PDC Energy Closes Common Stock Offering

Petroleum Development Corporation (dba PDC Energy) ("PDC," or the "Company") (Nasdaq:PETD) announced today that it 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.

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 [e-mail]; the underwriters at J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Phone: [phone]; or the underwriters at Wells Fargo Securities, Attn: Equity Syndicate Dept., 375 Park Avenue, New York, New York 10152, Email: [e-mail], Phone: [phone].

The common stock has been 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 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
         [e-mail]
         
         Marti Dowling
         Investor Relations Manager
         303-831-3926
         [e-mail]