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STRONG SECOND QUARTER PROPELS PDC TO MID-YEAR RECORD

 STRONG SECOND QUARTER PROPELS PDC TO MID-YEAR RECORD
 BRIDGEPORT, W.Va., Aug. 12 /PRNewswire/ -- Petroleum Development


Corporation (PDC), (NASDAQ-NMS: PETD) today announced that strong second quarter results from drilling operations and oil and gas sales, combined with the results of the prior quarter, resulted in record revenue for the first six months of 1992 of over $10.5 million.
 The increases in drilling operations resulted from the continuing success of the company's public drilling partnerships. Increased gas prices and increases in the deliverability from company wells resulted in a 49 percent increase in gas sales during the second quarter compared to the second quarter of 1991 and a 33 percent increase for the first six months.
 The increased revenue also fueled substantial increases in net income, which increased by 173 percent for the second quarter compared to the second quarter of 1991, and by 36 percent for the first six months of 1992. Earnings per share for the first six months of 1992 were $0.06, compared to $0.04 for the prior year.
 Through the first six months the company made capital investments of $892,600 in its oil and gas activities, including an interest in each of the 38 wells which have been drilled so far in 1992. The company also reduced debt by $690,000 during the first six months of 1992.
 The company has completed drilling on two programs in 1992, and plans two additional programs to be drilled before the end of the year. Chief Financial Officer Dale G. Rettinger estimates that those programs will include 25-35 wells. Rettinger indicates that the company expects continuing strong results in both drilling and oil and gas sales for the balance of 1992, and that the company is projecting earnings for the year, based on successful program sales, of approximately $0.10-$0.12 per share.
 Results for 1992 to date were as follows.
 PETROLEUM DEVELOPMENT CORPORATION
 Period Ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Revenues $3,928,000 $3,551,400 $10,513,700 $9,328,600
 Income before
 income taxes 352,200 112,200 1,057,000 761,800
 Net income 228,100 83,700 667,600 490,500
 Earnings per common
 and common
 equivalent share
 outstanding $.02 $.01 $.06 $.04
 Weighted average
 common and common
 equivalent shares
 outstanding 11,047,083 11,547,359 11,132,962 11,271,480
 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 System with the symbol PETD.
 -0- 8/11/92
 /CONTACT: Dale G. Rettinger of Petroleum Development, 304-842-3597/
 (PETD) CO: Petroleum Development Corporation ST: West Virginia IN: OIL SU: ERN


DM-JS -- PG001 -- 9309 08/12/92 10:09 EDT
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Date:Aug 12, 1992
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