8-K

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

February 17, 2010

Date of report (Date of earliest event reported)

Petroleum Development Corporation

Exact Name of Registrant as Specified in Charter

Nevada	0-7246	95-2636730
State or Other Jurisdiction of Incorporation	Commission File Number	IRS Employer Identification Number

1775 Sherman Street, Suite 3000, Denver, CO 80203

Address of Principal Executive Offices

303-860-5800

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):

[     ]	Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)
[     ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[     ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[     ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

No Change

Former Name or Former Address, if Changed Since Last Report

Item 2.02.                      Results of Operations and Financial Condition.

Item 7.01.                      Regulation FD Disclosure.

The following information is furnished pursuant to both Items 2.02 and 7.01.

On February 17, 2010, Petroleum Development Corporation (the “Company”) issued a press release with production and reserve information and certain 2010 forecasted information.  A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.  To the extent that the press release contains material non-public information regarding the Company’s results of operations or financial condition for the year ended December 31, 2009, the Company is furnishing the press release as Exhibit 99.1 to this Current Report on Form 8-K.

On February 18, 2010, Richard W. McCullough, the Company’s Chairman and Chief Executive Officer, will make a presentation at the EnerCom, Inc. Oil & Services Conference in San Francisco, CA.The slide presentation which will be presented is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this Current Report, and in Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing.

Item 9.01.                        Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	PRESS RELEASE dated February 17, 2010
99.2	PRESENTATION: EnerCom, Inc. Oil & Services Conference, February 18, 2010

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

Date:	February 18, 2010
By:	/s/ Richard W. McCullough
	Richard W. McCullough
	Chairman and CEO

EX-99.1

NEWS FROM

 Petroleum Development Corporation

FOR IMMEDIATE RELEASE

February 17, 2010

Petroleum Development Corporation Reports 2009 Key Operating Results;

Expanded 2010 Capital Budget; 250% Increase in 2010 Planned Drilling Activity

DENVER, CO, February 17, 2010: Petroleum Development Corporation (NASDAQ: PETD) today reported 2009 key operating results which were in line with the Company’s prior estimates.  Additionally, the Company provided estimates of 2010 capital spending and production.

For the year-ended December 31, 2009 year-over-year total production growth was 12%, or 43.3 Bcfe versus 38.7 Bcfe in 2008.  During 2009, the Company drilled 100 gross wells compared to 379 gross wells drilled in 2008.  2009 production growth was 100% organic from development of existing core operating areas.

The Company’s 2009 operating focus was primarily in the DJ Basin / Wattenberg Field where PDC drilled 82 of its 100 wells.  The decrease in drilling activity for 2009 was in response to the decline in natural gas prices and a corporate decision to preserve liquidity.  For the year ending 2009, PDC achieved significant cost reductions in capital expenditures (CAPEX) and lifting costs in each of the Company’s operating basins.  2009 CAPEX/well and lifting costs/Mcfe declined approximately 25% and 22%, respectively, versus 2008 levels.

During 2009 the Company made important strides in the emerging Marcellus Shale program.  PDC’s focus in the Marcellus Shale was to solidify its existing acreage position, raise developmental capital through the formation of PDC Mountaineer, a joint venture (the “JV”) with an equity partner, and evaluate the play’s potential through implementation of a vertical well drilling program.  Seven vertical wells were drilled in West Virginia, and one delineation well is currently being drilled in Pennsylvania.  The technical results of the vertical wells were encouraging and support the drilling of the first horizontal Marcellus test, scheduled to commence this month.  A total of three horizontal tests are planned for the first half of 2010.  The JV is also preparing a Marcellus midstream strategy which should be finalized by mid-year 2010.

The Company’s independent reserve engineers have completed estimates of year-end 2009 proved reserves in accordance with new SEC guidelines.  The new SEC reserve quantification guidelines stipulate the adoption of several changes to the methodology utilized to quantify year-end reported reserves.  The change in pricing from a year-end spot price to a 12-month average price had the most significant contribution to the year-over-year variation of the Company’s year-end 2009 reported reserves.  Total proved reserves as of December 31, 2009 were 717 Bcfe compared to 753 Bcfe of total proved reserves reported at the end of 2008.  Reserve values in 2009 were based on an average natural gas price of $3.17/Mcf and an average oil price of $54.64/Bbl, versus an average natural gas price of $4.98/Mcf and an average oil price of $37.85/Bbl in 2008.  Using year-end spot pricing methodology, as was used at year-end 2008, reserve values would have been calculated at $5.51/Mcf for natural gas and $72.91/Bbl for oil on December 31, 2009, and reported reserves would have been 811 Bcfe.  At year-end 2009, natural gas represents approximately 85% of proved reserves and the remaining 15% is oil.  Additionally, 41.2% of the proved reserve total is developed and 58.8% is undeveloped.

The following table provides a more detailed breakdown of the categories:

2009 Reserves and Production (Bcfe)
	Total Proved (1P)	Total Proved, Probable and Possible (3P)*	Total Production
Rocky Mountain Region	641	830	37.8
Appalachian Basin (1)	61	145	4.1
Michigan Basin	15	15	1.4
Total All Fields	717	990	43.3

* Non-SEC 3P reserves.

(1) Includes 100% of JV reserves and production.

PDC’s CAPEX for 2010 is expected to be approximately $150 million, representing a 36% increase over the 2009 CAPEX budget of $110 million.  The JV plans to drill approximately 26 wells in 2010 to develop the Marcellus Shale in the Appalachian basin.  The JV’s 2010 drilling program requires no capital contribution from PDC.  Drilling will be funded from JV cash flow and by PDC’s JV partner.

For the full-year 2010, PDC plans to drill 252 gross wells, compared to 100 gross wells drilled in 2009.  The following table provides a summary of PDC’s planned 2010 drilling activity:

Planned 2010 Drilling Activity
Region	Piceance	Wattenberg	Northeastern Colorado	Marcellus JV	Total
Planned New Drills	21	180	25	26	252

The Company expects its 2010 production to be approximately 35.7 Bcfe, an 18% reduction from 2009 production of 43.3 Bcfe.  Approximately 7% of the year-over-year production decline is related to the loss of Shallow Devonian production in the Appalachian Basin which was contributed to the JV.  The remainder of the production decline results from the 70% reduction in CAPEX in 2009 versus 2008.  PDC expects its 2010 exit rate to approximate its 2009 exit rate of 107/MMcfe per day.

Richard W. McCullough, Chairman and Chief Executive Officer, stated, “2009 was a challenging year for the E&P industry.  Due to the significantly depressed commodity price environment and the turmoil in the country’s financial markets, we meaningfully reduced our CAPEX for 2009.  Hedges that were put in place in 2008, for 2009, provided substantial relative price realizations during the year which protected our cash flow and related capital programs.  Strong hedge positions exist for 2010 and beyond and are expected to continue to provide protection from commodity price declines.  Additionally, during 2009, we were able to grow our production by double digits, substantially reduce our operating costs, bolster our liquidity, and strengthen our balance sheet leverage and coverage measures.

“2010 will present opportunities for us from a production standpoint.  We’re pleased that our 2010 CAPEX budget allocates drilling capital to all of our major basins.  While the tough markets that existed in 2009 and our related reductions in capital spending will result in a year-over-year production decline, with increased drilling in 2010 we expect a net exit rate equal to that of the beginning of the year.  More importantly, if drilling economics continue to improve, we’ve positioned ourselves to achieve additional growth during the year.  We have the opportunity to achieve growth through additional organic drilling acceleration of the JV’s development, and partnership repurchases and/or acquisitions.  We are excited about the opportunities that face us in 2010.”

About Petroleum Development Corporation

Petroleum Development Corporation (www.petd.com) is an independent energy company engaged in the development, production and marketing of natural gas and oil. Its operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding our business, financial condition, results of operations and prospects. All statements other than statements of historical facts included in and incorporated by reference into this release are forward-looking statements.   Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein, which include statements of estimated oil and natural gas production and reserves, drilling plans, future cash flows, anticipated liquidity, anticipated capital expenditures and our management’s strategies, plans and objectives.  However, these are not the exclusive means of identifying forward-looking statements herein.  Although forward-looking statements contained in this release reflect our good faith judgment, such statements can only be based on facts and factors currently known to us.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, including risks and uncertainties incidental to the exploration for, and the acquisition, development, production and marketing of, natural gas and oil, and actual outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Important factors that could cause actual results to differ materially from the forward looking statements include, but are not limited to:

·   changes in production volumes, worldwide and national demand, and commodity prices for oil and natural gas;

·   the timing and extent of our success in discovering, acquiring, developing and producing natural gas and oil reserves;

·   our ability to acquire leases, drilling rigs, supplies and services at reasonable prices;

·   the availability and cost of capital to us;

·   risks incident to the drilling and operation of natural gas and oil wells;

·   future production and development costs;

·   the availability of sufficient pipeline and other transportation facilities to carry our production and the impact of these facilities on price;

·   the effect of existing and future laws, governmental regulations and the political and economic climate of the United States of America;

·   the effect of natural gas and oil derivatives activities;

·   conditions in the capital markets; and

·   losses possible from pending or future litigation.

Further, we urge you to carefully review and consider the cautionary statements made in this release, our annual report on Form 10-K for the year ended December 31, 2008, and our other filings with the Securities and Exchange Commission (“SEC”) and public disclosures.  We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.  We undertake no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions.

CONTACT: Marti Dowling, Manager - Investor Relations, 303.831.3926, mdowling@petd.com

###

1775 Sherman Street • Suite 3000 • Denver, Colorado • 80203-4341 • Phone: 303.860.5800

~ www.petd.com ~

EX-99.2

NASDAQ:PETD

PETROLEUM DEVELOPMENT
CORPORATION

EnerCom, Inc.

The Oil & Services Conference VIII

February 18, 2010

See Slide 2 regarding Forward Looking Statements

2

The following information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are based on Management’s current expectations and beliefs, as well as a number
of assumptions concerning future events.

These statements are based on certain assumptions and analyses made by Management in light of its experience and its
perception of historical trends, current conditions and expected future developments as well as other factors it believes are
appropriate in the circumstances.However, whether actual results and developments will conform with Management’s
expectations and predictions is subject to a number of risks and uncertainties, general economic, market or business
conditions; the opportunities (or lack thereof) that may be presented to and pursued by Petroleum Development Corporation;
actions by competitors; changes in laws or regulations; and other factors, many of which are beyond the control of Petroleum
Development Corporation.

You are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially
from those expressed or implied, as more fully discussed in our safe harbor statements found in our SEC filings, including,
without limitation, the discussion under the heading “Risk Factors” in the Company’s 2008 annual report on Form 10-K and in
subsequent Form 10-Qs. All forward-looking statements are based on information available to Management on this date
and Petroleum Development Corporation assumes no obligation to, and expressly disclaims any obligation to, update
or revise any forward looking statements, whether as a result of new information, future events or otherwise.

The SEC permits oil and gas companies to disclose in their filings with the SEC only proved reserves, which are reserve
estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from
known reservoirs under existing economic and operating conditions. The Company uses in this presentation the terms
“probable” and “possible” reserves, which SEC guidelines prohibit in filings of U.S. registrants. Probable reserves are unproved
reserves that are more likely than not to be recoverable. Possible reserves are unproved reserves that are less likely to be
recoverable than probable reserves. Estimates of probable and possible reserves which may potentially be recoverable through
additional drilling or recovery techniques are by nature more uncertain than estimates of proved reserves and accordingly are
subject to substantially greater risk of not actually being realized by the Company. In addition, the Company’s reserves and
production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of
production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected
by significant commodity price declines or drilling cost increases.

This material also contains certain non-GAAP financial measures as defined under the Securities and Exchange Commission
rules.

Disclaimer

See Slide 2 regarding Forward Looking Statements

Richard W. McCullough

Chairman and Chief Executive Officer

3

See Slide 2 regarding Forward Looking Statements

Reasons to Invest in PDC

•Long term track record of operational excellence

•Long life reserves with reserve life index of appx 20 yrs

•Diversified operating basins with low risk predictable growth (over 2,200
projects in inventory)

•Emerging opportunity in the Marcellus Shale

•Strong balance sheet with capital available for value added acquisitions,
joint ventures, exploration and partnership repurchases

•Trade at discount to peers on operational & financial metrics

•Strong hedge positions that protect cashflow

•Company transitioning from a Partnership company to a more traditional
E&P company

4

See Slide 2 regarding Forward Looking Statements

(1) JV with Lime Rock in the Marcellus

(2) EBITDAX and Cash Flow estimates as per analyst consensus

•Petroleum Development Corporation is an
independent oil and natural gas company
with operations primarily in the Rocky
Mountain region, Appalachian Basin and
Michigan Basin

•PDC was founded in 1969 in Bridgeport, WV
and is now headquartered in Denver, CO

Corporate Summary

Enterprise Value

Capitalization

Corporate Profile

Share Price (2/12/10)	$21.20
Diluted Share Outstanding (MM)	19.2
Market Capitalization ($MM)	$408
Total Debt @ 9/30/09	307
Minority Interest (1) @ 9/30/09	45
Less: Cash @ 9/30/09	(22)
Enterprise Value @ 9/30/09	$738
52-Week High ($/share)	$23.06
52-Week Low ($/share)	$9.39

	Pro Forma
	9/30/2009
Capitalization: ($MM)
Cash	$22
Debt:
Credit Facility: $305MM Borrowing Base	106
12% Senior Notes due 2018	201
Total Debt	307
Common Equity	500
Minority Interest (1)	45
Total Capitalization	$852
Debt Ratios:
Debt/EBITDAX (LTM) (2)	2.0x
Senior Debt/EBITDAX (LTM) (2)	1.3x
EBITDAX/ Interest Net (LTM) (2)	4.3x
Debt/Book Cap	41%

5

See Slide 2 regarding Forward Looking Statements

Core Operating Regions

See Slide 2 regarding Forward Looking Statements

2009 Proved Reserves:
641
Bcfe

2009 Production:
37.8
Bcfe

Rocky Mountains

2009 Proved Reserves:

15 Bcfe

2009 Production:

1.4 Bcfe

Michigan Basin

2009 Proved Reserves:
61
Bcfe

2009 Production:
4.1
Bcfe

Appalachian Basin*

2009 Proved Reserves

717 Bcfe

Appalachian Basin (9%)*

2009 Production

43.3 Bcfe

Michigan
Basin (3%)

Appalachian Basin (9%)

Rocky
Mountains (87%)

*Appalachian Basin includes 100% of PDC Mountaineer, LLC Reserves

6

See Slide 2 regarding Forward Looking Statements

2009 SEC Year-End reserve reporting changes:

-5 year rule related to PUD bookings

Year-End 2009 Reserve Summary

See Slide 2 regarding Forward Looking Statements

PDC Price	Snapshot	Snapshot	12 month Avg
	12/31/08	12/31/09	12/31/09
Natural Gas (per Mcf)	$4.98	$5.51	$3.17
Oil (per Bbl)	$37.85	$72.91	$54.64

7

Using flat 12/31/09 pricing, (2008 SEC pricing
methodology) PDC proved reserves would be 811 Bcfe

Proved Reserves (YE 2008)

753

Revisions and Pricing Adjustment

(100)

PUD reductions, tail loss

Adds / Extensions

91

New regulation - 1 offset rule

Drops / Scheduling Adjustments

(46)

5 year PUD rule

Revisions, LOE Improvements, Operations

62

LOE cost improvements, operational improvements

Production

(43)

Proved Reserves (YE 2009)

See Slide 2 regarding Forward Looking Statements

8

2009 Summary

Production

(Bcfe)

($MM)

Capital Spending

• Reduced capital spending by 56% in response to poor natural gas price conditions (56%)

• Increase production by 12% and reduced L.O.E $/Mcfe by just under 30%.

• Reduced L.O.E $/Mcfe should be sustainable beyond 2009 and will improve incremental capital investment
returns.

See Slide 2 regarding Forward Looking Statements

2009 Summary - Credit Ratios

Total Debt / EBITDAX(1) (TTM)

Total Debt / Capital Base

(%)

(1) EBITDAX: Earnings before Interest, Taxes, Depreciation, Depletion and Amortization and Exploration Expense.

EBITDAX (1)/ Interest, net (TTM)

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

•~$50MM equity raise, and ~$160MM PDC and Lime Rock Partners joint venture to develop
Marcellus Shale and Shallow Devonian assets, reflected the company’s ability to access
alternative capital markets, and improve liquidity, leverage and coverage measures

* Liquidity excludes impact of $18.7MM L.C.

9

(*)

$305

$203

See Slide 2 regarding Forward Looking Statements

2009 Summary - Oil and Gas Hedges

(1)Based on 12/31/09 PDP curve (i.e., may represent 50% or less of actual production for the future year)

(2)Based on forward pricing curves as of 12/31/2009

(3)Blended price for forecasted production at hedged and at forward prices

	2010	2011	2012	2013
Weighted Average Hedge Price (Mcfe) (1)
With Floors	$7.84	$6.87	$6.39	$6.39
With Ceilings	$8.76	$7.76	$7.97	$8.21
% of Forecasted Production(1)	73%	74%	66%	65%
Weighted Avg Forward Price(2)	$6.70	$7.20	$7.36	$7.51
Weighted Avg Price of Forecasted Production(3)	$7.54	$6.96	$6.72	$6.78

Continued focus on hedging enabled the Company to protect its cash flow, capital
programs, and organic drilling economics from commodity price fluctuations

•Realized gains of $108MM

•Substantial hedge positions through 2013 via swaps (2010-2011) and collars (2012-2013) at solid historical
commodity price levels should continue to provide on-going protection

•Price sensitivity of 2010’s budget has been significantly mitigated.Variation of $1.00/Mcfe for natural gas
and $10.00/bbl for oil results in less than a 5% variation in cash flow for operations

10

See Slide 2 regarding Forward Looking Statements

2009 STRATEGIC POSITIONING

•Enhanced A&D team through the hiring of new Senior Vice President
of Business Development and the hiring of senior engineering support
personnel.

•Initiate three-year plan to buyback Partnerships.

•Developed an intrinsic valuation model which will be utilized to evaluate
capital deployment (organic drilling, acquisitions, etc.) decisions.

•PDC 2009 achievements positively positions the Company to execute its
operating strategy and pursue strategic initiatives in 2010:

–A&D team development

–Improvement in liquidity, leverage ,and coverage measures

–Hedging price protection

–Cost reductions which improve capital drilling returns

–Development of an intrinsic valuation model

11

See Slide 2 regarding Forward Looking Statements

2010 CAPEX BUDGET

	2009E	2010E	% Change
Net Development Capital (MM$)	79	127	61%
Exploration, Land, G&G (MM$)	15	6	-60%
Leasehold and Partnership Puts	9	9	3%
Miscellaneous Capital (MM$)	8	8	-3%
Total Net Capital (MM$)	$110	$150	36%

12

See Slide 2 regarding Forward Looking Statements

13

Marcellus

•16 Verticals

•10 Horizontals

Shallow Devonian

•50 Recompletes

•29 Workovers

NECO

•25 New Drills

•50 Workovers

Wattenberg

•180 New Drills

-138 Operated New Drills

-42 Non-Op New Drills

•12 Refracs/Recompletes

Piceance

•21 New Drills

-11 Mesa

-10Valley

See Slide 2 regarding Forward Looking Statements

PDC has over 2,200 identified
projects in Inventory

See Slide 2 regarding Forward Looking Statements

Operations Forecast
2009 vs. 2010

	2009E	2010E	% Change
Total Net Production (Bcfe) (1)	43.3	35.7	-18%
Gross Exit Rate (MMcfe/d)	187	185	-1%
Net Exit Rate (MMcfe/d)	107	106	-1%
Net Development Capital (MM$)	$79	$127	61%
Gross Number of Drilling Projects	100	257	157%
Gross Number of Other Projects	38	62	63%

14

(1) 12% production decrease excluding impact of JV.

See Slide 2 regarding Forward Looking Statements

15

Net Production

35.7

43.3

•Production decline vs. 2009 primarily due to:

–Decision to limit drilling in late 2008/2009
(price / economy) and to preserve
liquidity

–Formation of Mountaineer JV Partnership
(2.3 Bcfe)

•PDC has over 2,200 Identified projects in
Inventory to organically grow production and
cash flow for foreseeable future.

•2010 Drilling and workover program initially
set for 300+ organic projects

•PDC has a project Inventory of over 7 years

•PDC positioned for additional growth thru
acquisitions, Joint ventures, Exploration and
Partnership Buy backs

2010 Production Guidance

See Slide 2 regarding Forward Looking Statements

IncreasingValue in 2010 and Beyond

•Additional Organic Drilling - Possibly beginning 2nd half 2010

-Ramp up in Piceance and Wattenberg

-Focus on enhancing Piceance economics

•Marcellus JV - drilling 26 horizontal and vertical wells in 2010

-Large operator in WVA achieved reserves of 3.6 Bcfe per
horizontal well near PDC acreage

-Over 150 Marcellus permits issued in WVA counties
surrounding PDC position

•Partnership Purchases - Three Year Plan

-Non-operated interests in certain existing PDC operated
Wattenberg and Piceance Assets

•Acquisitions - Asset and Small Corporate

-Anticipate substantial A&D deal flow in 2010

•Exploration - Moderate Risk Resource Plays

-Niobrara Wattenberg; Mancos Shale Piceance; Bakken; Others

16

See Slide 2 regarding Forward Looking Statements

Partnership Purchases:
Three year plan

•Limited Partners’ non-operated interest is typically at 60-80%
of certain PDC operated wells (Rockies principally)

•28 Limited Partnerships have net reserves of approximately
125 Bcfe owned by the Limited Partners

•28 Limited Partnerships have net production of approximately
25 MMcfe/d owned by the Limited Partners

•PDC strategy to purchase Limited Partners’ interest over next
three years

–Production and reserve adds in existing operated core acreage

–9 SEC compliant partnerships represent over 60% of net reserves and over
75% of total cash flows owned by the Limited Partners

–Elimination of Limited Partnerships through repurchases would finalize PDC’s
transition to a traditionally capitalized E&P company

17

See Slide 2 regarding Forward Looking Statements

•Strong Focus on creating Shareholder value

•Great core assets with improved drilling economics

•Marcellus Shale JV with Lime Rock provides potential catalyst
for strong production and cash flow growth

•Evaluating potential acquisition, joint venture, and exploration
opportunities that could provide value-added growth

•Strong balance sheet with liquidity of $257 million

•Experienced and highly effective management team

•PDC is undervalued and poised for growth

PDC in Summary

18

See Slide 2 regarding Forward Looking Statements

Appendix

19

See Slide 2 regarding Forward Looking Statements

Piceance Basin
at December 31, 2009

•Gross operated wells288

•Undeveloped acreage 5,300

•Undeveloped, gross, 10 acre locations433

•362 total net PDC

•Number of net remaining locations

-PUD251

-Probable97

-Possible 14

20

See Slide 2 regarding Forward Looking Statements

Wattenberg Field
at December 31, 2009

•Gross Operated wells1,410

•Undeveloped acreage19,400

•Undeveloped, gross, locations1,533

•831 total net PDC

-PUD373

-Probable316

-Possible142

21

See Slide 2 regarding Forward Looking Statements

PDC Undeveloped Northern
Wattenberg Acreage Area

EOG Niobrara Horizontal Well plus 39
Drilling Permits Approved & Pending

PDC Undeveloped Acreage in
Northern Wattenberg Area.
Approximately 24,000 Acres.

PDC NECO Area: Niobrara
Biogenic Gas Production

Pawnee
National
Grasslands

Pawnee National
Grasslands

Base Map Source
USGS

22

See Slide 2 regarding Forward Looking Statements

Marcellus JV

•Formed JV with Lime Rock in October 2009 valuing assets
at $158.5 million (Lime Rock will fund first $68.5 million).

•Organization in place and fully operational for future
development of Devonian and Marcellus assets.

•Marcellus assets:

–Focus has been on solidifying current acreage position and
evaluating vertical well program results

–Acreage position has grown to over 55,000 net acres

–Seven vertical wells were drilled in West Virginia; one
additional delineation well is being drilled in Pennsylvania

–First horizontal test to be commenced in February 2010

–A total of three horizontal tests are planned for the first half
of 2010

–Midstream strategy is being addressed and finalized

23

See Slide 2 regarding Forward Looking Statements

Appalachian Operating Presence

Ø44 Employees - Indiana, PA

–Production

–Drilling/Completion

–Trucking/Pipeline/Construction

Ø133 Employees - Bridgeport, WV

–Production

–Drilling/Completion

–Pipeline - DOT Compliance

–Gas Marketing

–Accounting

–Administration

Ø13 Senior Technical Team Employees -
Bridgeport, WV

–Engineering

–Geology

–Completions

–Pipeline

–Production

PDC’s Appalachian presence consists of shallow
Devonian sands and the deeper Marcellus shale.

Marcellus Economic Fairway

24

39,900 ACRES WV

15,100 ACRES PA

See Slide 2 regarding Forward Looking Statements

Acreage Inventory

Area	Lease Gross Acres	PDC Net Acres	Net Developed Acres	Net Undeveloped Acres	State
Grand Valley	8,000	8,000	2,700	5,300	Colorado
Wattenberg	72,200	64,900	45,500	19,400	Colorado
NECO	127,100	105,100	19,600	85,500	Colorado/Kansas
Michigan	26,800	23,300	14,800	8,500	Michigan
New York	18,700	15,900	0	15,900	New York
North Dakota	66,800	30,200	4,600	25,600	North Dakota
Appalachian Basin	120,900	117,600	106,800	10,800	WV / PA
Wyoming	19,500	19,300	100	19,200	Wyoming
Texas Barnett	8,900	6,000	400	5,600	Texas
Total	468,900	390,300	194,500	195,800
			PDC TOTAL NET	390,300

25

NASDAQ:PETD

PETROLEUM DEVELOPMENT
CORPORATION

EnerCom, Inc.

The Oil & Services Conference VIII

February 18, 2010