BRIDGEPORT, W.Va., April 22 /PRNewswire-FirstCall/ -- Petroleum
Development Corporation (Nasdaq: PETD) is pleased to announce the addition of
Scott J. Reasoner as Vice President Operations. Mr. Reasoner is a graduate of
the Colorado School of Mines with a degree in Petroleum Engineering and also
earned an MBA from the University of Colorado.
Mr. Reasoner has nearly 25 years of progressive technical and management
experience in the energy industry. Most recently he served as a Business Unit
Manager with Noble Energy Corporation where he was responsible for
engineering, geological, and field operations. Prior to his work with Noble
Energy, Mr. Reasoner worked for Patina Oil and Gas Company starting as
Production Manager working his way up to Vice President Operations. His
earlier experience includes positions with Snyder Oil Corporation and Vessels
Oil and Gas Company.
Mr. Bart Brookman, PDC's Senior Vice President of Exploration and
Production stated, "Scott brings immediate value and expertise to our
operations and will greatly compliment an already outstanding workforce. We
look forward to benefiting from his leadership and experience."
About Petroleum Development Corporation
Petroleum Development Corporation (www.petd.com) is an independent energy
company engaged in the development, production and marketing of natural gas
and oil. Its operations are focused in the Rocky Mountains with additional
operations in the Appalachian Basin and Michigan. During the third quarter of
2004, PDC was added to the S&P SmallCap 600 Index. Additionally, PDC was added
to the Russell 3000 Index of Companies in 2003.
Forward-Looking Statements
Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical fact included
herein are forward-looking statements. Although PDC believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be attained.
Factors that could cause actual results to differ materially from expectations
include financial performance, oil and gas prices, drilling program results,
drilling results, regulatory changes, changes in federal or state tax policy,
changes in local or national economic conditions and other risks detailed from
time to time in PDC's reports filed with the Securities and Exchange
Commission, including quarterly reports on Form 10-Q, current reports on Form
8-K and annual reports on Form 10-K.
The SEC permits oil and gas companies to disclose in their filings with
the SEC only proved reserves, which are reserve estimates that geological and
engineering data demonstrate with reasonable certainty to be recoverable in
future years from known reservoirs under existing economic and operating
conditions. The Company uses in this presentation the terms "probable" and
"possible" reserves, which SEC guidelines prohibit in filings of U.S.
registrants. Probable reserves are unproved reserves that are more likely than
not to be recoverable. Possible reserves are unproved reserves that are less
likely to be recoverable than probable reserves. Estimates of probable and
possible reserves which may potentially be recoverable through additional
drilling or recovery techniques are by nature more uncertain than estimates of
proved reserves and accordingly are subject to substantially greater risk of
not actually being realized by the Company. In addition, The Company's
production forecasts and expectations for future periods are dependent upon
many assumptions, including estimates of production decline rates from
existing wells and the undertaking and outcome of future drilling activity,
which may be affected by significant commodity price declines or drilling cost
increases.
SOURCE Petroleum Development Corporation
Celesta Miracle of Petroleum Development Corporation, +1-304-842-3597
