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PETROLEUM DEVELOPMENT CORPORATION ANNOUNCES 1993 DRILLING PLANS

 BRIDGEPORT, W.Va., Jan. 5 /PRNewswire/ -- Petroleum Development Corporation (NASDAQ-NMS: PETD) today announced plans to drill 15 wells during the first quarter of 1993.
 The wells will be located in north central West Virginia, with planned depths ranging from approximately 3,000 to 5,500 feet. The primary target of the drilling will be natural gas.
 Capital for the drilling is being provided by the PDC 1993-A partnership, a PDC sponsored public partnership which was formed on Dec. 31, 1992, with $3.3 million. The 1993-A partnership is the most recent of a series of 24 partnerships formed by PDC since 1984, totaling $58 million in investor contributions. During 1992, PDC funded a total of four partnerships including 1993-A, with total investor participation of $15.3 million.
 Spurred by the partnership activity, PDC drilled a company record 81 wells in West Virginia during 1992, a 52 percent increase from the 53 wells drilled during 1991. PDC retained a 20 percent interest in all wells drilled during 1991 and 1992, and will retain a similar interest in the 1993 wells. The company also will act as operator for the properties when drilling of the wells is completed.
 PDC offers interests in its partnerships through a nationwide network of non-affiliated brokers. Plans currently call for four additional partnerships to be formed during 1993. At present the company plans for these programs to continue development work on natural gas in West Virginia.
 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- 1/5/93
 /CONTACT: Dale G. Rettinger of Petroleum Development Corporation, 304-842-3597/
 (PETD)


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

CD-JS -- PG005 -- 1704 01/05/93 11:41 EST
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Publication:PR Newswire
Date:Jan 5, 1993
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