Petroleum Development Corp to headquarter in Denver

Petroleum Development Corporation (PDC) announced September 17 that it is changing the official corporate headquarters to Denver effective March 1, 2009.

Richard W. McCullough, PDC's President and Chief Executive Officer noted, "This action is based on our successful efforts in recent years to expand nationally. In fact, over 80% of PDC's total production is in the Rockies and many of our key operating personnel are already located in Denver. The need for a majority of executive management  and certain other key employees to be in Denver near our largest asset base and in a national oil and gas hub, is critical for recruiting, networking and continuing to position the Company in the mainstream of the industry for continued growth and success."

In addition to the CEO position, a limited number of Bridgeport employees are expected to make the move to Denver in the foreseeable future, while the Company's accounting, eastern operations management, gas and oil marketing, human resources, information technology and other key functions are expected to continue to be based in Bridgeport.

"PDC has been an integral part and supporter of the Bridgeport, West Virginia community and the surrounding region over the last 40 years and expects to remain so in the future," Richard McCullough added. "As we continue to expand our operations in the east and elsewhere in the country, we anticipate the size of the total work force in the Bridgeport office to continue growing. As evidenced by our purchase last fall of Castle Gas in Pennsylvania and our renewed focus on drilling operations in the area, we remain committed to growing our Appalachian assets and Bridgeport is expected to continue to be the center of our Eastern team as well as the Eastern Regional Headquarters for the Company."

PDC currently has 309 full time employees, including 95 in the Bridgeport office.