$re = '/(?<=# v.\n\n)(.|\n)*(?=\n(?:#.*?|$))/';
$str = '#### v2
START MATCH
Text explaning things and stuff.
This has to be matched.
END MATCH
#### v1
Do not match this part (or anything
below "END MATCH" part).
#### v0
Do not match this either.
';
preg_match($re, $str, $matches, PREG_OFFSET_CAPTURE, 0);
// Print the entire match result
var_dump($matches);
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php