updated 12/9/2010 8:46:52 AM ET 2010-12-09T13:46:52

DENVER, Dec. 9, 2010 (GLOBE NEWSWIRE) -- PDC Energy ("PDC" or the "Company") (Nasdaq:PETD) announced that at unitholder meetings on December 8, 2010 the Company received approval by the holders of a majority of limited partnership units held by non-affiliated investors of each of the four 2004 partnerships for the Company's proposed acquisition of each respective partnership. PDC purchased the 2004 partnerships for an aggregate amount of $36.5 million. The 2004 partnerships consist of PDC 2004-A Limited Partnership, PDC 2004-B Limited Partnership, PDC 2004-C Limited Partnership, and PDC 2004-D Limited Partnership. The wells included in these partnerships are located in PDC's Wattenberg Field and Piceance Basin.

As previously announced, PDC is also pursuing the purchase of three additional partnerships, PDC 2005-A Limited Partnership, PDC 2005-B Limited Partnership, and the 2005 Rockies Region Private Limited Partnership. Although there is no assurance of the likelihood or timing of the completion of the proxy disclosure review process by the Securities and Exchange Commission or whether PDC will obtain the necessary approvals from non-affiliated investors, PDC expects to close each of these mergers in early 2011. 

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 in the Rocky Mountains with additional operations in the Appalachian and Permian Basins.  PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act") and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act") regarding our business, financial condition, results of operations and prospects.  All statements other than statements of historical facts included in and incorporated by reference into this report are forward-looking statements. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein, which include statements of estimated natural gas and oil production and reserves, drilling plans, future cash flows, anticipated liquidity, anticipated capital expenditures and our management's strategies, plans and objectives.  However, these are not the exclusive means of identifying forward-looking statements herein.  Although forward-looking statements contained in this report reflect our good faith judgment, such statements can only be based on facts and factors currently known to us.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, including risks and uncertainties incidental to the exploration for, and the acquisition, development, production and marketing of natural gas and oil, and actual outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to:

  • changes in production volumes, worldwide demand and commodity prices for natural gas and oil;
  • changes in estimates of proved reserves;
  • declines in the values of our natural gas and oil properties resulting in impairments;
  • the timing and extent of our success in discovering, acquiring, developing and producing natural gas and oil reserves;
  • our ability to acquire leases, drilling rigs, supplies and services at reasonable prices;
  • the availability and cost of capital to us, including the availability of funding for the consideration payable by us to consummate the prospective mergers of the four 2004 partnerships;
  • the timing and closing, if consummated, of the mergers of the four 2004 partnerships;
  • reductions in the borrowing base under our credit facility;
  • risks incident to the drilling and operation of natural gas and oil wells;
  • future production and development costs;
  • the availability of sufficient pipeline and other transportation facilities to carry our production and the impact of these facilities on price;
  • the effect of existing and future laws, governmental regulations and the political and economic climate of the United States of America ("U.S.");
  • changes in environmental laws and the regulations and enforcement related to those laws;
  • the identification of and severity of environmental events and governmental responses to the events;
  • the effect of natural gas and oil derivative activities;
  • conditions in the capital markets; and
  • losses possible from pending or future litigation.

Further, we urge you to carefully review and consider the cautionary statements made in this press release, our annual report on Form 10-K for the year ended December 31, 2009, filed with the Securities and Exchange Commission ("SEC") on March 4, 2010, as amended August 31, 2010 ("2009 Form 10-K"), and our other filings with the SEC and public disclosures.  We caution you not to place undue reliance on forward-looking statements, which speak only as of the date made. Other than as required under the securities laws, we undertake no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events.

CONTACT:  PDC Energy
          Marti J. Dowling, Manager Investor Relations
          303-831-3926
          ir@petd.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.91%
$30K home equity loan FICO 5.20%
$75K home equity loan FICO 4.57%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.40%
Cash Back Cards 17.92%
17.92%
Rewards Cards 17.13%
17.12%
Source: Bankrate.com