Exhibit 99. 1

Penn Virginia GP Holdings, L.P.

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

FOR IMMEDIATE RELEASE

Contact: James W. Dean, Director, Investor Relations

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

PENN VIRGINIA GP HOLDINGS, L.P.

ANNOUNCES FIRST QUARTER 2008 RESULTS

RADNOR, PA (BusinessWire) May 7, 2008 – Penn Virginia GP Holdings, L.P. (NYSE: PVG) today reported distributable cash, a non-GAAP (generally accepted accounting principles) measure, of $13.3 million, net income of $16.8 million, or $0.43 per limited partner unit, and adjusted net income, a non-GAAP measure which excludes the effects of a non-cash change in derivatives fair value, of $8.8 million, or $0.23 per limited partner unit, for the three months ended March 31, 2008. These results compare to distributable cash of $10.2 million, net income of $7.7 million, or $0.20 per limited partner unit, and adjusted net income of $8.4 million, or $0.22 per limited partner unit, for the first quarter of 2007. Reconciliations of distributable cash and adjusted net income, non-GAAP financial measures, appear in the financial tables later in this release.

As previously announced, on May 20, 2008, PVG will pay to unitholders of record as of May 5, 2008 a quarterly cash distribution covering the period of January 1 through March 31, 2008 in the amount of $0.34 per unit, or an annualized rate of $1.36 per unit. This annualized distribution represents a $0.08 per unit, or 6.3 percent, increase over the annualized distribution of $1.28 per unit paid in the prior quarter and a 30.8 percent increase over the annualized distribution of $1.04 per unit for the same quarter of 2007.

PVG owns the general partner, including the incentive distribution rights, and is the largest limited partner unitholder of Penn Virginia Resource Partners, L.P. (NYSE: PVR) and reports its financial results on a consolidated basis with the financial results of PVR. PVG currently has no separate operating activities apart from those conducted by PVR and derives its cash flow solely from cash distributions received from PVR.

These items, together with operational updates and full-year 2008 guidance for PVR and its coal and natural resource management and natural gas midstream segments, are discussed in more detail in PVR’s news release dated May 7, 2008 (please visit PVR’s website, www.pvresource.com under “For Investors,” for a copy of the release).

Management Comment

A. James Dearlove, Chief Executive Officer of PVG, said, “We are pleased to present first quarter 2008 results for PVG. PVR’s operations, which generate our cash flows, produced distributable cash flow that allowed for the 31 percent increase in the annualized rate of distributions as compared to the first quarter of 2007, including the recent six percent sequential quarterly distribution increase. We remain focused on continuing to grow cash distributions as PVR executes its growth strategy. PVR expects continued contributions from recent acquisitions and from the startup of two gas processing plants during the first half of 2008. As always, PVR continues to evaluate acquisitions and other expansion opportunities in both segments to supplement growth from its existing operations.”

Guidance for 2008

See the Guidance Table included in PVR’s May 7, 2008 release for guidance estimates for full-year 2008.

Conference Call

A joint conference call and webcast, during which management will discuss first quarter 2008 financial and operational results for PVG and PVR, is scheduled for Thursday, May 8, 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 PVG’s website at www.pvgpholdings.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 May 22, 2008 at 11:59 p.m. ET by dialing 1-877-660-6853 and using the following replay pass codes: account #286, conference ID #281756. An on-demand replay of the conference call will be available at PVG’s website beginning shortly after the call.

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Headquartered in Radnor, PA, Penn Virginia GP Holdings, L.P. (NYSE: PVG) is a publicly traded limited partnership formed to own the general partner interest, all of the incentive distribution rights and approximately 42 percent of the limited partner interests in PVR. For more information, please visit PVG’s website at www.pvgpholdings.com.

For more information about PVG, please visit its website at www.pvgpholdings.com. For more information about PVR, please visit its website at www.pvresource.com.

Certain statements contained herein and incorporated herein by reference to the PVR news release dated May 7, 2008 that are not descriptions of historical facts are “forward-looking” statements by PVR 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 are discussed in more detail in PVR’s news release dated May 7, 2008 and 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 PVR’s and, therefore, 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 GP HOLDINGS, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - unaudited

(dollars in thousands, except per unit data)

	Three Months Ended, March 31,
	2008			2007
Revenues
Natural gas midstream	$	125,048		$	95,318
Coal royalties		23,962			25,000
Coal services		1,862			1,601
Other		5,942			2,281
Total revenues		156,814			124,200
Expenses
Cost of midstream gas purchased		99,697			79,731
Operating		6,793			5,514
Taxes other than income		1,072			843
General and administrative		7,134			6,401
Depreciation, depletion and amortization		11,500			10,133
Total expenses		126,196			102,622
Operating income		30,618			21,578
Other income (expense)
Interest expense		(4,932	)		(3,547	)
Interest income and other		545			353
Derivatives		7,776			(2,647	)
Income before minority interest		34,007			15,737
Minority interest		(17,205	)		(8,017	)
Net income	$	16,802		$	7,720
Net income per limited partner unit, basic and diluted	$	0.43		$	0.20
Weighted average number of units outstanding, basic and diluted (in thousands)		39,075			39,062
Other data:
Coal and natural resource management segment:
Coal royalty tons (in thousands)		7,640			8,284
Average coal royalties ($ per ton)	$	3.14		$	3.02
Average net coal royalties ($ per ton) - (a)	$	2.81		$	2.80
Natural gas midstream segment:
System throughput volumes (MMcf)		17,287			15,900
Gross processing margin (in thousands)	$	25,351		$	15,587

(a) - The average net coal royalties per ton deducts coal royalties expense, which are incurred primarily in Central Appalachia.

PENN VIRGINIA GP HOLDINGS, L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	March 31, 2008		December 31, 2007
	(unaudited)
Assets
Cash and cash equivalents	$	18,981	$	30,503
Receivables		93,665		78,888
Derivative assets		3,779		1,212
Other current assets		4,386		4,104
Total current assets		120,811		114,707
Property, plant and equipment, net		740,652		731,282
Derivative assets		419		—
Other long-term assets		95,232		96,262
Total assets	$	957,114	$	942,251
Liabilities and Partners’ Capital
Accounts payable and accrued liabilities	$	92,726	$	76,666
Current portion of long-term debt		13,269		12,561
Deferred income		2,383		2,958
Derivative liabilities		29,338		41,733
Total current liabilities		137,716		133,918
Other long-term liabilities		27,119		26,406
Derivative liabilities		4,808		1,315
Long-term debt of PVR		400,479		399,153
Minority interest in PVR		166,611		161,075
Partners’ capital		220,381		220,384
Total liabilities and partners’ capital	$	957,114	$	942,251

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited

(in thousands)

	Three Months Ended March 31,
	2008			2007
Operating Activities
Net income	$	16,802		$	7,720
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		11,500			10,133
Commodity derivative contracts:
Total derivative losses (gains)		(6,668	)		3,490
Cash payments to settle derivatives for period		(9,522	)		(2,072	)
Non-cash interest expense		164			164
Minority interest		17,205			8,017
Equity earnings, net of distributions		(360	)		(233	)
Other		(218	)		(40	)
Changes in operating assets and liabilities		(924	)		(4,552	)
Net cash provided by operating activities		27,979			22,627
Investing Activities
Acquisitions, net of cash acquired		(20	)		(339	)
Additions to property, plant and equipment		(17,650	)		(7,002	)
Other		341			43
Net cash used in investing activities		(17,329	)		(7,298	)
Financing Activities
Distributions to partners		(24,172	)		(13,342	)
Proceeds from borrowings, net		2,000			5,000
Proceeds from issuance of common units, net		—			860
Net cash used in financing activities		(22,172	)		(7,482	)
Net increase (decrease) in cash and cash equivalents		(11,522	)		7,847
Cash and cash equivalents - beginning of period		30,503			13,687
Cash and cash equivalents - end of period	$	18,981		$	21,534

PENN VIRGINIA GP HOLDINGS, L.P.

DISTRIBUTABLE CASH - unaudited

(in thousands, except per unit data)

The following table presents the calculation and reconciliation of distributable cash of PVG with respect to the three months ended March 31, 2008 and 2007:

	Three Months Ended March 31,
	2008 (Note 1)			2007
Distributable cash:
Cash distributions received from PVR associated with:
2% general partner interest	$	423		$	386
General partner incentive distribution rights		4,469			2,662
19,587,049 PVR common units		8,814			8,031
Total cash received from PVR		13,706			11,079
Deduct: Net expenses of PVG on a stand-alone basis (Note 2)		(600	)		(696	)
Cash reserve for working capital		179			(223	)
Distributable cash (Note 3)	$	13,285		$	10,160
Cash distributions paid to partners of PVG
To Penn Virginia Corporation	$	10,909		$	8,343
To public unitholders		2,376			1,817
Total cash distributions paid	$	13,285		$	10,160
Distribution per limited partner unit (paid in subsequent period)	$	0.34		$	0.26
Units outstanding (in thousands)		39,075			39,075

Note 1	-	The three months ended March 31, 2008 column represents cash distributions expected to be received from PVR and cash distributions expected to be paid to unitholders of PVG in May 2008.
Note 2	-	Estimated net expenses of PVG, which represent general and administrative expenses, partially offset by interest income.
Note 3	-	Distributable cash represents cash distributions received from PVR, minus PVG’s net expenses, minus cash reserve for working capital. Distributable cash is presented because PVG believes it is a useful adjunct to net income under GAAP. Distributable cash is a significant liquidity metric which is an indicator of PVG’s ability to pay quarterly cash distributions to its limited partners. Distributable cash is also the quantitative standard used throughout the investment community with respect to publicly traded partnerships. Distributable cash 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.

CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited

(in thousands, except per unit data)

	Three Months Ended March 31,
	2008			2007
Reconciliation of GAAP “Net income” to Non-GAAP “Net income as adjusted”
Net income as reported	$	16,802		$	7,720
Adjustments for derivatives:
Derivative losses included in operating income		1,108			843
Derivative losses (gains) included in other income		(7,776	)		2,647
Cash payments to settle derivatives for period		(9,522	)		(2,072	)
Impact of adjustments on minority interest		8,191			(722	)
Net income as adjusted (Note 4)	$	8,803		$	8,416
Net income as adjusted, per limited partner unit	$	0.23		$	0.22

Note 4 - Net income as adjusted represents net income excluding any gains or losses on derivatives, adjusted for any cash settlements received (paid) and adjusted for related minority interest. We believe “net income as adjusted” provides a useful measure which excludes the impact of mark-to-market accounting.

PENN VIRGINIA GP HOLDINGS, L.P.

QUARTERLY SEGMENT INFORMATION - unaudited

(in thousands)

	Coal and Natural Resource Management		Natural Gas Midstream		Other			Consolidated
Three Months Ended March 31, 2008
Revenues
Natural gas midstream	$	—	$	125,048	$	—		$	125,048
Coal royalties		23,962		—		—			23,962
Coal services		1,862		—		—			1,862
Timber		1,584		—		—			1,584
Oil and gas royalties		1,234		—		—			1,234
Other		1,652		1,472		—			3,124
Total revenues		30,294		126,520		—			156,814
Expenses
Cost of midstream gas purchased		—		99,697		—			99,697
Coal royalties expense		2,512		—		—			2,512
Other operating		231		4,050		—			4,281
Taxes other than income		371		701		—			1,072
General and administrative		3,185		3,333		616			7,134
Depreciation, depletion and amortization		6,413		5,087		—			11,500
Total expenses		12,712		112,868		616			126,196
Operating income (loss)	$	17,582	$	13,652	$	(616	)	$	30,618
Additions to property and equipment and acquisitions	$	48	$	17,622	$	—		$	17,670
	Coal and Natural Resource Management		Natural Gas Midstream		Other			Consolidated
Three Months Ended March 31, 2007
Revenues
Natural gas midstream	$	—	$	95,318	$	—		$	95,318
Coal royalties		25,000		—		—			25,000
Coal services		1,601		—		—			1,601
Timber		179		—		—			179
Oil and gas royalties		277		—		—			277
Other		1,427		398		—			1,825
Total revenues		28,484		95,716		—			124,200
Expenses
Cost of midstream gas purchased		—		79,731		—			79,731
Coal royalties expense		1,783		—		—			1,783
Other operating		372		3,359		—			3,731
Taxes other than income		323		520		—			843
General and administrative		2,616		3,023		762			6,401
Depreciation, depletion and amortization		5,490		4,643		—			10,133
Total expenses		10,584		91,276		762			102,622
Operating income (loss)	$	17,900	$	4,440	$	(762	)	$	21,578
Additions to property and equipment and acquisitions	$	1,336	$	6,005	$	—		$	7,341