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PDC ANNOUNCES STRONG FIRST HALF OF 1993

 BRIDGEPORT, W.Va., Aug. 17 /PRNewswire/ -- Petroleum Development Corporation (NASDAQ-NMS: PETD), (PDC), today announced second quarter and first half operating results for 1993.
 PETROLEUM DEVELOPMENT CORPORATION
 Period Ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Revenues $4,397,800 $3,928,200 $10,178,200 $10,513,700
 Income before
 income taxes 293,100 352,200 987,200 1,057,000
 Net income 196,400 228,100 661,400 667,600
 Earnings per common and
 common equivalent share
 outstanding $.01 $.02 $.05 $.06
 Weighted average
 common and common
 equivalent shares
 outstanding 13,494,788 11,047,083 13,148,683 11,132,962
 The company has completed drilling on the first two programs in 1993 with three more scheduled to be funded yet this year. The drilling program sales are expected to strengthen for the next three programs as a result of higher federal tax rates and the improved gas market.
 Through the first six months, the company retired debt of $822,900 while increasing its net worth by 6 percent to $16.3 million. The company's production of natural gas continued at record levels through the second quarter.
 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- 8/17/93
 /CONTACT: Dale G. Rettinger of Petroleum Development, 304-842-3597/
 (PETD)


CO: Petroleum Development Corporation ST: West Virginia IN: OIL SU: ERN

DM-KR -- PG008 -- 3727 08/17/93 16:50 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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