Petroleum Development Corp (PETD) Closes 6.5M Offering at $26.50/Share

Petroleum Development Corporation (Nasdaq: PETD) 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.

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