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Profile
Highlights
News
Operations
Chart
Contacts
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| | "Reported
net income for the year ended December 31, 2008 of $113.3 million, or
$7.63 per diluted share."
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| Approximate
Financial Snapshot as of 3/4/09 |
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| Shares
Outstanding |
14.9M |
| 52
Wk Hi/Lo |
79.09/
10.76
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| Market
Cap |
$166M |
| Recent
Price |
$11.14 |
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3/4/09
Petroleum Development
Corp
(Nasdaq: PETD)
Website:
www.petd.com
Owns
and operates 4,354 wells in the Rocky Mountain Region.
Approximately 83% of PETD's Production is Natural Gas.
Profile
Petroleum
Development Corporation (PETD) is an independent oil and gas
producer engaging in exploratory and development drilling, acquiring
producing properties, and natural gas marketing operations. The Company owns
and operates 4,354 wells in the Rocky Mountain Region.
In 2007, PDC drilled a Company record 349 wells. Of the 349 wells drilled,
338 were development wells and 11 were exploratory wells. The active
drilling program combined with production from acquisitions completed with
the proceeds from the 2006 lease sale were the driving forces behind the
record-setting production in 2007.
Approximately 83% of Petroleum Development Corporation's (PDC) production is
natural gas, and almost 84% of total production is provided by the Rockies
operating area. The Company's inventory of low risk development drilling
locations, technical capabilities and financial strength have allowed it to
generate substantial value for its shareholders over an extended period and
should allow substantial additional growth in the future. PDC also seeks
acquisitions of potential and producing oil and gas properties in any of its
current operating areas and in other areas that meet its operating and
financial criteria to further accelerate its growth.
PETD
Investor Highlights
-
Reported net
income for the year ended December 31, 2008 of $113.3 million, or $7.63
per diluted share, compared with December 31, 2007 net income of $33.2
million, or $2.24 per diluted share.
-
Oil and
natural gas sales from the Company's producing properties for 2008 were
up 83.7% to $321.9 million, an increase of $146.7 million over the prior
year's $175.2 million.
-
Has a book value of $31.56 a share,
currently trades at price/book of 0.35 and price to sales of 0.34.
-
Recently announced production
growth of 38% to 38.7 Bcfe.
- Proven reserve growth of
10% to 753 Bcfe.
Recent
News and Press Releases
Petroleum
Development Corporation Announces 2008 Fourth Quarter and Year-End Results;
Posts Solid Increases in Net Income and Cash Flow; Increases Production 38%;
Reserves 10%
Petroleum
Development Corporation Reports 2008 Key Operating Results
For the latest Quote
and News on PETD Click
Here.
Operations
Rocky Mountain Region: The Rocky
Mountain Region includes Colorado, Kansas, North Dakota, and Wyoming
operations. The region is divided into four operating areas; (1) Wattenberg
Field, (2) Grand Valley Field, (3) NECO area, and (4) North Dakota. The
Rocky Mountain Region includes approximately 320,000 gross acres of
leasehold and approximately 2,408 gross oil and natural gas wells in which
PETD owns an interest (approximately 95% are operated by the Company).
Appalachian Basin: The Appalachian
Basin includes West Virginia, Pennsylvania, New York and Tennessee
operations, in which PETD owns an interest in approximately 2,090 gross,
1,566.4 net oil and natural gas wells. The leasehold position encompasses
approximately 140,300 gross acres with approximately 19,400 net undeveloped
acres remaining for development as of December 31, 2008. The Company drilled
63 gross/net wells in the area in 2008 and produced approximately 3.9 Bcfe
net to its interests. The majority of the Appalachian leasehold is Devonian
and Mississippian aged tight sandstone reservoirs. PETD is currently
evaluating the potential of the Marcellus Formation in West Virginia and
Pennsylvania and have drilled three tests to date in West Virginia.
Michigan Basin: PETD owns an interest
in approximately 210 gross, 146.5 net oil and natural gas wells that
produced 1.6 Bcfe net to our interest in 2008. Wells in the area range from
1,000 to 2,500 feet in depth and produce gas from the Antrim Shale. PETD
drilled 2 gross and 1.6 net exploratory dry hole wells in 2008.
Other - Texas and Wyoming: In addition
to the operating areas above, PETD has an interest in approximately 12,500
gross, 9,100 net undeveloped acres in Ft. Worth Basin, northeastern Erath
County, Texas. The leasehold acreage is prospective for the development of
oil and natural gas reserves in the Barnett Shale formation at depths of
approximately 5,000 feet. Development is typically with a horizontal
component of approximately 3,000 feet or more, resulting in an approximate
measured length of up to 8,000 feet or more in this area. In 2008, PETD
commenced drilling operations and drilled three exploratory Barnett wells.
These wells generated less than 1% of 2008 production. Based on these
results, PETD recorded impairments of both proved and unproved properties in
this area in 2008. PETD is currently evaluating future plans in this area
and currently has no drilling activity planned in 2009.
Drilling Activity
The Company drilled 379 gross wells during
2008 representing an increase of 8.6% over the prior year. The Company's
drilling activities continued to be focused in its Rocky Mountain Region. In
addition to the drilling of the new wells, the Company recompleted
(including refracs) 125 wells in 2008 compared to 181 in 2007.
Three
Month Chart
Contacts
Petroleum
Development Corp.
120 Genesis Boulevard
Bridgeport, WV 26330
Phone: 304-842-3597
SEC Filings
PETD filings with the SEC can be found here.
All Fillings are current and the Company is fully reporting.
SmallCapReview.com
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deemed reliable. For more information see our disclaimer section, a link of
which can be found on our website. This document contains forward-looking
statements, particularly as related to the business plans of the Company,
within the meaning of Section 27A of the Securities Act of 1933 and Sections
21E of the Securities Exchange Act of 1934, and are subject to the safe
harbor created by these sections. Actual results may differ materially from
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