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PDC ANNOUNCES 1991 EARNINGS

 PDC ANNOUNCES 1991 EARNINGS
 BRIDGEPORT, W.V., March 17 /PRNewswire/ -- Petroleum Development


Corporation (NASDAQ: PETD) (PDC) announced today that it had 1991 income of $869,700 or $.08 per share on revenues of $17,838,900.
 The 1991 results and prior-year performance were as follows:
 Year ended Dec. 31 1991 1990
 Revenues $17,838,900 $15,735,200
 Income before income tax and
 extraordinary item 1,345,900 657,400
 Extraordinary item net of income
 taxes and other expenses --- 1,927,900
 Net income 869,700 2,311,500
 Primary earnings per common and
 common equivalent share $.08 $.23
 Weighted average common and common
 equivalent shares outstanding 11,059,031 9,851,717
 Income from operations more than doubled in 1991 compared to 1990, reflecting the company's strong sales of its public drilling program, increasing natural gas sales, additional well operations income, and interest savings resulting from the 1990 refinancing of the corporate loan obligations. Net income and earnings per share for 1990 reflect extraordinary earnings of $.19 per share resulting from the debt refinancing.
 PDC was the second largest sponsor of public drilling partnerships in the country in 1991, closing four partnerships and drilling 53 wells. In addition, at Dec. 31, 1991, the company had a backlog of 24 wells to be drilled in the first 90 days of 1992.
 The company retains a 20 percent interest in each of the wells it drills, resulting in the addition of well interests to totalling more than 10 wells during 1991. These wells contributed in an increase in production of natural gas of nearly 20 percent for the year. Unfortunately, lower gas prices prevented this volume increase from causing a substantial increase in oil and gas revenue.
 PDC has begun to offer units in its 1992 drilling program, with the first partnership scheduled to close on May 18, 1992. The company reports that sales of that offering are substantially ahead of the 1991 pace.
 Petroleum Development Corporation, a leading Appalachian independent oil and gas company, is headquartered in Bridgeport, and is engaged in the business of exploring for, developing and producing oil and natural gas. Petroleum Development's common stock is traded in the NASDAQ National Market with the symbol PETD.
 -0- 3/17/92
 /CONTACT: Dale G. Rettinger of PDC, 304-842-3597/
 (PETD) CO: Petroleum Development Corporation ST: West Virginia IN: OIL SU: ERN


KA-CD -- PG003 -- 8691 03/17/92 10:01 EST
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Publication:PR Newswire
Date:Mar 17, 1992
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