SCHEDULE 13G  
  
Amendment No. 3  
Petroleum Development Corporation  
Common Stock  
Cusip # 716578109  
Filing Fee: No  
 
 
Cusip # 716578109  
Item 1:	Reporting Person - FMR Corp. - (Tax ID:  04-2507163)  
Item 4:	Commonwealth of Massachusetts  
Item 5:	None  
Item 6:	None  
Item 7:	1,102,500  
Item 8:	None  
Item 9:	1,102,500  
Item 11:	11.20%  
Item 12:	HC   
  
  
 
 
Cusip # 716578109  
Item 1:	Reporting Person - Edward C. Johnson 3d - (Tax ID:  ###-##-####)  
Item 4:	United States of America  
Item 5:	None  
Item 6:	None  
Item 7:	1,102,500  
Item 8:	None  
Item 9:	1,102,500  
Item 11:	11.20%  
Item 12:	IN   
  
 
 
Cusip # 716578109  
Item 1:	Reporting Person - Abigail P. Johnson - (Tax ID:  ###-##-####)  
Item 4:	United States of America  
Item 5:	None  
Item 6:	None  
Item 7:	1,102,500  
Item 8:	None  
Item 9:	1,102,500  
Item 11:	11.20%  
Item 12:	IN   
  
 
 
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS  
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)  
  
  
Item 1(a).	Name of Issuer:  
  
		Petroleum Development Corporation  
  
Item 1(b).	Name of Issuer's Principal Executive Offices:  
  
		103 East Main Street   
		Bridgeport, WV  26330  
  
Item 2(a).	Name of Person Filing:   
  
		FMR Corp.  
  
Item 2(b).	Address or Principal Business Office or, if None, Residence:  
  
		82 Devonshire Street, Boston, Massachusetts  02109  
  
Item 2(c).	Citizenship:  
  
		Not applicable  
  
Item 2(d).	Title of Class of Securities:  
  
		Common Stock  
  
Item 2(e).	CUSIP Number:    
  
		716578109  
  
Item 3.	This statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) and the  
person filing, FMR Corp., is a parent holding company in accordance  
with Section 240.13d-1(b)(ii)(G).  (Note:  See Item 7).  
  
Item 4.	Ownership  
  
	(a)	Amount Beneficially Owned: 
	1,102,500  
  
	(b)	Percent of Class: 
	11.20%  
  
	(c)	Number of shares as to which such person has:    
  
	(i)	sole power to vote or to direct the vote: 
	None  
  
	(ii)	shared power to vote or to direct the vote: 
	None  
  
	(iii)	sole power to dispose or to direct the disposition of: 
	1,102,500  
  
	(iv)	shared power to dispose or to direct the disposition of: 
	None  
  
  
 
 
Item 5.	Ownership of Five Percent or Less of a Class.  
  
	Not applicable.  
  
Item 6.	Ownership of More than Five Percent on Behalf of Another Person.  
  
	Various persons have the right to receive or the power to  
direct the receipt of dividends from, or the proceeds from the  
sale of, the common stock of Petroleum Development Corporation.   
The interest of one person, Fidelity Low-Priced Stock Fund, an  
investment company registered under the Investment Company Act  
of 1940, in the common stock of Petroleum Development  
Corporation, amounted to 1,102,500 shares or 11.20% of the  
total outstanding common stock at February 29, 1996.    
  
Item 7.	Identification and Classification of the Subsidiary Which Acquired  
the Security Being Reported on By the Parent Holding Company.  
  
	See attached Exhibit(s) A and B.  
  
Item 8.	Identification and Classification of Members of the Group.  
  
	Not applicable, see attached Exhibit A.   
  
Item 9.	Notice of Dissolution of Group.  
  
	Not applicable.  
  
Item 10.	Certification.  
  
	By signing below I certify that, to the best of my knowledge  
and belief, the securities referred to above were acquired in  
the ordinary course of business and were not acquired for the  
purpose of and do not have the effect of changing or  
influencing the control of the issuer of such securities and  
were not acquired in connection with or as a participant in any  
transaction having such purpose or effect.  
  
  
Signature  
  
	After reasonable inquiry and to the best of my knowledge and  
belief, I certify that the information set forth in this  
Schedule 13G in connection with FMR Corp.'s beneficial  
ownership of the common stock of Petroleum Development  
Corporation at February 29, 1996 is true, complete and correct.   
  
  
  
	March 8, 1996	  
Date  
  
  
  
	/s/Arthur S. Loring  
Signature  
  
  
  
	Arthur S. Loring, Vice  
President	  
Name/Title  
  
 
 
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS  
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)  
  
	Pursuant to the instructions in Item 7 of Schedule 13G, Fidelity  
Management & Research Company ("Fidelity"), 82 Devonshire Street, Boston,  
Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and an investment  
adviser registered under Section 203 of the Investment Advisers Act of 1940,  
is the beneficial owner of 1,102,500 shares or 11.20% of the common stock  
outstanding of Petroleum Development Corporation ("the Company") as a result  
of acting as investment adviser to various investment companies registered  
under Section 8 of the Investment Company Act of 1940.    
  
	The ownership of one investment company, Fidelity Low-Priced Stock Fund,  
amounted to 1,102,500 shares or 11.20% of the common stock outstanding.   
Fidelity Low-Priced Stock Fund has its principal business office at 82  
Devonshire Street, Boston, Massachusetts 02109.    
  
	Edward C. Johnson 3d, FMR Corp., through its control of Fidelity, and the  
Funds each has sole power to dispose of the 1,102,500 shares owned by the  
Funds.  
  
	Neither FMR Corp. nor Edward C. Johnson 3d, Chairman of FMR Corp., has  
the sole power to vote or direct the voting of the shares owned directly by  
the Fidelity Funds, which power resides with the Funds' Boards of Trustees.   
Fidelity carries out the voting of the shares under written guidelines  
established by the Funds' Boards of Trustees.  
  
	Members of the Edward C. Johnson 3d family and trusts for their benefit  
are the predominant owners of  Class B shares of common stock of FMR Corp.,  
representing approximately 49% of the voting power of FMR Corp. Mr. Johnson 3d  
owns 12.0% and Abigail P. Johnson owns 24.5% of the aggregate outstanding  
voting stock of FMR Corp.  Mr. Johnson 3d is chairman of FMR Corp. and Abigail  
P. Johnson is a Director of FMR Corp.  The Johnson family group and all other  
Class B  shareholders have entered into a shareholder's voting agreement under  
which all Class B shares will be voted in accordance with the majority vote of  
Class B shares.  Accordingly, through their ownership of voting common stock  
and the execution of the shareholder's voting agreement, members of the  
Johnson family may be deemed, under the Investment Company Act of 1940, to  
form a controlling group with respect to FMR Corp.  
  
 
 
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS  
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)  
  
RULE 13d-1(f)(1)  AGREEMENT  
  
	The undersigned persons, on March 8, 1996, agree and consent to the joint  
filing on their behalf of this Schedule 13G in connection with their  
beneficial ownership of the common stock of Petroleum Development Corporation  
at February 29, 1996.  
  
	FMR Corp.  
	By	/s/Arthur S. Loring  
Arthur S. Loring 
Vice President - Legal  
	Edward C. Johnson 3d  
	By	/s/Arthur S. Loring  
Arthur S. Loring 
Under Power of Attorney dated  
5/17/89 
On File with Schedule 13G for 
Airborne Freight Corp. 9/10/91   
  
	Abigail P. Johnson  
  
  
	By	/s/Arthur S. Loring  
Arthur S. Loring 
Under Power of Attorney dated  
1/5/96 
On File with Schedule 13G for 
Acclaim Entertainment Inc.  
1/10/96  
	Fidelity Management & Research Company  
	By	/s/Arthur S. Loring  
Arthur S. Loring 
Sr. V.P. and General Counsel  
	Fidelity Low-Priced Stock Fund  
	By	/s/Arthur S. Loring  
Arthur S. Loring 
Secretary