PDC Energy Prices Common Stock Offering
16 May 2012 - 11:39AM
Petroleum Development Corporation (dba PDC Energy) ("PDC," or the
"Company") (Nasdaq:PETD) announced today that it has priced 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 offering is expected to close on May 21, 2012, subject
to certain customary conditions. The Company has also granted the
underwriters a 30-day option to purchase up to 975,000 additional
shares. 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 will be 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 completion of the offering, 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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