Petroleum Development Board Authorizes Stock Repurchase Program
January 13 2006 - 5:30PM
PR Newswire (US)
BRIDGEPORT, W.Va., Jan. 13 /PRNewswire-FirstCall/ -- Petroleum
Development Corporation (NASDAQ:PETDE) announced today that its
Board of Directors has authorized the repurchase of up to 10%
(1,627,500 shares) of the Company's common stock during 2006. Stock
repurchases under this program may be made in the open market or in
private transactions, at times and in amounts that management deems
appropriate. The Company may terminate or limit the stock
repurchase program at any time. 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's 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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