Petroleum Development Corporation Amends Its Revolving Bank Loan Agreement

BRIDGEPORT, W.Va., Nov. 20 /PRNewswire-FirstCall/ -- Petroleum Development Corporation (Nasdaq: PETD) announced it has entered into a fifth amendment of its revolving bank loan agreement. The amendment increases the Company's borrowing base, adds an additional lender, and amends certain other provisions. The bank commitment was increased by $75 million to $375 million.

Richard W. McCullough, Chief Executive Officer, noted: "While we don't expect to need this additional liquidity for drilling in 2009, this amendment does provide us with an enhanced liquidity cushion in a volatile commodity price environment and an increased ability to make opportunistic acquisitions. We are pleased with this vote of confidence from our bank group during a very turbulent financial market period. The successful execution of this transaction demonstrates the relationship we've been able to develop with our financial institutions."

About Petroleum Development Corporation

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

SOURCE Petroleum Development Corporation

Tags: ,OIL,FNC,WV-Petroleum-BankLoan

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Petroleum Development Corporation Amends Its Revolving Bank Loan Agreement