Petroleum Development Corporation

                                     Index to Exhibits



11    Schedule of Computation of Net Income Per Share                   E-2






















































                                            E-1
                     PETROLEUM DEVELOPMENT CORPORATION AND SUBSIDIARIES
                                         EXHIBIT 11
                       SCHEDULE OF COMPUTATION OF NET INCOME PER SHARE

                                                                            

                                              Years Ended December 31,            
            BASIC                                                                         
                                                 1997            1996              1995  
 
Net income for basic income 
 per common share                            $ 7,586,800       3,549,400       $1,481,500 
Weighted average number of common shares 
 outstanding during the year                  11,278,800      10,449,137       11,056,441 

Basic earnings per share                     $       .67      $      .34       $      .13

            DILUTED

Net income for basic earnings per
 common share                                $ 7,586,800     $ 3,549,400      $ 1,481,500 

      Net income for diluted
       earnings per share                    $ 7,586,800     $ 3,549,400      $ 1,481,500 

      Weighted average number of shares
       used in calculating basic earnings
       per common share                       11,278,800      10,449,137       11,056,441 

  Shares issuable for diluted calculation      1,261,365       1,093,178          554,723 

      Weighted average number of shares
       used in calculation of 
       diluted earnings per share             12,540,165      11,542,315       11,611,164 

Diluted earnings per share                   $       .61     $       .31      $       .13
























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