BRIDGEPORT, W.Va., April 22 /PRNewswire-FirstCall/ -- Petroleum Development Corporation (NASDAQ:PETD) is pleased to announce the addition of Scott J. Reasoner as Vice President Operations. Mr. Reasoner is a graduate of the Colorado School of Mines with a degree in Petroleum Engineering and also earned an MBA from the University of Colorado.
Mr. Reasoner has nearly 25 years of progressive technical and management experience in the energy industry. Most recently he served as a Business Unit Manager with Noble Energy Corporation where he was responsible for engineering, geological, and field operations. Prior to his work with Noble Energy, Mr. Reasoner worked for Patina Oil and Gas Company starting as Production Manager working his way up to Vice President Operations. His earlier experience includes positions with Snyder Oil Corporation and Vessels Oil and Gas Company.
Mr. Bart Brookman, PDC's Senior Vice President of Exploration and Production stated, "Scott brings immediate value and expertise to our operations and will greatly compliment an already outstanding workforce. We look forward to benefiting from his leadership and experience." About Petroleum Development Corporation Petroleum Development Corporation (http://www.petd.com/) is an independent energy company engaged in the development, production and marketing of natural gas and oil. Its operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. During the third quarter of 2004, PDC was added to the S&P SmallCap 600 Index. Additionally, PDC was added to the Russell 3000 Index of Companies in 2003.
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 program results, 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.
The SEC permits oil and gas companies to disclose in their filings with the SEC only proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. The Company uses in this presentation the terms "probable" and "possible" reserves, which SEC guidelines prohibit in filings of U.S. registrants. Probable reserves are unproved reserves that are more likely than not to be recoverable. Possible reserves are unproved reserves that are less likely to be recoverable 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 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. DATASOURCE: Petroleum Development Corporation CONTACT: Celesta Miracle of Petroleum Development Corporation, +1-304-842-3597 Web site: http://www.petd.com/
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