PDC Energy Closes Common Stock Offering
May 21 2012 - 4:30PM
Petroleum Development Corporation (dba PDC Energy) ("PDC," or the
"Company") (Nasdaq:PETD) announced today that it has closed its
previously announced underwritten public offering of 6,500,000
shares of common stock at a public offering price of $26.50 per
share. The net proceeds from the offering were approximately $164
million after deducting underwriting discounts and commissions and
estimated expenses. On or before June 14, 2012, the underwriters
may purchase up to an additional 975,000 shares from the Company.
The Company intends to use the net proceeds from the offering to
finance a portion of the Company's contemplated acquisition of
additional assets in the Wattenberg Field in Colorado or for other
general corporate purposes.
BofA Merrill Lynch, J.P. Morgan, and Wells Fargo Securities are
acting as joint book-runners for the offering.
Copies of the prospectus supplement and accompanying base
prospectus relating to the offering may be obtained free of charge
by visiting EDGAR on the Securities and Exchange Commission's
website at www.sec.gov or from the underwriters at BofA Merrill
Lynch, 4 World Financial Center, New York, NY 10080, Attn:
Prospectus Department or email dg.prospectus_requests@baml.com; the
underwriters at J.P. Morgan, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, New York 11717, Phone: (866)
803-9204; or the underwriters at Wells Fargo Securities, Attn:
Equity Syndicate Dept., 375 Park Avenue, New York, New York 10152,
Email: cmclientsupport@wellsfargo.com, Phone: (800) 326-5897.
The common stock has been offered and sold pursuant to an
effective shelf registration statement previously filed with the
Securities and Exchange Commission. This announcement shall not
constitute an offer to sell or the solicitation of an offer to buy
the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which the offer,
solicitation or sale of these securities would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. The offering is being made only by means of a
prospectus and related prospectus supplement.
About PDC Energy
PDC Energy is an independent energy company engaged in the
development, production and marketing of natural gas and
oil. Its operations are focused primarily in the Wattenberg
Field of Colorado, including the horizontal Niobrara, the Marcellus
Shale development in West Virginia and the Utica Shale in
Ohio. PDC is included in the S&P SmallCap 600 Index and
the Russell 3000 Index of Companies.
NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Except for the historical information contained herein, the
matters set forth in this press release, including statements with
respect to the intended use of proceeds of the offering and PDC's
or its management's expectations or predictions of the future are
forward-looking statements intended to be covered by the safe
harbor provisions of the Securities Act of 1933 and the Securities
Exchange Act of 1934. The words "believe," "expect," "should,"
"could," "estimates," and other similar expressions identify
forward-looking statements. It is important to note that actual
results could differ materially from those projected in such
forward-looking statements. For more information concerning factors
that could cause actual results to differ from those expressed or
forecasted, see PDC's annual reports on Form 10-K, quarterly
reports on Form 10-Q and other filings with the SEC, including the
prospectus and prospectus supplement referred to above. PDC
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time.
CONTACT: Ron Wirth
Director Investor Relations
303-860-5830
rwirth@petd.com
Marti Dowling
Investor Relations Manager
303-831-3926
mdowling@petd.com
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