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PDC SETS NINE-MONTH RECORDS

 PDC SETS NINE-MONTH RECORDS
 BRIDGEPORT, W.Va., Nov. 11 /PRNewswire/ -- Petroleum Development


Corporation (PDC), (NASDAQ-NMS: PETD) today announced results of operations for the first nine months of 1992, including new records for oil and gas sales and drilling revenue.
 Along with strong results in other areas, this resulted in an increase in earnings per share of 60 percent compared to 1991, from $.05 to $.08 per share for the first three quarters.
 Results for 1992 to date were as follows:
 PETROLEUM DEVELOPMENT CORPORATION
 Period Ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues $4,129,800 $3,512,400 $14,643,500 $12,841,000
 Income before
 income taxes 349,300 177,500 1,406,300 939,300
 Net income 224,200 122,500 891,800 613,000
 Earnings per common and
 common equivalent share
 outstanding $.02 $.01 $.08 $.05
 Weighted average common
 & common equivalent shares
 outstanding 11,067,577 11,057,048 11,110,836 11,208,695
 Through nine months of 1992 PDC drilled 44 wells, with plans to drill another 35 to 40 wells by Dec. 31. These wells continue the successful north central West Virginia development program started in 1983. Sales of drilling programs through the first three partnerships in 1992 increased by 66 percent, resulting in this substantial increase compared to the 53 wells drilled in 1991.
 Oil and gas sales benefitted from the effects of increasing prices and volumes. With over 90 percent of sales resulting from natural gas, the price increases since early 1992 have resulted in increased revenue. The addition of new producing wells has resulted in continuing increases in sales volumes compared to 1991's record levels. Gas sales have been further enhanced by expansion of the company's Ohio pipeline operation. Sales increases in that area are expected to continue as the company's new subsidiary, Paramount Natural Gas Company, begins operations in that area.
 The addition of new wells in 1991 and 1992 also has resulted in increasing revenue from the company's contract well operations. PDC now operates over 700 wells in Tennessee and West Virginia.
 The company has also completed registration with the Securities and Exchange Commission of a new public drilling program to be sold in the fourth quarter of 1992 and throughout 1993.
 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- 11/11/92
 /CONTACT: Dale G. Rettinger of Petroleum Development Corporation, 304-842-3597/
 (PETD) CO: Petroleum Development Corporation ST: West Virginia IN: OIL SU: ERN


DM-MJ -- PG006 -- 9852 11/11/92 15:56 EST
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Publication:PR Newswire
Date:Nov 11, 1992
Words:459
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