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PDC DOUBLES EARNINGS IN 1992

 BRIDGEPORT, W.Va., March 24 /PRNewswire/ -- Petroleum Development Corporation (PDC) (NASDAQ-NMS: PETD) announced today that it had 1992 net income of $1,748,100 or $.16 per share on revenues of $23,166,500.
 The 1992 results and prior year performance were as follows.
 PETROLEUM DEVELOPMENT CORPORATION
 Financial Data
 Period Ended Year
 Dec. 31 1992 1991
 Revenues $23,166,500 $17,838,900
 Income before income tax 2,614,900 1,345,900
 Net income 1,748,100 869,700
 Primary earnings per common
 and common equivalent share $.16 $.08
 Weighted average common and
 common equivalent shares
 outstanding 11,190,709 11,059,031
 Net income more than doubled in 1992 compared to 1991, reflecting the company's strong sales of its public drilling program, much improved natural gas sales, and additional well operations income.
 PDC was the largest sponsor of public drilling partnerships in the country in 1992, closing four partnerships and drilling 80 wells. In addition, at Dec. 31, 1992, the company had a backlog of 16 wells to be drilled in the first 90 days of 1993.
 The company retains approximately a 20 percent interest in each of the wells it drills, resulting in the addition of well interests totaling more than 14 wells during 1992. Strengthening gas prices and higher sales volumes accounted for an increase in oil and gas sales of 36 percent.
 PDC is presently offering units in its 1993 drilling program, with the first partnership of 1993 scheduled to close on May 15th. The company reports that sales of that offering are running at the 1992 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- 3/24/93
 /CONTACT: Dale G. Rettinger of Petroleum Development, 304-842-3597/
 (PETD)


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

CD-MS -- PG003 -- 9022 03/24/93 10:15 EST
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Publication:PR Newswire
Date:Mar 24, 1993
Words:342
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