Exhibit 99.3
PETROLEUM DEVELOPMENT CORPORATION | ||||
Consolidated Balance Sheets | ||||
(unaudited; in thousands, except share and per share data) | ||||
December 31, | 2007 | 2006 | ||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 84,751 | $ 194,326 | ||
Restricted cash - current | 14,773 | 519 | ||
Accounts receivable, net | 60,024 | 42,600 | ||
Accounts receivable - affiliates | 11,537 | 9,235 | ||
Inventories | 2,248 | 3,345 | ||
Fair value of derivatives | 4,817 | 15,012 | ||
Other current assets | 13,643 | 5,977 | ||
Total current assets | 191,793 | 271,014 | ||
Properties and equipment, net | 845,864 | 394,217 | ||
Restricted cash - long term | 1,294 | 192,451 | ||
Goodwill | - | 6,783 | ||
Other assets | 11,528 | 19,822 | ||
Total Assets | $ 1,050,479 | $ 884,287 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 88,502 | $ 67,675 | ||
Accounts payable - affiliates | 3,828 | 7,595 | ||
Short term debt | - | 20,000 | ||
Production tax liability | 21,330 | 11,497 | ||
Other accrued expenses | 12,913 | 9,685 | ||
Deferred gain on sale of leaseholds | - | 8,000 | ||
Federal and state income taxes payable | 901 | 28,698 | ||
Fair value of derivatives | 6,291 | 2,545 | ||
Advances for future drilling contracts | 68,417 | 54,772 | ||
Funds held for distribution | 39,823 | 31,367 | ||
Total current liabilities | 242,005 | 241,834 | ||
Long-term debt | 235,000 | 117,000 | ||
Deferred gain on sale of leaseholds | - | 17,600 | ||
Other liabilities | 19,968 | 19,400 | ||
Deferred income taxes | 136,490 | 116,393 | ||
Asset retirement obligation | 20,731 | 11,916 | ||
Total liabilities | 654,194 | 524,143 | ||
Commitments and contingent liabilities | ||||
Minority interest in consolidated limited liability company | 759 | - | ||
Shareholders' equity: | ||||
Common shares, par value $.01 per share; authorized 50,000,000 | ||||
shares; issued: 14,907,679 in 2007 and 14,834,871 in 2006 | 149 | 148 | ||
Additional paid-in capital | 2,559 | 64 | ||
Retained earnings | 393,044 | 360,102 | ||
Treasury shares at cost, 5,894 shares in 2007 and 4,706 in 2006 | (226) | (170) | ||
Total shareholders' equity | 395,526 | 360,144 | ||
Total Liabilities and Shareholders' Equity | $ 1,050,479 | $ 884,287 |