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
January
28, 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
8.01.
Other Events
Petroleum
Development Corporation
reported yesterday
that
independent
reserve engineers from Ryder
Scott and Wright & Company have completed estimates of the Company’s
year-end 2007 Proved Reserves, in accordance with SEC
guidelines. Theirestimate of proved reserves
as of
December 31,
2007 is 686billion
cubic feet equivalent (Bcfe,
where 1 barrel of oil is equal to 6 thousand cubic feet equivalent), including
368Bcfe
of proved developed reserves and
318Bcfe
of proved undeveloped
reserves. This compares to 323 Bcfe of total reserves reported at the
end of 2006 (187 Bcfe proved developed and 136 Bcfe proved
undeveloped).
The
present value of these reserves, calculated in accordance with SEC rules, is
estimated as follows:
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Natural
Gas
Equivalent
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Natural
Gas
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Oil
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Net
PV10
@37.5%
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|||
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(Million
Cubic
Feet)
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(Million
Cubic
Feet)
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(Thousands
of
Barrels)
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PV10
($
Million)
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Tax
Rate
($
Million)
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||
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Proved
Developed
(1)
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367,688
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314,123
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8,927
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$976.6
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$610.4
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Percent
of
Total
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100%
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85%
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15%
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|||
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Proved
Undeveloped
(2)
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317,904
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279,440
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6,411
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$249.1
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$155.7
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Percent
of
Total
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100%
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88%
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12%
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|||
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Total
Proved
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685,592
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593,563
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15,338
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$1,225.7
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$766.1
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Percent
of
Total
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100%
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87%
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13%
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|||
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(1)
Net of Ad Valorum and Production Tax and Operating
Expense
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||||||
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(2)
Net of Investment Expense and (1)
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||||||
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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January
29, 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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Vice
Chairman and Chief Financial
Officer
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