BRIDGEPORT, W.Va., Oct. 12 /PRNewswire-FirstCall/ -- Petroleum Development Corporation today announced Mr. Peter Schreck joined the company as its Vice President Finance-Treasurer on October 8, 2007. In this new role Mr. Schreck will lead the Company's finance and treasury areas and will be actively involved in supporting our merger and acquisition efforts. Richard McCullough, CFO of Petroleum Development, said, "We are delighted to add a person of Peter's caliber to our Company. We expect him to play a major role in our continuing efforts to grow PDC and optimize our capital structure. His extensive background in all areas of finance and accounting will significantly strengthen the Company's capabilities."
Mr. Schreck brings with him over 21 years of finance and accounting experience. He most recently served as Vice President - Treasury and Planning for Hanover Compression Corporation since September of 2000. During Mr. Schreck's tenure, Hanover's revenues grew from $600 million to over $1.6 billion. Hanover merged with Universal Compression in August 2007 to form Exterran Holdings, Inc. Prior to his employment at Hanover, Mr. Schreck held financial positions of increasing responsibility during thirteen years at Union Pacific Corporation and its affiliated subsidiaries, the last of which was Treasurer of the oil and gas subsidiary Union Pacific Resources. Mr. Schreck graduated from Lehigh University in June 1986 with a degree in Accounting and obtained a CPA in May 1988.
About Petroleum Development Corporation
Petroleum Development Corporation (http://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.
