NEWS FROM
Petroleum Development Corporation
FOR IMMEDIATE RELEASE: December 5, 2003CONTACT: Darwin L. Stump
(304) 842-3597
http://www.petd.com
Petroleum Development Reports Record Closing for Fourth 2003 Drilling Program
Bridgeport, West Virginia... Petroleum Development Corporation (NASDAQ/NMS PETD) today announced it closed its fourth 2003 drilling partnership with $35.0 million in subscriptions up from $29.1 million in subscriptions in the fourth partnership of 2002.
Steven R. Williams, President of PDC said, "The partnership was scheduled to close on December 31st, but has closed early with the maximum subscriptions allowable under the registration statement. This brings total partnership sales for the year to $78.3 million compared with $56.9 million in 2002. The partnership will participate in wells to be drilled and completed in the first quarter of 2004. PDC purchases a 20% interest in the partnership.
About Petroleum Development Corporation
Petroleum Development Corporation (www.petd.com) has been named on theFSB: Fortune Small Business Magazine list of America's 100 Fastest-Growing Small Companies and was added to the Russell 3000 List of companies this year. 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.
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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103 East Main Street - P. O. Box 26 - Bridgeport, West Virginia - Phone: (304) 842-3597
