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 FULL-YEAR AND FOURTH QUARTER 2008 RESULTS

RADNOR, PA (BusinessWire) February 11, 2009 – Penn Virginia Resource Partners, L.P. (NYSE: PVR) today reported financial and operational results for the three months and year ended December 31, 2008 and provided an update of full-year 2009 guidance.

Fourth Quarter 2008 Highlights

Fourth quarter 2008 highlights and results, with comparisons to fourth quarter 2007 results, included the following:

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

DCF for the fourth quarter of 2008 of $35.0 million was five percent higher than DCF in the fourth quarter of 2007 due to:

These increases to DCF were partially offset by:

The $3.4 million decrease in adjusted net income as compared to the prior year quarter was primarily due to a $17.6 million decrease in operating income, prior to the goodwill impairment charge, from PVR Midstream, partially offset by a $12.8 million increase in operating income from PVR Coal & Natural Resource Management and the decrease in cash paid to settle derivatives.

The $9.0 million, or 129 percent, increase in net income as compared to the prior year quarter was due to a $47.9 million increase in derivatives income resulting primarily from changes in the valuation of unrealized derivative positions, partially offset by the decrease in operating income, including the goodwill impairment charge, and the increase in interest expense.

For the year ended December 31, 2008, DCF was $129.9 million, as compared to $120.5 million in 2007. Operating income was $115.2 million, which includes the $31.8 million goodwill impairment charge, as compared to $117.7 million in 2007. Adjusted net income, which excludes the effects of the non-cash change in derivatives fair value and goodwill impairment, was $86.5 million, or $1.32 per limited partner unit, as compared to $89.0 million, or $1.65 per limited partner unit, in 2007. Net income was $104.5 million, or $1.67 per limited partner unit, as compared to $56.6 million, or $0.96 per limited partner unit. Coal production by lessees was 33.7 million tons with average coal royalties per ton of $3.65 ($3.37 net of coal royalties expense) as compared to 32.5 million tons with average coal royalties per ton of $2.89 ($2.72 net of coal royalties expense) in 2007. Natural gas midstream system throughput volumes were a record 98.7 Bcf, or 270 MMcf per day, with a gross margin of $1.09 per Mcf as compared to 67.8 Bcf, or 186 MMcf per day, with a gross margin of $1.33 per Mcf.

Cash Distribution

As previously announced, on February 13, 2009, we will pay to unitholders of record as of February 2, 2009 a quarterly cash distribution of $0.47 per unit, or an annualized rate of $1.88 per unit, covering the period of October 1 through December 31, 2008. On an annualized basis, this represents a seven percent increase over the annualized distribution of $1.76 per unit for the same quarter of 2007 and is unchanged from the distribution paid for the third quarter of 2008.

Management Comment

A. James Dearlove, Chief Executive Officer of PVR, said, “We are pleased to report our results for the fourth quarter and full-year 2008, which were led by a strong performance from our coal and natural resource management segment. PVR Midstream successfully expanded its operational base during the first three quarters of 2008, but was adversely impacted in the fourth quarter by the combined effects of a dramatic slowdown in the economy and the lingering impacts of inclement weather which contributed to the compression of midstream processing margins. The decline in margins was offset in part by strong volume growth stemming from the acquired assets which are largely fee-based.

“PVR Coal & Natural Resource Management had record operating income during the fourth quarter of 2008 due to continued high prices for increased lessee production. We continue to benefit from higher coal prices, especially in Central Appalachia, the Illinois Basin and Northern Appalachia where average coal royalties per ton increased by 49 percent, 37 percent and 32 percent, respectively, over the fourth quarter of 2007. The impact of lessee contract renewals at higher prices, primarily in Central Appalachia and to a lesser extent in the Illinois Basin, has improved our average coal royalties per ton. We expect continued strength into 2009 for which our lessees have locked in pricing for over 80 percent of their market price sensitive coal production.

“During the fourth quarter, PVR Midstream’s daily system throughput volumes increased 75 percent over the fourth quarter of 2007 and seven percent over the third quarter of 2008, primarily as a result of contributions from expansions and acquisitions earlier in 2008. However, the gross margin per Mcf of system throughput volume, adjusted for the cash impact of hedges, decreased 60 percent to $0.55 per Mcf in the fourth quarter from $1.36 per Mcf in the fourth quarter of 2007 and 13 percent from $0.63 per Mcf in the third quarter of 2008. PVR Midstream was adversely impacted by severely reduced demand for natural gas liquids (NGLs) due to effects of the weakening overall economy as well as continued oversupply of NGLs in the aftermath of Hurricanes Ike and Gustav. General economic conditions and reduced commodity prices in 2009 are expected to continue to dampen margins from this segment, offset by expected increases in system throughput volumes. Our hedging program is expected to provide additional support for our midstream margins in 2009.

“As a partnership, we need to have access to capital to continue the growth of our business segments. Access to the debt and equity capital markets continues to be difficult and we cannot predict when those markets will improve. As of the end of 2008, we had approximately $130 million of unused borrowing capacity under our $700 million revolving credit facility, which we believe provides adequate cushion to support our working capital needs and some modest growth opportunities. Despite these recent challenges, particularly in the midstream business, we remain confident that the fundamental characteristics of our business segments remain intact.”

Coal and Natural Resource Management Segment Review

During the fourth quarter of 2008, operating income for PVR Coal & Natural Resource Management increased by 82 percent to $28.4 million from $15.6 million in the prior year quarter. Revenues increased by 61 percent from the prior year quarter to $42.3 million primarily due to a 64 percent increase in coal royalties revenue, along with a $2.8 million, or 49 percent, increase in coal services and other revenues to $8.4 million. Coal royalties revenue increased primarily due to a 38 percent increase in average coal royalties per ton to $3.89 from $2.82 in the prior year quarter, as well as a 1.4 million ton, or 19 percent, increase in coal production by our lessees to 8.7 million tons from 7.3 million tons in the prior year quarter. Net of coal royalties expense, average coal royalties per ton increased $1.03, or 38 percent, to $3.72 in the fourth quarter of 2008 as compared to $2.69 in the prior year quarter. Lessee production increases occurred in Central Appalachia, Northern Appalachia and the San Juan Basin, with flat production in the Illinois Basin as compared to the prior year quarter. Operating expenses increased by 30 percent to $13.9 million primarily due to higher DD&A, coal royalties and other operating expenses.

For the full year, operating income increased by 40 percent to $96.3 million from $68.8 million in 2007. Revenues increased by 37 percent from 2007 to $153.3 million primarily due to a 30 percent increase in coal royalties revenue, along with a $13.0 million, or 74 percent, increase in coal services and other revenues to $30.5 million. Coal royalties revenue increased primarily due to a 26 percent increase in average coal royalties per ton to $3.65 from $2.89 in 2007, as well as a 1.2 million ton, or four percent, increase in coal production by our lessees to 33.7 million tons from 32.5 million tons in 2007. Net of coal royalties expense, average coal royalties per ton increased $0.65, or 24 percent, to $3.37 as compared to $2.72 in 2007. Lessee production increases occurred in Central Appalachia, the Illinois Basin and the San Juan Basin, offset in part by decreased production in Northern Appalachia as compared to 2007. Operating expenses increased by 33 percent to $57.0 million primarily due to higher DD&A, coal royalties, and general and administrative expenses.

Natural Gas Midstream Segment Review

During the fourth quarter, operating income for PVR Midstream, excluding a $31.8 million goodwill impairment charge, decreased by 85 percent to $3.0 million from $20.6 million in the prior year quarter. Midstream gross margin decreased by 35 percent to $20.1 million, or $0.68 per Mcfe, from $30.8 million, or $1.81 per Mcf, in the prior year quarter primarily due to a significant decrease in the price of NGLs as a result of reduced industrial demand in a weakening economy, partially offset by a significant increase in system throughput volumes. Adjusted for the cash impact of derivatives, midstream gross margin was $16.3 million, or $0.55 per Mcf, down 30 percent from $23.1 million, or $1.36 per Mcf, in the prior year quarter. In addition, operating and DD&A expenses increased by $7.2 million, or 62 percent, primarily due to acquisitions and increased system throughput volumes.

System throughput volumes at our gas processing plants and gathering systems increased 75 percent to a record 29.8 Bcf, or approximately 324 MMcf per day, in the fourth quarter of 2008 from 17.0 Bcf, or approximately 185 MMcf per day, in the prior year quarter. The volumes increased primarily as a result of contributions from expansions and acquisitions during the first seven months of 2008, as well as successful results by producers connected to our gathering systems.

For the full year, operating income for PVR Midstream, excluding the goodwill impairment charge, increased by four percent to $50.7 million from $48.9 million in 2007. Midstream gross margin increased by 20 percent to $107.5 million, or $1.09 per Mcf, from $89.9 million, or $1.33 per Mcf, in 2007 primarily due to a 46 percent increase in system throughput volumes. Adjusted for the cash impact of derivatives, midstream gross margin was $74.5 million, or $0.75 per Mcf, down three percent from $76.7 million, or $1.13 per Mcf, in the prior year quarter. In addition, operating and DD&A expenses increased by $19.4 million, or 42 percent, primarily due to acquisitions and increased system throughput volumes.

Goodwill Impairment Charge

Our annual impairment testing of goodwill and other intangible assets, using the guidance prescribed by Statement of Financial Accounting Standards No. 142, resulted in a non-cash charge to goodwill of approximately $31.8 million in the fourth quarter of 2008. The impairment charge, which was triggered by declines in oil and gas futures prices and a decline in PVR’s market capitalization, reduces to zero all goodwill recorded in conjunction with acquisitions made by PVR Midstream in 2008 and prior years.

Capital Resources and Impact of Derivatives

As of December 31, 2008, we had outstanding borrowings of $568.1 million under our $700 million revolving credit facility. The $156.4 million increase in outstanding borrowings as compared to the $411.7 million outstanding as of December 31, 2007 was primarily due to acquisitions and capital expenditures during 2008, partially offset by the net proceeds from a public offering of common units in May 2008. In July 2008, we repaid $58.4 million of senior unsecured notes.

Interest expense increased from $5.5 million in the fourth quarter of 2007 to $7.3 million in the fourth quarter of 2008 due to the higher weighted average level of outstanding borrowings during the quarter as compared to the prior year quarter. Interest expense increased from $17.3 million in 2007 to $24.7 million in 2008 due to a higher average level of outstanding borrowings during 2008 as compared to 2007.

For the fourth quarter of 2008, derivatives income was $23.3 million, as compared to derivatives expense of $24.6 million in the prior year quarter. Cash settlements of derivatives included in these amounts resulted in net cash payments of $5.2 million during the fourth quarter of 2008, as compared to $8.8 million of net cash payments in the prior year quarter. During 2008, derivatives income was $16.8 million, as compared to derivatives expense of $45.6 million in 2007. Cash settlements of derivatives included in these amounts resulted in net cash payments of $38.5 million during 2008, as compared to $17.8 million of net cash payments in 2007. 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 December 31, 2008.

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 full-year and fourth quarter 2008 financial and operational results for PVR and Penn Virginia GP Holdings, L.P. (NYSE: PVG), is scheduled for Thursday, February 12, 2009 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 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 of the call will be available until February 26, 2009 at 11:59 p.m. ET by dialing 1-877-660-6853 and using the following replay pass codes: account #286, conference ID #309174. An on-demand replay of the conference call will be available at our website beginning shortly after the call.

******

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, crude oil and coal; 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 business; 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; and 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).

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, 2007. 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.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - unaudited

(in thousands, except per unit data)

PENN VIRGINIA RESOURCE PARTNERS, L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited

(in thousands)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited

(in thousands)

PENN VIRGINIA RESOURCE PARTNERS, L.P.

CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited

(in thousands, except per unit data)

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 and tons in millions)

We are providing the following guidance regarding financial and operational expectations for full-year 2009.