income from PVR Coal & NRM and the increase in cash paid to settle derivatives. The $14.1 million, or 67 percent, decrease in net income was primarily due to a $25.5 million increase in derivatives expense resulting from changes in the valuation of unrealized derivative positions and, to a lesser extent, the cash paid to settle derivatives.

Cash Distribution

As previously announced, on February 14, 2008, PVR will pay to unitholders of record as of February 4, 2008 a quarterly cash distribution covering the period October 1 through December 31, 2007 in the amount of $0.44 per unit, or an annualized rate of $1.76 per unit. This annualized distribution represents a $0.04 per unit, or two percent, increase over the $1.72 per unit annualized distribution paid in the prior quarter and a ten percent increase over the annualized distribution of $1.60 per unit paid in the same quarter of 2007.

Management Comment

A. James Dearlove, Chief Executive Officer of PVR, said, “We are pleased to report another successful year in 2007, setting new highs for distributable cash flow and operating income. PVR increased quarterly distributions during the last three quarters of 2007 as a reflection of its strong results during the year. Our current annualized distribution of $1.76 per unit is ten percent higher than at the same time a year ago.

“PVR Midstream experienced a strong increase in operating income and cash flow throughout 2007, peaking with a record fourth quarter. Processing margins increased throughout 2007 as the fractionation or “frac” spread – which is the difference between the price of natural gas liquids (NGLs) sold and the cost of natural gas purchased on a per MMBtu basis – was at record high levels in our areas of operation and has remained strong into early 2008.

“PVR Midstream is expected to grow in 2008 due to the addition of two new gas processing plants in Texas and organic growth of our existing gathering and processing assets. We have constructed and have just recently brought on line a 60 MMcf per day processing plant in the panhandle of Texas to expand our largest processing complex. In addition, we expect to bring on line during the first quarter an 80 MMcf per day processing plant and related assets in east Texas to serve the oil and gas subsidiary of Penn Virginia Corporation (NYSE: PVA) and other oil and gas producers.

“PVR Coal & NRM completed two coal reserve acquisitions in the Illinois Basin during 2007, adding approximately 60 million tons of coal for a total acquisition cost of approximately $52 million. In addition, during the second half of 2007, PVR Coal & NRM completed acquisitions in Appalachia of forestland and oil and gas royalties for approximately $124 million. We expect both of these new assets to contribute significantly to our results in the future.

“Coal production by our lessees was essentially flat in 2007 relative to the prior year, despite a decline during the fourth quarter due to previously disclosed short-term issues at two mines in Appalachia. Lessee tonnage is expected to increase in 2008 due to the acquisitions in the Illinois Basin and in northern Appalachia, with slight decreases expected in central Appalachia and the San Juan Basin.

“The overall market for coal improved during 2007 as spot prices increased in the areas where our royalties are market sensitive, although most of our lessees’ contracts with their customers are long-term in nature. The primary reasons for the improvement in the coal market were increased domestic demand, as well as increased exports of Appalachian coal. For 2008, we expect an increase in overall coal production and also increased contributions from coal services and our recent non-coal acquisitions.”

Natural Gas Midstream Segment Review

Operating income for PVR Midstream increased 67 percent to $48.9 million in 2007 from $29.4 million in the prior year. The increase in operating income was primarily the result of high frac spreads during 2007 caused by higher NGL sale prices and lower natural gas purchase costs, along with an increase in system throughput volumes. The gross processing margin increased by 32 percent to $89.9 million, or $1.33 per Mcf, in 2007, from $68.1 million, or $1.10 per Mcf, in the prior year. Adjusted for the cash impact of derivatives, the gross processing margin was $76.7 million, or $1.13 per Mcf, in 2007, up 51 percent from $50.6 million, or $0.82 per Mcf, in the prior year. System throughput volumes at PVR’s gas processing plants and gathering systems increased nine percent to 67.8 Bcf, or approximately 186 MMcf per day, in 2007 from 62.0 Bcf, or approximately 170 MMcf per day, in the prior year. The increase in system throughput volumes was primarily due to PVR’s success in contracting and connecting new supply to its facilities. Much of this new gas is a result of continued successful development by the producers operating in the vicinity of PVR’s systems. Expenses other than the cost of midstream gas purchased increased by $4.7 million during 2007 to $45.6 million primarily due to increases in depletion, depreciation and amortization (DD&A), general and administrative (G&A), taxes other than income and other operating expenses.

Fourth quarter 2007 segment operating income increased 191 percent to $20.6 million from $7.1 million in the prior year quarter. The increase in operating income was primarily the result of a record frac spreads during the fourth quarter of 2007, along with an increase in system throughput volumes. In the fourth quarter of 2007, the gross midstream processing margin increased by 77 percent to $30.8 million, or $1.81 per Mcf, from $17.4 million, or $1.04 per Mcf, in the prior year quarter. Adjusted for the cash impact of derivatives, the gross midstream processing margin was $23.1 million, or $1.36 per Mcf, in the fourth quarter of 2007, up 65 percent from $14.0 million, or $0.84 per Mcf, in the prior year quarter. System throughput volumes at PVR’s gas processing plants and gathering systems increased two percent to 17.0 Bcf, or approximately 185 MMcf per day, in the fourth quarter of 2007 from 16.8 Bcf, or approximately 182 MMcf per day, in the prior year quarter. The volumes during the fourth quarter were in the lower end of previously provided guidance levels due to equipment- and weather-related delays in the start up of the new gas processing plant in the panhandle of Texas. Expenses other than the cost of midstream gas purchased increased by $0.8 million during the fourth quarter of 2007 to $11.7 million, primarily due to increases in taxes other than income, DD&A and other operating expenses.

Coal and Natural Resource Management Segment Review

As of December 31, 2007, PVR owned or controlled approximately 818 million tons of proven and probable coal reserves located in central Appalachia, the Illinois Basin, northern Appalachia and the San Juan Basin. Coal production by PVR’s lessees decreased one percent to 32.5 million tons in 2007 from 32.8 million tons in 2006 primarily due to fourth quarter decreases in central and northern Appalachia production, discussed below, partially offset by increases in the Illinois Basin, due to acquisitions, and in the San Juan Basin.

During 2007, operating income for PVR Coal & NRM decreased six percent to $68.8 million from $73.4 million in the prior year. Revenues decreased one percent to $111.6 million in 2007 primarily due to a four percent decrease in coal royalties revenue, partially offset by an 18 percent increase in coal services and other revenues. Coal royalties revenue decreased slightly during 2007 due a decrease in average coal royalties per ton, with coal production by PVR’s lessees that was largely flat in 2007 as compared to 2006. Primarily due to the combination of increased production in the Illinois Basin, which has lower coal prices and therefore lower royalty realizations, and reduced production in central Appalachia, which has higher coal prices and royalty rates, average coal royalties per ton decreased three percent to $2.89 in 2007 from $2.99 in the prior year. Net of coal royalties expense, average coal royalties per ton decreased two percent to $2.72 in 2007 from $2.78 in the prior year. Operating expenses increased eight percent to $42.8 million from $39.5 million as a result of increases in G&A, DD&A and other operating expenses, partially offset by a decrease in coal royalties expense.

In the fourth quarter of 2007, operating income for PVR Coal & NRM decreased by 15 percent to $15.6 million from $18.3 million in the prior year quarter. Revenues decreased by 12 percent to $26.3 million from the prior year quarter primarily due to a 17 percent decrease in coal royalties revenue, partially offset by a 13 percent increase in coal services and other revenues. Coal royalties revenue decreased primarily due to a 1.0 million ton, or 12 percent, decrease in coal production by PVR’s lessees to 7.3 million tons in the fourth quarter of 2007 and a decrease in average coal royalties per ton. The decrease in coal production by lessees was related to delays in moving longwall equipment at two mines in central Appalachia and northern Appalachia. Both longwall operations were back on production by mid-December 2007. Despite these developments, lessee production in 2007 remained within original guidance, with an increase in lessee production expected during 2008. In the fourth quarter of 2007, average coal royalties per ton decreased from the prior year quarter by six percent to $2.82 from $2.99 in the prior year quarter. Net of coal royalties expense, average coal royalties per ton remained flat at $2.69 in the fourth quarter of 2007 as compared to the prior year quarter. Operating expenses also decreased by eight percent to $10.7 million due to a decrease in coal royalties expense, partially offset by increases in DD&A and G&A expenses.

Capital Resources and Impact of Derivatives

As of December 31, 2007, PVR’s outstanding borrowings were $411.7 million, including $12.6 million of senior unsecured notes classified as current portion of long-term debt, an increase from $218.0 million as of December 31, 2006. The increase in outstanding borrowings was due to coal reserve, forestland and oil and gas royalty acquisitions primarily in the second half of 2007, as well as natural gas midstream capital expenditures. Interest expense decreased from $18.8 million in 2006 to $17.3 million in 2007 due to the lower weighted average level of outstanding borrowings and lower interest rates during 2007 as compared to 2006. Interest expense increased from $5.1 million in the fourth quarter of 2006 to $5.5 million in the fourth quarter of 2007 due to the higher weighted average level of outstanding borrowings during the fourth quarter of 2007 as compared to the prior year quarter.

During 2007, derivatives expense related to PVR Midstream was $45.6 million, as compared to expense of $11.3 million in 2006. Cash settlements of derivatives included in these amounts resulted in net cash payments of $17.8 million during 2007, down from $19.4 million of net cash payments in the prior year. For the fourth quarter of 2007, derivatives expense was $24.6 million, as compared to income of $0.4 million in the prior year quarter. Cash settlements of derivatives included in these amounts resulted in net cash payments of $8.8 million during the fourth quarter of 2007, a $4.8 million increase from $4.0 million of net cash payments in the prior year quarter. See the natural gas midstream segment review in this release for a discussion of the impact of derivatives on PVR Midstream’s gross processing margin.

See the Guidance Table included in this release for detail of derivative positions as of December 31, 2007.

Guidance for 2008

See the Guidance Table included in this release for guidance estimates for full-year 2008. These estimates, including capital expenditure plans, are meant to provide guidance only and are subject to revision as PVR’s operating environment changes.

Conference Call

A joint conference call and webcast, during which management will discuss 2007 full-year and fourth quarter financial and operational results for PVR and Penn Virginia GP Holdings, L.P. (NYSE: PVG), is scheduled for Thursday, February 14, 2008 at 1:00 p.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 1-877-407-9205 five to ten minutes before the scheduled start of the conference call, or via webcast by logging on to PVR’s 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 of the call will be available until February 28, 2008 at 11:59 p.m. ET by dialing 1-877-660-6853 and using the following replay pass codes: account #286, conference ID #270357. An on-demand replay of the conference call will be available at PVR’s website beginning shortly after the call.

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Headquartered in Radnor, PA, Penn Virginia Resource Partners, L.P. (NYSE: PVR) is a master limited partnership formed by Penn Virginia Corporation (NYSE: PVA). The Partnership manages coal and natural resource properties and related assets and operates a midstream natural gas gathering and processing business. For more information, please visit PVR’s 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: our ability to generate sufficient cash from our natural gas midstream and coal and natural resource management businesses to pay the minimum quarterly distribution to our general partner and our unitholders; energy prices generally and specifically, the price of natural gas, NGLs and coal; the relationship between natural gas and NGL prices; the price of coal and its comparison to the price of natural gas; the volatility of commodity prices for coal, natural gas and NGLs; the projected demand for coal, natural gas and NGLs; the projected supply of coal, natural gas and NGLs; our ability to acquire new coal reserves or natural gas midstream assets on satisfactory terms; the price for which we can acquire coal reserves; our ability to continually find and contract for new sources of natural gas supply; our ability to retain existing or acquire new natural gas midstream customers; our ability to lease new and existing coal reserves; the ability of our lessees to produce sufficient quantities of coal on an economic basis from our reserves; the ability of our lessees to obtain favorable contracts for coal produced from our reserves; competition among producers in the coal industry generally and among natural gas midstream companies; our exposure to the credit risk of our coal lessees and natural gas midstream customers; the extent to which the amount and quality of our actual production differ from our estimated recoverable proved coal reserves; hazards or operating risks incidental to natural gas midstream operations; unanticipated geological problems; the dependence of our natural gas midstream business on having connections to third party pipelines; the availability of production equipment and materials; the occurrence of unusual weather or operating conditions including force majeure events; the failure of our infrastructure and our lessees’ mining equipment or processes to operate in accordance with specifications or expectations; delays in anticipated start-up dates of our lessees’ mining operations and related coal infrastructure projects; 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; the risks associated with having or not having price risk management programs; labor relations and costs; 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 and interest rates) and political conditions (including the impact of potential terrorist attacks); the experience and financial condition of our coal lessees and natural gas midstream customers, including their ability to satisfy their royalty, environmental, reclamation and other obligations to us and others; our ability to expand our natural gas midstream business by constructing new gathering systems, pipelines and processing facilities on an economic basis and in a timely manner; coal handling joint venture operations; and changes in financial market conditions.

Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2006. 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 the result of new information, future events or otherwise.

PENN VIRGINIA RESOURCE PARTNERS, L.P.

CONSOLIDATED STATEMENTS OF INCOME - unaudited

(in thousands, except per unit or per ton data)

(a) - These quarterly distributions are for the periods shown and are payable within 45 days after the end of each quarter to unitholders of record and to our general partner.

(b) - See Certain Non-GAAP Financial Measures for the calculation and description of distributable cash flow.

PENN VIRGINIA RESOURCE PARTNERS, L.P.

CONSOLIDATED BALANCE SHEETS - unaudited

(in thousands)

PENN VIRGINIA RESOURCE PARTNERS, L.P.

CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited

(in thousands, except per unit data)

Note 1 - Distributable cash flow represents net income plus depreciation, depletion and amortization expense, plus derivative losses (gains) included in operating income and other income, plus cash paid for derivative settlements, minus non-cash cost of midstream gas purchased minus maintenance capital expenditures. Maintenance capital expenditures are capital expenditures (as defined by GAAP) which are not expansion capital expenditures. Distributable cash flow is presented because management believes it is a useful adjunct to net cash provided by operating activities under accounting principles generally accepted in the United States (GAAP). Distributable cash flow is a significant liquidity metric which is an indicator of PVR’s ability to generate cash flows at a level that can sustain or support an increase in quarterly cash distributions paid to PVR’s partners. Distributable cash flow is also the quantitative standard used throughout the investment community with respect to publicly traded partnerships. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities, as an indicator of cash flows, as a measure of liquidity or as an alternative to net income.

Note 2 - In accordance with PVR’s partnership agreement, incentive distribution rights represent the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels have been achieved.

Note 3 - Net income as adjusted represents net income excluding any gains or losses on derivatives and reflects cash settlements received (paid). PVR believes “net income as adjusted” provides a useful measure which excludes the impact of mark-to-market accounting.

PENN VIRGINIA RESOURCE PARTNERS, L.P.

QUARTERLY SEGMENT INFORMATION - unaudited

(in thousands)

PENN VIRGINIA RESOURCE PARTNERS, L.P.

YEAR-TO-DATE SEGMENT INFORMATION - unaudited

(in thousands)

PENN VIRGINIA RESOURCE PARTNERS, L.P.

GUIDANCE TABLE - unaudited

(dollars in millions, except operating data)

Penn Virginia Resource Partners, L.P. is providing the following guidance regarding financial and operational expectations for 2008.

These estimates are meant to provide guidance only and are subject to revision as PVR’s operating environment changes.

PENN VIRGINIA RESOURCE PARTNERS, L.P.

DERIVATIVE CONTRACT SUMMARY - unaudited

As of December 31, 2007