BRIDGEPORT, W.Va., Nov. 26 /PRNewswire-FirstCall/ -- Petroleum Development Corporation announced today that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission, or the SEC. When declared effective by the SEC, the shelf registration statement will allow the Company to raise capital from time to time, up to an aggregate of $500 million, through the sale of debt securities, common stock, preferred stock, either separately or represented by depositary shares, warrants and purchase contracts, as well as units that may include any of these securities or securities of other entities. Specific terms and prices will be determined at the time of each offering under a separate prospectus supplement, which will be filed with the SEC at the time of the offering.
The shelf registration statement is intended to allow the Company to be proactive in its ability to raise capital if the need arises and to have the flexibility to raise such funds in one or more offerings, subject to market conditions. There are no immediate plans to raise any funds.
The registration statement on Form S-3 filed with the SEC has not yet become effective. Securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective and before the Company has prepared and filed with the SEC a prospectus supplement describing the subject securities offering. This news release does not constitute an offer to sell, or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of that state or jurisdiction. Offers, if any, of securities covered by the registration statement will be made solely by means of a prospectus included in the registration statement and a prospectus supplement with respect to such offering.
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.
