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PDC ANNOUNCES FIRST QUARTER EARNINGS

 PDC ANNOUNCES FIRST QUARTER EARNINGS
 BRIDGEPORT, W.Va., May 13 /PRNewswire/ -- Petroleum Development


Corporation (NASDAQ-NMS: PETD) (PDC) today announced the following operating results for the first quarter:
 Three months ended March 31 1992 1991
 Revenues $6,585,500 $5,777,200
 Income before income taxes 704,800 649,600
 Net income 439,500 406,800
 Earnings per common and common
 equivalent share outstanding $.04 $.04
 Weighted average common and
 common equivalent shares
 outstanding 11,200,113 10,956,766
 PDC drilled 25 wells during the quarter compared to 21 for the comparable period in 1991. Gas and oil sales volumes increased for 1992 offset in part by a lower average gas price. The company will close its first 1992 drilling program within the week and commence drilling 10 to 15 wells. PDC said it plans to fund four drilling partnerships in 1992. Board Chairman James N. Ryan commented that natural gas prices have shown some strengthening in the second quarter due in part to a cool spring.
 Additionally, the company announced plans to convert its fleet to natural gas as a vehicle fuel. The conversion will take place beginning in June and involves about 40 vehicles. Ryan stated that the decision to convert was an environmental and economic one.
 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- 5/13/92
 /CONTACT: Dale G. Rettinger of PDC, 304-842-3597/
 (PETD) CO: Petroleum Development Corporation ST: West Virginia IN: OIL SU: ERN


MK-CC -- PG006 -- 9642 05/13/92 11:48 EDT
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Date:May 13, 1992
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