Petroleum Development Corp (PETD) Reports Results of Annual Shareholder Meeting; Richard W. McCullough Elected CEO

June 24, 2008 11:21 AM EDT

Petroleum Development Corporation (Nasdaq: PETD) reported results of its annual meeting of shareholders held in Morgantown, West Virginia yesterday. The shareholders re-elected five directors. Richard W. McCullough and Larry F. Mazza were elected to terms ending at the shareholder's meeting in 2010. Joseph E. Casabona, David C. Parke and Jeffrey C. Swoveland were elected to terms ending in 2011.

Shareholders also approved an amendment to the articles of incorporation for an increase in authorized shares of common stock and creation of a new class of preferred stock, and an amendment to the non-employee directors' restricted stock plan increasing the number of authorized shares. Finally, shareholders ratified the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Company for the year ending December 31, 2008.

Following the Annual Meeting the Board of Directors held a regular meeting. At the recommendation of the Nominating and Governance Committee the Board unanimously voted to approve Richard W. McCullough as the new CEO of the company effective immediately. Steven R. Williams, the former CEO, will continue to serve as the Chairman of the Board, and will be employed by the Company as an Advisor through August to allow him to oversee with the completion of several ongoing projects.

Petroleum Development Corporation (PDC) is an independent energy company engaged in the exploration, development, production and marketing of oil and natural gas, with assets in the United States.

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