Petroleum Development Corporation Files Form 10-K; Accounting Unchanged Following Resolution of SEC Comment Letter

BRIDGEPORT, W.Va., March 20 /PRNewswire-FirstCall/ -- Petroleum Development Corporation (NASDAQ:PETD) today announced that it is filing its Annual Report on Form 10-K for the year ended December 31, 2007 following successful resolution of an open comment letter with the SEC. The resolution of the comments with the SEC resulted in no changes to the company's accounting and previously reported information. The filing should be completed this afternoon.

Forward-Looking Statements

Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included herein are forward-looking statements. 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 results, regulatory changes, changes in federal or state tax policy, changes in local or national economic conditions and other risks detailed from time to time in PDC's reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K.

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Source: Petroleum Development Corporation

CONTACT: Celesta Miracle of Petroleum Development Corporation,
+1-304-842-3597

Web site: http://www.petd.com/

2008-03-20 16:31:26 0317624 PRNEWSWIRE