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 SECOND QUARTER 2008 RESULTS

AND UPDATES FULL-YEAR 2008 GUIDANCE

RADNOR, PA (BusinessWire) August 6, 2008 – Penn Virginia Resource Partners, L.P. (NYSE: PVR) today reported financial and operational results for the three months ended June 30, 2008 and provided an update of full-year 2008 guidance.

Second Quarter 2008 Highlights

Second quarter 2008 highlights and results, with comparisons to second 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.

The quarterly record DCF for the second quarter of 2008 of $40.2 million was 33 percent higher than the DCF recorded for the second quarter of 2007 due to increased system throughput volumes and fractionation or “frac” spreads in the natural gas midstream segment (PVR Midstream) and increased lessee coal production and average coal royalties in the coal and natural resource management segment (PVR Coal & Natural Resource Management).

Compared to the first quarter of 2008, DCF in the second quarter of 2008 was $13.5 million, or 50 percent, higher. This sequential increase was primarily due to a $6.7 million, or 49 percent, increase in segment operating income for PVR Midstream and a $6.4 million, or 36 percent, increase in segment operating income for PVR Coal & Natural Resource Management.

The $8.0 million, or 35 percent, increase in adjusted net income as compared to the prior year quarter was primarily due to a $16.9 million, or 62 percent, increase in operating income, partially offset by a $7.5 million increase in cash paid to settle derivatives and $1.6 million increase in net interest expense. The increase in operating income as compared to the prior year quarter was due to a $10.5 million, or 107 percent, increase in operating income from PVR Midstream and a $6.4 million, or 37 percent, increase in operating income from PVR Coal & Natural Resource Management.

The $7.1 million, or 43 percent, decrease in net income as compared to the prior year quarter was due to a $22.4 million, or 297 percent, increase in derivatives expense resulting from changes in the valuation of unrealized derivative positions and the increase in net interest expense, partially offset by the increase in operating income.

Cash Distribution

As previously announced, on August 14, 2008, PVR will pay to unitholders of record as of August 4, 2008 a quarterly cash distribution covering the period of April 1 through June 30, 2008 in the amount of $0.46 per unit, or an annualized rate of $1.84 per unit. This annualized distribution represents a $0.04 per unit, or 2.2 percent, increase over the annualized distribution of $1.80 per unit paid for the first quarter of 2008 and a 9.5 percent increase over the annualized distribution of $1.68 per unit for the same quarter of 2007.

Management Comment

A. James Dearlove, Chief Executive Officer of PVR, said, “We are pleased to report record financial and operating results for PVR during the second quarter of 2008. This strong performance and continued confidence in our outlook is reflected in the recent increase in the quarterly distribution, the sixth consecutive quarterly increase. Our current annualized distribution of $1.84 per unit is 9.5 percent higher than at the same time a year ago.

“During the second quarter, PVR Midstream’s system throughput volumes increased 38 percent over the first quarter of 2008 due to increased processing capacity as a result of the new Spearman plant in the panhandle of Texas and the new Crossroads plant in East Texas. In addition, we recently closed four midstream acquisitions, including gathering and transportation assets in the Fort Worth Basin of Texas, an interest in a gas gathering joint venture in the Powder River Basin in Wyoming and a pair of pipeline asset acquisitions which enhanced our operations in the panhandle of Texas. The acquisitions in the Fort Worth and Powder River Basins establish PVR Midstream in two new geographical areas in which we plan to expand. We have increased our full-year 2008 system throughput volume guidance for PVR Midstream due to the increased processing capacity and expected growth in the supply of natural gas volumes.

“PVR Coal & Natural Resource Management had a strong second quarter, with a 16 percent sequential increase in lessee coal production. In addition, we benefited from higher coal prices, especially in Central Appalachia and in the Illinois Basin, where average coal royalties per ton increased by 23 percent and 10 percent, respectively. We are encouraged by such trends as we expect approximately one-half of our lessees’ contracts for market sensitive production, primarily in Central Appalachia and to a lesser extent in the Illinois Basin, to be “rolled over” during 2008 into higher priced contracts, the effect of which will impact 2008 and beyond. The overall market for coal continues to be strong as export demand remains high and domestic demand remains stable. Accordingly, we have increased guidance for our full-year 2008 average coal royalties per ton and slightly increased guidance for lessee tonnage.”

Natural Gas Midstream Segment Review

Operating income for PVR Midstream increased 107 percent to $20.3 million from $9.8 million in the prior year quarter. The increase in operating income was primarily the result of record system throughput volumes along with higher frac spreads during the second quarter of 2008 as compared to the prior year quarter. Midstream gross margin increased by 65 percent to a record $32.0 million, or $1.34 per Mcf, from $19.3 million, or $1.14 per Mcf, in the prior year quarter. Adjusted for the cash impact of derivatives, midstream gross margin was $23.8 million, or $1.00 per Mcf, in the second quarter of 2008, up 29 percent from $18.4 million, or $1.09 per Mcf, in the prior year quarter. The year-over-year increase was due to higher system throughput volumes in the second quarter of 2008.

System throughput volumes at PVR’s gas processing plants and gathering systems increased 40 percent to a record 23.9 Bcf, or approximately 262 MMcf per day, in the second quarter of 2008 from 17.0 Bcf, or approximately 187 MMcf per day, in the prior year quarter. The volumes increased during the second quarter primarily as a result of contributions by two new gas processing plants, the 60 MMcf per day Spearman plant in the panhandle of Texas and the 80 MMcf per day Crossroads plant in East Texas, which were both fully operational by the end of the first and second quarters, respectively. Expenses other than the cost of midstream gas purchased increased as compared to the prior year quarter by $3.4 million during the second quarter of 2008 to $14.3 million, primarily due to increased system throughput volumes.

Compared to the first quarter of 2008, the $6.7 million, or 49 percent, increase in second quarter 2008 segment operating income for PVR Midstream was due to a 72 MMcf per day, or 38 percent, increase in system throughput volumes as a result of contributions from the two new processing plants, partially offset by a $0.13, or nine percent, decrease in gross margin per Mcf.

Coal and Natural Resource Management Segment Review

During the second quarter of 2008, operating income for PVR Coal & Natural Resource Management increased by 37 percent to $24.0 million from $17.6 million in the prior year quarter. Revenues increased by 37 percent to $39.1 million from the prior year quarter primarily due to a 32 percent increase in coal royalties revenue, along with a 69 percent increase in coal services and other revenues. Coal royalties revenue increased primarily due to a 0.8 million ton, or 10 percent, increase in coal production by PVR’s lessees to 8.8 million tons in the second quarter of 2008 and a 20 percent increase in average coal royalties per ton to a record $3.58 from $2.98 in the prior year quarter. Other revenues increased primarily due to acquisitions of forestlands and oil and gas royalties in the second half of 2007. Net of coal royalties expense, average coal royalties per ton increased $0.45, or 16 percent, to $3.20 in the second quarter of 2008 as compared to $2.75 in the prior year quarter. The lessee production increase was primarily due to increases in the Illinois Basin and in Central Appalachia. Operating expenses increased by 39 percent to $15.1 million primarily due to increases in depreciation, depletion and amortization and coal royalties expenses.

Compared to the first quarter of 2008, the $6.4 million, or 36 percent, increase in second quarter 2008 segment operating income for PVR Coal & Natural Resource Management was primarily due to a $7.7 million increase in coal royalties revenue resulting from a 1.2 million ton, or 16 percent, increase in lessee coal production and a $0.44, or 14 percent, increase in average coal royalties per ton. In addition, other revenues increased by $1.1 million and operating expenses increased by $2.4 million.

Capital Resources and Impact of Derivatives

As of June 30, 2008, PVR’s outstanding borrowings were $381.2 million, including $58.1 million of senior unsecured notes classified as current portion of long-term debt, a decrease from $411.7 million as of December 31, 2007. The senior unsecured notes were classified as current as the result of their repayment in July 2008. The decrease in outstanding borrowings was primarily due to the public offering of approximately 5.2 million common units in the second quarter of 2008 with net proceeds of $141.0 million, partially offset by acquisitions and capital expenditures during the first half of 2008. Interest expense increased from $3.6 million in the second quarter of 2007 to $5.4 million in the second quarter of 2008 due to the higher weighted average level of outstanding borrowings during the second quarter of 2008 as compared to the prior year quarter.

For the second quarter of 2008, derivatives expense was $29.9 million, as compared to expense of $7.6 million in the prior year quarter. Cash settlements of derivatives included in these amounts resulted in net cash payments of $9.7 million during the second quarter of 2008, a $7.5 million increase from $2.2 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 margin.

See the Guidance Table included in this release for detail of derivative positions as of June 30, 2008.

Guidance for 2008

See the Guidance Table included in this release for updated 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 second quarter 2008 financial and operational results for PVR and Penn Virginia GP Holdings, L.P. (NYSE: PVG), is scheduled for Thursday, August 7, 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 August 21, 2008 at 11:59 p.m. ET by dialing 1-877-660-6853 and using the following replay pass codes: account #286, conference ID #290757. An on-demand replay of the conference call will be available at PVR’s 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 properties and related assets and operates a midstream natural gas gathering and processing business.

For more information about PVR, visit its 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 PVR’s coal differs from estimated recoverable coal reserves; PVR’s ability to generate sufficient cash from its businesses to maintain and pay the quarterly distribution to PVR’s general partner and PVR’s unitholders; the experience and financial condition of PVR’s coal lessees and natural gas midstream customers, including PVR’s lessees’ ability to satisfy their royalty, environmental, reclamation and other obligations to PVR and others; operating risks, including unanticipated geological problems, incidental to PVR’s coal and natural resource management or natural gas midstream business; PVR’s 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; PVR’s ability to retain existing or acquire new natural gas midstream customers and coal lessees; the ability of PVR’s lessees to produce sufficient quantities of coal on an economic basis from PVR’s 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 PVR’s lessees’ mining operations and related coal infrastructure projects and new processing plants in PVR’s 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 PVR or its 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 market) 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

(dollars 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)

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

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

Notes (changes from previous guidance):

PENN VIRGINIA RESOURCE PARTNERS, L.P.

DERIVATIVE CONTRACT SUMMARY—unaudited

As of June 30, 2008

Management estimates that excluding the derivative positions described above, for every $1.00 per MMBtu decrease or increase in natural gas prices, natural gas midstream gross margin and operating income for the last six months of 2008 would increase or decrease by approximately $5.6 million, assuming that crude oil and natural liquids prices and inlet volumes remain constant at forecasted levels. In addition, management also estimates that for every $5.00 per barrel increase or decrease in the oil prices, natural gas midstream gross margin and operating income would increase or decrease by approximately $2.3 million, assuming that natural gas prices and inlet volumes remain constant at forecasted levels. These estimated changes in gross margin and operating income exclude the effect of potential cash receipts or payments in settling these derivative positions.