Petroleum Development Corporation, an independent energy company, engages in the exploration, development, production, and marketing of oil and natural gas. As of December 31, 2008, the company owned interests in approximately 4,712 gross, 3,259 net, wells located primarily in the Rocky Mountain Region and the Appalachian and Michigan Basins with 753 billion cubic feet equivalent, or Bcfe, of net proved reserves.
The company conducts its operations through four segments: Oil and Gas Sales; Natural Gas Marketing Activities; Well Operations and Pipeline Income; and Oil and Gas Well Drilling Operations.
The Oil and Gas Sales segment engages in the production and sale of oil and natural gas. As of December 31, 2008, the company's proved reserves were located at Rocky Mountain Region, Appalachian Basin, and Michigan.
The Natural Gas Marketing Activities segment comprises the company's wholly-owned subsidiary, RNG, through which the company purchases, aggregates, and resells natural gas.
The Well Operations and Pipeline Income segment operates approximately 95.5% of the wells in which the company owns a working interest.
The Oil and Gas Well Drilling Operations segment engages in the drilling and development activities primarily through sponsoring drilling partnerships.
The company was founded in 1955 and is based in Denver, Colorado.
