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
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|Date:||Nov 14, 1991|
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