Petroleum Development Corporation

Description

Petroleum Development Corporation (PDC) (NASDAQ: PETD) started as a small, public Appalachian Basin oil and gas company in 1969, but has become much more than that in recent years. Our production, revenues, and profitability have grown substantially and steadily. In 2002 we became one of the companies that comprise the Russell 3000 index of the 3000 largest public companies in the United States as measured by market capitalization. In 2004 we were added to the S&P 600 Small Cap index.The growth that made such recognition possible has resulted from a unique business model that has allowed the company to grow revenue, net income, reserves and production much more rapidly than our competitive peers. Our success has been fueled by growth outside our Appalachian home, first in the Michigan Basin and more recently in the Rocky Mountains.PDC's primary goal is to continue steadily growing per-share reserves, production, and net income in order to increase shareholder value. To affect meaningful increases in these and other key categories, PDC maintains an active drilling program focusing primarily on development wells and natural gas production. We are also active acquirers of producing properties when economic opportunities are available. In 2005, PDC invested over $75 million for drilling and producing property acquisitions. These investments have added to existing operating areas and helped establish core operations in areas where new drilling will quickly and prudently continue to grow the company's assets.

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