Published:
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
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