BRIDGEPORT, W.Va., Oct. 22 /PRNewswire-FirstCall/ -- Petroleum Development Corporation today announced it has entered into a second amendment of its revolving bank loan agreement. The amendment increases the Company's borrowing base, adds additional lenders and amends certain other provisions. The bank commitment was increased by $75 million to $275 million and provides for a maximum facility amount of $400 million if the Company secures additional bank commitments in the future.
Richard W. McCullough, Chief Financial Officer, noted "This amendment gives us increased flexibility to fund our ongoing drilling program and to make acquisitions such as our recently announced Castle Gas Company, Inc. transaction. We are very pleased with the partnership we continue to develop with our expanding bank group."
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.
