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PETROLEUM DEVELOPMENT CORPORATION STARTS 1994 WITH RECORD DRILLING PROGRAM

 BRIDGEPORT, W.Va., Jan. 6 /PRNewswire/ -- Petroleum Development Corporation (NASDAQ-NMS: PETD) announced today that it closed its PDC 1993-E Drilling Program on Dec. 31, 1993, with $7.4 million in subscriptions. This was over $1 million more than the previous record set in 1992. This brought total investment in the company's drilling partnerships closed during 1993 to nearly $15.8 million, also a new record. Petroleum Development Corporation will be the operator for the estimated 35 wells to be drilled for the partnership during the first quarter of 1994. Current plans call for most, if not all, of the wells to be drilled in north central West Virginia.
 The company raises funds for its publicly registered drilling partnership through a nationwide network of NASD registered securities brokers. The company expects to begin offering units in its 1994 program in early January. According to company officials, the first quarter drilling activity should allow the company to continue to add to its record 1993 gas production during 1994.
 Petroleum Development Corporation, a leading Appalachian independent oil and gas company, is headquarterd 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- 1/6/94
 /CONTACT: Dale G. Rettinger of Petroleum Development, 304-842-3597/
 (PETD)


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

DM-KC -- PG010 -- 6966 01/06/94 10:12 EST
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Publication:PR Newswire
Date:Jan 6, 1994
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