Petroleum Development Corporation released operational details on its oil and gas development activities for 2009. The company reported total production of 43.3 billion cubic feet equivalent (Bcfe) of natural gas in 2009, an increase of 12% from the 38.7 Bcfe in 2008. This strong production growth was powered by the drilling of 100 gross wells in 2009.
In 2009, Petroleum Development Corporation focused mainly on its properties in the Wattenberg Field, where the company drilled 82 wells. The company also moved forward its development of the Marcellus Shale. During 2009, Petroleum Development Corporation drilled a total of 8 test wells on its Marcellus Shale acreage in West Virginia and Pennsylvania.
Petroleum Development Corporation reported total proved reserves of 717 Bcfe at the end of 2009, compared to 753 Bcfe 12 months earlier. The company attributed the decline to new Securities and Exchange Commission (SEC) guidelines that mandated the use of average monthly pricing to calculate reserves.
Petroleum Development Corporation has budgeted $150 million in capital to drill 252 gross wells in 2010, including 180 in the Wattenberg Field and 26 in the Marcellus Shale.