X0306 4 2015-07-01 0 0000077877 PDC ENERGY, INC. PDCE 0001289866 Crisafio Anthony J 1775 SHERMAN STREET, #3000 DENVER CO 80203 1 0 0 0 COMMON STOCK 2015-07-01 4 D 0 745 D 19368 D COMMON STOCK 2015-07-01 4 F 0 298 51.36 D 19070 D PHANTOM STOCK 2015-07-01 4 A 0 745 A COMMON STOCK 745 1624 D The reporting person previously elected to defer 745 shares of restricted stock vesting on July 1, 2015 (the shares of restricted stock were originally granted on June 7, 2012), and accordingly received 745 shares of phantom stock on July 1, 2015 pursuant to the PDC Energy, Inc. Amended and Restated Non-Employee Director Deferred Compensation Plan (the "Plan"). As a result, the reporting person is reporting the disposition of 745 shares of common stock in exchange for an equal number of shares of phantom stock. Represents shares of common stock surrendered to issuer to cover the withholding obligation of the reporting person upon the vesting of restricted stock pursuant to time based vesting. Each share of phantom stock represents a right to receive one share of common stock or, at the reporting person's election, the cash value thereof. The phantom stock becomes payable upon the first to occur of: (1) the reporting person's "separation of service" as defined under Section 409A of the Internal Revenue Code of 1986, as amended, or (2) a "Change in Control" of PDC Energy, Inc., as such term is defined in the Plan. /s/ Anthony J. Crisafio 2015-07-06