NASDAQ Panel Grants Petroleum Development Corporation Continued Listing to January 12, 2006
December 28 2005 - 8:30AM
PR Newswire (US)
BRIDGEPORT, W.Va., Dec. 28 /PRNewswire-FirstCall/ -- Petroleum
Development Corporation (NASDAQ:PETDE) today announced that the
NASDAQ Listings Qualifications Panel granted the Company's request
for continued listing on the NASDAQ National Market in a letter
dated Tuesday, December 27, 2005. The Panel granted the Company's
request for continued listing until January 12, 2006. Continued
listing thereafter is subject to the Company filing its Quarterly
Reports on form 10-Q for the Quarters ended June 30, 2005 and
September 30, 2005 no later than January 12, 2006. In its decision
the Panel indicated that it would not entertain any requests for
extension of this new deadline. 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 because the Quarterly Reports for the Quarters
ended June 30, 2005 and September 30, 2005 have not yet been filed.
The Quarterly Reports have been delayed while the Company restated
financial results for the first quarter of 2005 and earlier
periods. The Company recently completed and filed restated
financial reports for the fiscal year ended December 31, 2004 and
the quarter ended March 31, 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, the results of the Company's and
KPMG's review of the Company's previous financial statements, 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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