Petroleum Development Announces First Quarter Drilling and Production

Apr 25, 2001, 01:00 ET from Petroleum Development Corporation

    BRIDGEPORT, W.Va., April 25 /PRNewswire/ --
     Petroleum Development Corporation (Nasdaq:   PETD) today reported that it
 started drilling sixty-nine new wells during the first quarter for
 partnerships it formed at the end of 2000.  This total included 43 Wattenberg
 field wells and 12 Grand Valley field wells in Colorado, six Antrim Shale and
 four Richfield wells in Michigan, and four Mission Canyon and/or Red river
 wells in North Dakota.  Two of the wells have been plugged and abandoned, one
 in Grand Valley field and one in North Dakota.  So far 12 of the wells have
 been placed into production with drilling, completion or connection operations
 continuing on the others.  The company expects most of the wells to be in
 production in the next few months.  All of the wells were drilled in
 conjunction with Company-sponsored partnerships in which PDC owns a 20%
 interest.
     The company also reported first quarter production of 1,731 million cubic
 feet equivalent (MMcfe), including 1,512 million cubic feet (MMcf) of natural
 gas and 37 thousand barrels (MBbl) of oil.  The production was a 28% increase
 from the first quarter of 2000 and a decrease of 3% from the fourth quarter of
 2000.
     Steve Williams, President of the company, said, "Our drilling operations
 at the end of 2000 and in the early part of the first quarter were delayed by
 the lack of availability of drilling rigs, particularly in Colorado.  As a
 result only a handful of new wells were added to production in the first
 quarter.  As the quarter progressed we were able to obtain, and have under
 contract, the rigs necessary for our aggressive drilling program, allowing us
 to rapidly complete the work for our $43 million year-end drilling program
 carry-over.  Going forward, we believe we will meet our forecast for
 production growth and expect to fully employ our 2001 capital expenditure
 budget for drilling."
     As work is completed on the year-end wells the Company plans to begin work
 on the PDC 2001-A partnership that is scheduled to close on May 7, and on the
 recently announced corporate projects in North Dakota and Utah.  Subscriptions
 in the PDC 2001-A partnership are currently running about 20% ahead of the
 comparable 2000 partnership for a similar time.
     Petroleum Development Corporation (www.petd.com) has been recognized by
 Forbes magazine as one of America's best-run, small-cap oil and gas companies.
 An independent energy company, PDC is primarily engaged in the development,
 production and marketing of natural gas in the Appalachian Basin, the Rocky
 Mountains and Michigan.  PDC recorded an unprecedented 11th consecutive year
 of net income in 2000, a figure unmatched in the highly competitive,
 independent energy sector.
 
     Certain matters discussed within this press release are forward-looking
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995.  Although PDC believes the expectations reflected in such forward-
 looking statements are based on reasonable assumptions, it can give no
 assurance that its expectations will be attained.  Factors that could cause
 actual results to differ materially from expectations include financial
 performance, oil and gas prices, drilling program results, drilling results,
 regulatory changes, changes in local or national economic conditions and other
 risks detailed from time to time in the Company's reports filed with the SEC,
 including quarterly reports on Form 10-Q, reports on Form 8-K and annual
 reports on Form 10-K.
 
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SOURCE Petroleum Development Corporation
    BRIDGEPORT, W.Va., April 25 /PRNewswire/ --
     Petroleum Development Corporation (Nasdaq:   PETD) today reported that it
 started drilling sixty-nine new wells during the first quarter for
 partnerships it formed at the end of 2000.  This total included 43 Wattenberg
 field wells and 12 Grand Valley field wells in Colorado, six Antrim Shale and
 four Richfield wells in Michigan, and four Mission Canyon and/or Red river
 wells in North Dakota.  Two of the wells have been plugged and abandoned, one
 in Grand Valley field and one in North Dakota.  So far 12 of the wells have
 been placed into production with drilling, completion or connection operations
 continuing on the others.  The company expects most of the wells to be in
 production in the next few months.  All of the wells were drilled in
 conjunction with Company-sponsored partnerships in which PDC owns a 20%
 interest.
     The company also reported first quarter production of 1,731 million cubic
 feet equivalent (MMcfe), including 1,512 million cubic feet (MMcf) of natural
 gas and 37 thousand barrels (MBbl) of oil.  The production was a 28% increase
 from the first quarter of 2000 and a decrease of 3% from the fourth quarter of
 2000.
     Steve Williams, President of the company, said, "Our drilling operations
 at the end of 2000 and in the early part of the first quarter were delayed by
 the lack of availability of drilling rigs, particularly in Colorado.  As a
 result only a handful of new wells were added to production in the first
 quarter.  As the quarter progressed we were able to obtain, and have under
 contract, the rigs necessary for our aggressive drilling program, allowing us
 to rapidly complete the work for our $43 million year-end drilling program
 carry-over.  Going forward, we believe we will meet our forecast for
 production growth and expect to fully employ our 2001 capital expenditure
 budget for drilling."
     As work is completed on the year-end wells the Company plans to begin work
 on the PDC 2001-A partnership that is scheduled to close on May 7, and on the
 recently announced corporate projects in North Dakota and Utah.  Subscriptions
 in the PDC 2001-A partnership are currently running about 20% ahead of the
 comparable 2000 partnership for a similar time.
     Petroleum Development Corporation (www.petd.com) has been recognized by
 Forbes magazine as one of America's best-run, small-cap oil and gas companies.
 An independent energy company, PDC is primarily engaged in the development,
 production and marketing of natural gas in the Appalachian Basin, the Rocky
 Mountains and Michigan.  PDC recorded an unprecedented 11th consecutive year
 of net income in 2000, a figure unmatched in the highly competitive,
 independent energy sector.
 
     Certain matters discussed within this press release are forward-looking
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995.  Although PDC believes the expectations reflected in such forward-
 looking statements are based on reasonable assumptions, it can give no
 assurance that its expectations will be attained.  Factors that could cause
 actual results to differ materially from expectations include financial
 performance, oil and gas prices, drilling program results, drilling results,
 regulatory changes, changes in local or national economic conditions and other
 risks detailed from time to time in the Company's reports filed with the SEC,
 including quarterly reports on Form 10-Q, reports on Form 8-K and annual
 reports on Form 10-K.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X54988261
 
 SOURCE  Petroleum Development Corporation