See Slide 2 regarding Forward Looking Statements
The following information 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.
The SEC permits oil and gas companies to disclose in their filings with the SEC proved reserves, probable reserves and
possible reserves. SEC regulations define “proved reserves” as those quantities of oil or gas which, by analysis of geoscience
and engineering data, can be estimated with reasonable certainty to be economically producible in future years from known
reservoirs under existing economic conditions, operating methods and government regulations; “probable reserves” as
unproved reserves which, together with proved reserves, are as likely as not to be recovered; and “possible reserves” as
unproved reserves which are less certain to be recovered than probable reserves. Estimates of probable and possible reserves
which may potentially be recoverable through additional drilling or recovery techniques are by nature more uncertain than
estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being realized by the
Company. In addition, the Company’s reserves and production forecasts and expectations for future periods are dependent
upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome
of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.
This material also contains certain non-GAAP financial measures as defined under the Securities and Exchange Commission
rules.
Disclaimer
2
