Petroleum Development (PETD) Announces 6.5M Common Offering

Petroleum Development Corporation (Nasdaq: PETD) intends, subject to market conditions, to offer 6,500,000 shares of common stock to the public through an underwritten offering. The underwriters will have the option to purchase up to an aggregate of 975,000 additional shares of common stock 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.

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