Exhibit 99

Penn Virginia Resource Partners, L.P.

Three Radnor Corporate Center, Suite 230, 100 Matsonford Road, Radnor, PA 19087

FOR IMMEDIATE RELEASE

Contact: Frank A. Pici, Vice President and Chief Financial Officer

        Ph: (610) 687-8900 Fax: (610) 687-3688 E-Mail: invest@pvresource.com

PENN VIRGINIA RESOURCE PARTNERS, L.P. ANNOUNCES 2005 FIRST QUARTER

RESULTS AND 2005 GUIDANCE UPDATE

RADNOR, PA (Businesswire) May 4, 2005 – Penn Virginia Resource Partners, L.P. (NYSE:PVR) today reported record distributable cash flow of $16.3 million for the first quarter of 2005, an increase of 26 percent from $12.9 million for the same quarter of 2004. Operating income was a record $14.3 million in the first quarter of 2005 as compared to $9.2 million in the same quarter of 2004, an increase of 55 percent. After the impact of a $13.9 million non-cash charge to earnings for an unrealized loss on derivatives, which is described below, PVR reported a net loss of $2.5 million, or $0.13 per limited partner unit, for the first quarter of 2005, compared with net income of $8.1 million, or $0.44 per limited partner unit, in the first quarter of 2004. The increases in distributable cash flow, a non-GAAP measure, and operating income were primarily attributable to the contribution of PVR’s newly acquired natural gas midstream business and increased coal royalty revenue resulting from higher coal prices. A reconciliation of distributable cash flow and other non-GAAP financial measures appears in the financial tables following this news release.

When the Partnership agreed to acquire its midstream business from Cantera Gas Resources, LLC (the “Cantera Acquisition”), one of its objectives was to support the economics of that acquisition. PVR achieved this objective by entering into pre-closing commodity price hedging agreements covering approximately 75 percent of the net volume of natural gas liquids expected to be sold from April 2005 through December 2006. Rising commodity prices resulted in an increase in the market value of those hedging agreements before they qualified for hedge accounting upon closing the Cantera Acquisition in March 2005. This change in market value resulted in PVR recognizing the non-cash charge to earnings for the unrealized loss on derivatives. Cash settlements with the counterparties to the hedging agreements will occur monthly in the future over the life of the agreements, with PVR receiving a correspondingly higher or lower amount for the physical sale of the commodity over the same period.

Cash Distribution

PVR will pay a $0.62 per unit quarterly cash distribution (an annualized rate of $2.48) on May 13, 2005, to unit holders of record as of May 3, 2005. This represents a 10 percent increase over the previous quarterly cash distribution of $0.5625 per unit (an annualized rate of $2.25).

Coal Segment Operations

First quarter 2005 operating income in the coal royalty, land leasing and coal services operating segment was a record $12.3 million, or 34 percent higher than the $9.2 million reported in the first quarter of 2004. Primary reasons for the improved operating results were as follows:

Midstream Segment Operations

First quarter 2005 operating results from the natural gas midstream segment represent activity after the Cantera Acquisition closing date of March 3, 2005. Operating income for the period was $2.0 million, consisting of the following:

Capital Resources

As of March 31, 2005, PVR’s outstanding borrowings were $197.4 million, including $6.5 million of senior unsecured notes classified as current portion of long-term debt.

PVR initially financed the $191 million Cantera Acquisition with a $110 million term loan and with borrowings under its revolving credit facility. PVR used proceeds of $128 million from the sale of common units in a subsequent public offering to repay in full the term loan and to reduce outstanding indebtedness under its revolving credit facility. Interest expense increased from $1.1 million in the first quarter of 2004 to $2.8 million for the first quarter of 2005 as a result of interest on the increased borrowings and related placement fees on the term loan.

Management Comment

A. James Dearlove, Chief Executive Officer of Penn Virginia Resource Partners, L.P., said, “PVR had record levels of operating income and cash flow from its coal segment in the first quarter of 2005, primarily due to much higher coal prices relative to the first quarter of 2004. The market for coal, particularly in central Appalachia, remains very strong.

The partnership is continuing to pursue its growth strategy in the coal segment. In late March and mid-April 2005, two coal-related transactions were completed which added approximately 49 million tons of high quality central Appalachian coal to PVR’s reserve base. One acquisition included both coal reserves and oil and gas royalties. PVR and Penn Virginia Oil and Gas Corporation, a subsidiary of Penn Virginia Corporation, worked together on the evaluation of those assets, demonstrating the advantage of our unique ownership structure. The other transaction included coal reserves and transportation-related rights known in the coal industry as “wheelage” rights. PVR hopes to complete additional coal and coal infrastructure-related acquisitions as the year progresses.

Operationally, PVR Midstream, PVR’s natural gas midstream gathering and processing segment, is performing as expected. PVR Midstream’s operating staff, consisting of former Cantera employees, has identified various new opportunities to expand and improve the partnership’s midstream business in its core areas in Oklahoma and Texas. The partnership is on schedule to integrate the former Cantera operations into its accounting and information technology systems. We are also confident that the commodity price hedges, while resulting in a non-cash charge to the first quarter earnings of PVR, achieved their desired objective of supporting the forecasted economics of the Cantera Acquisition.”

Guidance Update for 2005

See the 2005 Guidance Table included in this release for guidance estimates for the second quarter and full year 2005. 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 conference call and webcast, at which management will discuss first quarter 2005 results and the outlook for the remainder of 2005, is scheduled for Thursday, May 5, 2005, at 1:00 p.m. EDT. 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 Internet 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 telephone replay of the conference call will be available until May 6, 2005, at 11:59 p.m. EDT by dialing 1-877-660-6853 and using replay passcodes: account number 286 and conference number 146908. An on-demand replay of the call will also be available at PVR’s website for 14 days beginning shortly after the call.

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Penn Virginia Resource Partners, L.P. (NYSE: PVR) is a master limited partnership formed by Penn Virginia Corporation (NYSE: PVA). The Partnership manages coal properties and related assets and operates a midstream natural gas gathering and processing business. PVR is headquartered in Radnor, PA. For more information about PVR, visit the Partnership’s website at www.pvresource.com.

Statements included in this report which are not historical facts (including any statements concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto) are forward-looking statements. In addition, the Partnership and its representatives may from time to time make other oral or written statements, which are also forward-looking statements. These statements use forward-looking words such as “may,” “will,” “anticipate,” “believe,” “expect,” “project” or other similar words. These statements discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition or state other “forward looking” information.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe we have chosen these assumptions or bases in good faith and that they are reasonable. However, we caution you that assumed facts or bases almost always vary from actual results, and the differences between assumed facts or bases and actual results can be material, depending on the circumstances. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this report and the documents we have incorporated by reference. These statements reflect our current views with respect to future events and are subject to various risks, uncertainties and assumptions including, but not limited, to the following: our ability to generate sufficient cash from our midstream and coal businesses to pay the minimum quarterly distribution; energy prices generally and, specifically, the respective prices of natural gas, NGLs and coal; the relationship between natural gas and NGL prices; the relationship between the price of coal and the prices of natural gas and oil; the volatility of commodity prices for coal, natural gas and NGLs; the projected supply of and demand for coal, natural gas and NGLs; the ability to successfully integrate and manage our new midstream business; the ability to acquire new coal reserves on satisfactory terms; the price for which new coal reserves can be acquired; the ability to lease new and existing coal reserves; the ability to continually find and contract for new sources of natural gas supply; the ability to retain our existing or acquire new midstream customers; the ability of our coal lessees to produce sufficient quantities of coal on an economic basis from our reserves; the ability of our coal lessees to obtain favorable contracts for coal produced from our reserves; competition among producers in the coal industry generally and among midstream

companies; the exposure we have to the credit risk of our coal lessees and our midstream customers; the experience and financial condition of our coal lessees, including their ability to satisfy their royalty, environmental, reclamation and other obligations to us and others; the ability to expand our midstream business by constructing new gathering systems, pipelines and processing facilities on an economic basis and in a timely manner; the extent to which the amount and quality of actual coal production differs from estimated recoverable proved coal reserves; unanticipated geological problems; the dependence of our midstream business on having connections to third party pipelines; availability of required materials and equipment; the occurrence of unusual weather or operating conditions, including force majeure events; the failure of our coal infrastructure or our coal lessees’ mining equipment or processes to operate in accordance with specifications or expectations; delays in anticipated start-up dates of our coal lessees’ mining operations and related coal infrastructure projects; environmental risks affecting the mining of coal reserves and the production, gathering and processing of natural gas; the timing of receipt of necessary governmental permits by our coal 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; uncertainties relating to the outcome of litigation regarding permitting of the disposal of coal overburden; 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); coal handling joint venture operations; changes in financial market conditions; and other risk factors as detailed in the our Annual Report on Form 10-K for the year ended December 31, 2004.

PENN VIRGINIA RESOURCE PARTNERS, L.P.

CONSOLIDATED STATEMENTS OF INCOME - unaudited

(in thousands, except per share data)

PENN VIRGINIA RESOURCE PARTNERS, L.P.

CONSOLIDATED BALANCE SHEETS

(in thousands)

PENN VIRGINIA RESOURCE PARTNERS, L.P.

FIRST QUARTER SEGMENT INFORMATION - unaudited

(Dollars in thousands except where noted)

PENN VIRGINIA RESOURCE PARTNERS, L.P.

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited

(in thousands)

Note 1 - EBITDA represents net income (loss) before income tax expense (benefit), interest expense, and depreciation, depletion and amortization expense. Management believes EBITDA provides additional, useful information regarding PVR’s ability to meet our debt service, capital expenditure and working capital requirements. EBITDA is a traditional measure of a business’ ability to generate cash flows irrespective of financing costs and is presented as a supplemental financial measurement in the evaluation of our business. This measure is widely used by investors and rating agencies in the valuation, comparison, rating and investment recommendations of companies. EBITDA is the most widely-used financial measure by commercial banks, investment bankers, fixed-income investors and ratings agencies. It is also a financial measurement that, with certain negotiated adjustments, is reported to our banks under our bank credit facility and is used in our financial covenants under our bank credit facility and the indenture governing our senior unsecured notes. EBITDA is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net income (loss), income (loss) from operations or net cash flows provided by operating activities prepared in accordance with GAAP.

Note 2 - Distributable cash flow represents income (loss) before income tax expense (benefit), depreciation, depletion and amortization expense and unrealized loss on derivatives, minus other capital expenditures. Other property and equipment expenditures are capital expenditures (as defined by GAAP) which do not increase the capacity of an asset or generate additional revenues or net cash from operating activities. 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 its 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 or as a measure of liquidity.

Note 3 - Capital expenditures represents cash additions to property and equipment plus cash paid for acquisitions. Management believes capital expenditures provide useful information regarding the Company’s capital program as a supplement to cash additions to property and equipment.

Penn Virginia Resource Partners, L.P.

Guidance Table

(Dollars and tons in millions)

Penn Virginia Resource Partners, L.P. is providing the following guidance regarding financial and operational expectations for the second quarter and full year 2005.

These estimates are meant to provide guidance only and are subject to revision as the operating environment of Penn Virginia Resource Partners, L.P. changes.