DENVER, June 7, 2010 (GLOBE NEWSWIRE) -- Petroleum Development Corporation ("PDC" or the "Company") (Nasdaq:PETD) announced that it has entered a purchase agreement to increase its acreage position in the Wattenberg Niobrara to 70,000 net acres, 92% of which are held by production. Based on an extensive technical evaluation of its Wattenberg Niobrara position, and recently released data from other operators in the area, PDC has identified several prospective horizontal drilling locations. These prospects are close offsets to wells recently drilled and completed by other operators (see map in the link below).
The Company recently entered into a definitive agreement to add 5,500 net acres of leasehold located in the Wattenberg Field. This new leasehold acreage is located in Weld County, Colorado approximately ten miles northeast of the Company's current core Wattenberg operations. PDC anticipates drilling its first horizontal Niobrara well on this new acreage in the fourth quarter 2010 and is developing plans for continued horizontal drilling on its existing Wattenberg acreage position in 2011 and 2012. The new acreage acquisition is subject to normal closing conditions and is projected to close on June 25, 2010.
Richard W. McCullough, Chairman and Chief Executive Officer, stated, "We are encouraged by recently released horizontal Niobrara results in the Wattenberg Field, as well as the results northeast of the field. These early results also indicate horizontal potential for sections previously drilled vertically. We are pleased to announce we have increased our leasehold position in the Niobrara, and that we are planning to drill our first horizontal well in the Niobrara formation in late 2010. Increasing our position in this play adds additional oil and NGL rich gas production potential to our asset portfolio. We believe we have the capital, the people, and track record to fully exploit this new opportunity. A full update on these developmental plans will be presented at our upcoming July 15th analyst day in Denver."
A map detailing PDC's Niobrara acreage position including the acreage to be acquired is available at http://media.globenewswire.com/cache/12563/file/8356.pdf
Please note a location change for the Company's upcoming analyst day to the Hyatt Regency – Denver Convention Center:
- When:
- Thursday, July 15, 2010
- Where:
- Hyatt Regency – Denver Convention Center
Capitol Room - 4th Floor
650 15th Street
Denver, Colorado 80202
- Agenda:
- 8:30 AM – Presentation
- 11:30 AM – Boxed Lunch / Depart for Field Tour
- 6:00 PM – Return to Denver
- 7:00 PM – Dinner
For further information or to RSVP contact Heather Davis, Investor Relations Coordinator, at 303.831.3923 or via e-mail at ir@petd.com.
About Petroleum Development Corporation
Petroleum Development Corporation is an independent energy company engaged in the development, production and marketing of natural gas and oil. Its operations are focused in the Rocky Mountains with additional operations in the Appalachian and Michigan Basins. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Management's current expectations and beliefs, as well as a number of assumptions concerning future events.
These statements are based on certain assumptions and analyses made by Management in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with Management's expectations and predictions is subject to a number of risks and uncertainties, general economic, market or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by Petroleum Development Corporation; actions by competitors; changes in laws or regulations; and other factors, many of which are beyond the control of Petroleum Development Corporation.
You are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied, as more fully discussed in our safe harbor statements found in our SEC filings, including, without limitation, the discussion under the heading "Risk Factors" in the Company's 2009 annual report on Form 10-K and in subsequent Form 10-Qs. All forward-looking statements are based on information available to Management on this date and Petroleum Development Corporation assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
Further, we urge you to carefully review and consider the cautionary statements made in this release, PDC's annual report on Form 10-K for the year ended December 31, 2009, and other filings with the Securities and Exchange Commission ("SEC") and public disclosures. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date of this report. PDC undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events.
CONTACT: Petroleum Development Corporation
Marti Dowling, Manager Investor Relations
303.831.3926
ir@petd.com
