SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
March 17,
2008
Date
of report (Date of earliest event reported)
Petroleum
Development Corporation
Exact
Name of Registrant as Specified in Charter
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Nevada
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0-7246
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95-2636730
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State
or Other Jurisdiction
of
Incorporation
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Commission
File
Number
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IRS
Employer
Identification
Number
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120
Genesis Boulevard, Bridgeport, WV 26330
Address
of Principal Executive Offices
304-842-3597
Registrant's
telephone number, including area code
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing
obligation
of the registrant under any of the following provisions (see General Instruction
A.2. below):
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[
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Written
communications pursuant to Rule 425 under Securities Act (17 CFR
230.425)
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[
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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No
Change
Former
Name or Former Address, if Changed Since Last Report
Item
2.02. Results
of Operations and Financial Condition
On
Thursday, March 17, 2008, the Company reported fourth quarter net income of $8.2
million or $0.55 per diluted share and for the year ended December 31, 2007, the
Company’s net income was $33.2 million or $2.24 per diluted share. The
comparable numbers for 2006 were fourth quarter net income of $8.0 million or
$0.54 per diluted share and for the year 2006, the Company reported net income
of $237.8 million or $15.11 per diluted share. The 2006 results
included profits from the $328 million gain on sale of lease rights in the
Piceance Basin. Adjusted cash flow from operations (a non-GAAP
measure defined as cash flow from operations before changes in assets and
liabilities, see pages 2 and 8 of our press release, filed as an exhibit to this
report, for more information) increased to $27.4 million in the fourth quarter
of 2007 from $(3.3) million in 2006. Adjusted cash flow from
operations was $95.6 million for the year ended 2007, compared to $29.8 million
for the year ended in 2006.
Year-end
2007 reflects record oil and gas production and sales revenue. Total
production for 2007 was 28.0 Bcfe compared to 16.9 Bcfe for 2006, a 65.0%
increase. Each of the Company’s three operating areas contributed to
the Company’s growth. Oil and natural gas sales from the Company's producing
properties for 2007 were up 52.1% to $175.2 million compared to $115.2 million
for the prior year, an increase of $60.0 million.
The
Company also announced that it has filed a Form 12b-25 with the Securities and
Exchange Commission requesting an automatic 15 day filing extension for the 2007
Form 10-K. The Company is currently awaiting an SEC reply to its
response to an SEC question relating to its Form 10-K for the year ended
December 31, 2006. The issue is whether the Company’s partnership
drilling activities should be reported on a gross or net basis, and would have
no impact on the results reported here.
The Press
Release is attached herein as Exhibit 99.1
EXHIBIT
INDEX
Item
9.01. Financial Statements and Exhibits.
(c) Exhibits.
99.1 PRESS
RELEASE DATED MARCH 17, 2008:
Petroleum
Development Corporation Announces 2007 Results;
Increases
Reserves 112%, Production 65%
Extends
2007 Form 10-K Due Date
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
PETROLEUM
DEVELOPMENT CORPORATION
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Date:
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March
18, 2008
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By:
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/s/
Richard W. McCullough
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Richard
W. McCullough
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President
and Chief Financial Officer
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