Printer Friendly

PDC ANNOUNCES THIRD QUARTER RESULTS

 PDC ANNOUNCES THIRD QUARTER RESULTS
 BRIDGEPORT, W.Va., Nov. 14 /PRNewswire/ -- Petroleum Development


Corporation (NASDAQ: PETD) (PDC) today announced the following operating results for the three months and nine months ended Sept. 30, 1991.
 PETROLEUM DEVELOPMENT CORPORATION
 Period ended Three Months Nine Months
 Sept. 30, 1991 1990 1991 1990
 Revenues $3,512,400 $3,138,800 $12,841,000 $10,384,300
 Income (loss)
 before income
 taxes 177,500 (66,300) 939,300 120,500
 Net income (loss) 122,500 (54,400) 613,000 98,800
 Earnings (loss) per
 common and common
 equivalent shares
 outstanding $.01 $(.01) $.05 $.01
 Weighted average
 common and common
 equivalent shares
 outstanding 11,057,048 9,195,321 11,208,695 9,507,270
 In making the announcement, Board Chairman James N. Ryan stated that a continuation of drilling activities and a strengthening of gas prices in the third quarter contributed to the company's positive results. Production volumes continue to run 20 percent above 1990 rates. The company also announced that it closed and funded the PDC 1991-C partnership with approximately $3 million. Wells in the partnership will be drilled during the fourth quarter of 1991. According to company officials the company is ahead of 1990's record pace for drilling program sales. Company officials also indicated that these results will combine to generate record revenue for the year.
 PDC has begun offering units in its PDC 1991-D partnership, which is scheduled to close Dec. 31 for drilling in the first quarter of 1992.
 Petroleum Development Corporation, a leading Appalachian independent oil and gas company, is headquartered in Bridgeport, W.Va., 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- 11/14/91
 /CONTACT: Dale G. Rettinger of Petroleum Development Corporation, 304-842-3597/
 (PETD) CO: Petroleum Development Corporation ST: West Virginia IN: OIL SU: ERN cd -- PG005 -- 4370 11/14/91 11:07 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 14, 1991
Words:330
Previous Article:CENVILL DEVELOPMENT ANNOUNCES RESIGNATION OF PRESIDENT
Next Article:NVR L.P. ANNOUNCES RESULTS FOR THE QUARTER ENDED SEPT. 30, 1991
Topics:


Related Articles
PDC SETS NINE-MONTH RECORDS
PETROLEUM DEVELOPMENT CORPORATION ANNOUNCES 1993 DRILLING PLANS
PETROLEUM DEVELOPMENT CORPORATION REPURCHASES 1.9 MILLION SHARES OF COMPANY STOCK
PETROLEUM DEVELOPMENT CORP. COMPLETES FIRST QUARTER DRILLING PROGRAM WITH 93 PERCENT SUCCESS RATIO
PDC ANNOUNCES FIRST QUARTER EARNINGS UP 32%; REVENUES INCREASE 8%
PDC ANNOUNCES INCREASED DRILLING PLANS
PDC COMPLETES SUCCESSFUL SECOND QUARTER DRILLING PROGRAM
Petroleum Development Announces First Quarter Drilling and Production Results; Annualized Rate Would Grow 2000 Production 54 Percent.
Petroleum Development Acquires Drilling Rights to Approximately 57,000 Acres in Piceance Basin.
Petroleum Development Announces Sale of Undeveloped Property for $354 Million Company Retains 475 Future Drilling Locations in Grand Valley Field.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters