Petroleum Development Corporation Granted NASDAQ Panel Extension
November 30 2005 - 5:30PM
PR Newswire (US)
BRIDGEPORT, W.Va., Nov. 30 /PRNewswire-FirstCall/ -- Petroleum
Development Corporation (NASDAQ:PETDE) today announced it has
received an extension of time from the NASDAQ Listing
Qualifications Panel until December 16, 2005 to file its restated
Annual Report on Form 10-K/A for the year ended December 31, 2004,
the restated Quarterly report on Form 10-Q/A for the quarter ended
March 31, 2005 and the Quarterly reports on Form 10-Q for the
periods ended June 30, and September 30, 2005. The Company's stock
will continue to be traded under the symbol PETDE until the filings
are completed. As previously disclosed, the Company is currently in
violation of NASDAQ listing standards that require the Company to
have current financial statements filed with the Securities and
Exchange Commission. The Company is continuing work on its Amended
Annual Report on Form 10-K/A for the period ended December 31, 2004
and the Amended Quarterly Report on Form 10-Q/A for the quarter
ended March 31, 2005, as well as the initial Quarterly Reports on
Form 10-Q for the quarters ended June 30, 2005 and September 30,
2005. Each of the required financial statements must be completed
in order because each successive report relies on the results and
amendments of the earlier periods. The Company is making every
effort to complete all of the filings on or before December 16,
2005. 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. The Company operations are focused in the Rocky Mountains with
additional operations in the Appalachian Basin and Michigan. During
the third quarter of 2004, the Company was added to the S&P
SmallCap 600 Index. Additionally, PDC was added to the Russell 3000
Index of companies in 2003. PDC was named on the FSB: Fortune Small
Business Magazine list of America's 100 Fastest-Growing Small
Companies in 2001 and 2002. Certain matters discussed within this
press release are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. 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 local or
national economic conditions and other risks detailed from time to
time in the Company's reports filed with the SEC, including
quarterly reports on Form 10-Q, reports on Form 8-K and annual
reports on Form 10-K. DATASOURCE: Petroleum Development Corporation
CONTACT: Steven R. Williams of Petroleum Development Corporation,
+1-304-842-3597 Web site: http://www.petd.com/
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