8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

March 4, 2010

Date of report (Date of earliest event reported)

Petroleum Development Corporation

Exact Name of Registrant as Specified in Charter

Nevada	0-7246	95-2636730
State or Other Jurisdiction of Incorporation	Commission File Number	IRS Employer Identification Number

1775 Sherman Street, Suite 3000, Denver, CO 80203

Address of Principal Executive Offices

303-860-5800

Registrant's telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing

obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[     ]	Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)
[     ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[     ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[     ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

No Change

Former Name or Former Address, if Changed Since Last Report

Item 7.01.                      Regulation FD Disclosure

Item 2.02.                      Results of Operations and Financial Conditions

The following information is furnished pursuant to both Item 7.01 and 2.02.

The Company has previously scheduled a teleconference call with investors on Thursday, March 4, 2010, at 11:00 a.m. MST to discuss 2009 fourth quarter and year-end results.  A copy of the slide presentation is attached by reference as Exhibit 99.1.

Information included in this report, and in Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (The Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in the filing.

EXHIBIT INDEX

Item 9.01.                        Financial Statements and Exhibits

Exhibit No.	Description
99.1	EARNINGS CALL PRESENTATION: PETROLEUM DEVELOPMENT CORPORATION 2009 FOURTH QUARTER AND YEAR-END TELECONFERENCE,  March 4, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PETROLEUM DEVELOPMENT CORPORATION

Date:	March 4, 2010
By:	/s/ Richard W. McCullough
	Richard W. McCullough
	Chairman and CEO

EX-99.1

NASDAQ:PETD

PETROLEUM DEVELOPMENT
CORPORATION

2009 Fourth Quarter
and Year-End Teleconference

March 4, 2010

•Richard W. McCullough, Chairman & CEO

•Barton R. Brookman, SVP Exploration & Production

•Gysle R. Shellum, Chief Financial Officer

See Slide 2 regarding Forward Looking Statements

The following information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are based on Management’s current expectations and beliefs, as well as a number
of assumptions concerning future events.

These statements are based on certain assumptions and analyses made by Management in light of its experience and its
perception of historical trends, current conditions and expected future developments as well as other factors it believes are
appropriate in the circumstances.However, whether actual results and developments will conform with Management’s
expectations and predictions is subject to a number of risks and uncertainties, general economic, market or business
conditions; the opportunities (or lack thereof) that may be presented to and pursued by Petroleum Development Corporation;
actions by competitors; changes in laws or regulations; and other factors, many of which are beyond the control of Petroleum
Development Corporation.

You are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially
from those expressed or implied, as more fully discussed in our safe harbor statements found in our SEC filings, including,
without limitation, the discussion under the heading “Risk Factors” in the Company’s 2009 annual report on Form 10-K and in
subsequent Form 10-Qs. All forward-looking statements are based on information available to Management on this date
and Petroleum Development Corporation assumes no obligation to, and expressly disclaims any obligation to, update
or revise any forward looking statements, whether as a result of new information, future events or otherwise.

The SEC permits oil and gas companies to disclose in their filings with the SEC only proved reserves, which are reserve
estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from
known reservoirs under existing economic and operating conditions. The Company uses in this presentation the terms
“probable” and “possible” reserves. Probable reserves are unproved reserves that are more likely than not to be recoverable.
Possible reserves are unproved reserves that are less likely to be recoverable than probable reserves. Estimates of probable
and possible reserves which may potentially be recoverable through additional drilling or recovery techniques are by nature
more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being
realized by the Company. In addition, the Company’s reserves and production forecasts and expectations for future periods are
dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and
outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.

This material also contains certain non-GAAP financial measures as defined under the Securities and Exchange Commission
rules.

Disclaimer

2

See Slide 2 regarding Forward Looking Statements

Rick McCullough

Chairman & Chief Executive Officer

3

See Slide 2 regarding Forward Looking Statements

(1) Appalachian Basin (Marcellus and Shallow Devonian) JV

(2) EBITDAX and Cash Flow estimates as per analyst consensus

•Petroleum Development Corporation is an
independent oil and natural gas company
with operations primarily in the Rocky
Mountain region, Appalachian Basin and
Michigan Basin

•PDC was founded in 1969 in Bridgeport, WV
and is now headquartered in Denver, CO

Corporate Summary

Enterprise Value

Capitalization

Corporate Profile

Share Price (3/1/10)	$24.25
Diluted Share Outstanding (MM)	19.2
Market Capitalization ($MM)	$466
Total Debt @ 12/31/09	281
Minority Interest (1) @ 12/31/09	48
Less: Cash @ 12/31/09	(32)
Enterprise Value @ 12/31/09	$763
52-Week High ($/share)	$24.25
52-Week Low ($/share)	$9.39

	Pro Forma
	12/31/2009
Capitalization: ($MM)
Cash	$32
Debt:
Credit Facility: $305MM Borrowing Base	80
12% Senior Notes due 2018	201
Total Debt	281
Common Equity	491
Minority Interest (1)	48
Total Capitalization	$820
Debt Ratios:
Debt/EBITDAX (LTM) (2)	1.54x
Senior Debt/EBITDAX (LTM) (2)	0.72x
EBITDAX/ Interest Net (LTM) (2)	4.9x
Debt/Book Cap	34%

4

See Slide 2 regarding Forward Looking Statements

Fourth Quarter 2009 Highlights

5

Strong cash flow

•Realized prices above plan - $53.8 million revenue on 10 Bcfe
production

•Realized hedge gains added $24.6 million to total revenue

•Fourth quarter adjusted cash flow contributed 33% of annual
adjusted cash flow

Strong gross operating margins

•Year-over-year lease operating costs (including production
taxes) decreased 28% per Mcfe

Quarterly adjusted net loss essentially break even at $700,000

•Quarterly loss includes impact of $7.9 million in JV formation
expense

See Slide 2 regarding Forward Looking Statements

2010 Presents Optimal Opportunities

•2009 - solid growth year

–Double digit production growth

–Hedges provided substantial relative price realizations
which protected cash flow

–Reduction of operating costs by 18%

–Improved liquidity, and improved balance sheet coverage
and leverage metrics

•2010 will present optimal opportunities

–Strong hedge positions exist for 2010 and beyond

–CAPEX increase 30-40%, to $150 million

–Poised for increased organic drilling (Marcellus,
Wattenberg, Piceance), partnership repurchases, and/or
acquisitions

6

See Slide 2 regarding Forward Looking Statements

Bart Brookman

SVP - Exploration and Production

7

See Slide 2 regarding Forward Looking Statements

Core Operating Regions

See Slide 2 regarding Forward Looking Statements

2009 Proved Reserves:
641
Bcfe

Rocky Mountains

2009 Proved Reserves:

15 Bcfe

2009 Production:

1.4 Bcfe

Michigan Basin

2009 Proved Reserves*:
61
Bcfe

2009 Production:
4.1
Bcfe

2010E Production:
3.2
Bcfe

Appalachian Basin

2009 Proved Reserves

717 Bcfe

Appalachian Basin (9%)*

2009 Production

43.3 Bcfe

Michigan
Basin (3%)

Appalachian Basin (9%)

Rocky
Mountains (87%)

*Appalachian Basin includes 100% of PDC Mountaineer, LLC Reserves at Year-End 2009

8

See Slide 2 regarding Forward Looking Statements

Operating Highlights

2009 Drilling Activity

Gross Wells Drilled 100

Net Wells Drilled 79

Net Development71

Net Exploratory8

2010 Forecasted Drilling Activity

Gross Wells 252

Net Wells 204

9

•2009 Production increased
12% to 43.3 Bcfe

•2009 Proved Reserves
decreased 5% to 717 Bcfe

Annual Drilling Activity

2010E

See Slide 2 regarding Forward Looking Statements

Net Production

•PartnershipBuybacks

•Aceite
Acquisition

•Castle
Acquisition

•End of
Partnership
Drilling

•65%
CAPEX
Reduction

•Marcellus/
Appalachia
Joint
Venture

•Significant
Increase in
Drilling
Activity

•Piceance
Divestiture

•EXCO
Acquisition

•Unioil
Acquisition

**2004-09 CAGR of 27%**

10

See Slide 2 regarding Forward Looking Statements

11

Quarterly Net Production

2010 Production Guidance

E

See Slide 2 regarding Forward Looking Statements

Production By Area - Bcfe

12

Area	2008	2009	% Increase/ (Decrease)	2010E	% Increase/ (Decrease)
Wattenberg	15.4	16.3	6%	14.1	-13%
Piceance	12.5	15.8	26%	11.9	-25%
NECO	5.0	5.3	6%	4.7	-11%
Appalachia	3.9	4.1	5%	3.2	-17%
Other (ND, TX, WY, MI)	1.9	1.8	5%	1.6	-11%
TOTAL	38.7	43.3	12%	35.7	-18%

Bcfe = One billion cubic feet of natural gas equivalent.

See Slide 2 regarding Forward Looking Statements

13

YE2009 Proved Reserves

•Proved reserves declined 5% from 2008 levels

•PDP declined 6% from 2008, however, 58% of production was replaced despite a
significant reduction in CAPEX for 2009

•New SEC valuation methodology for commodity pricing and 5-year PUD booking
rules impacted 2009 year-end reserves

•New SEC methodology for resource bookings, cost improvements, and operational
results provided growth in certain areas

•Conservative booking of Marcellus reserves

(1) Independent reserve engineer’s estimates.

  Summary Reserve Data  

Proved Reserves (Bcfe)(1)

  Area

2008 YE

2009 YE

% Growth

% Developed

% Natural Gas

Rockies

620

641

3%

35%

83%

Appalachia

113

61

(46%)

90%

100%

Michigan

20

15

(25%)

100%

98%

Total

753

717

(5%)

41%

85%

See Slide 2 regarding Forward Looking Statements

YE2009 Proved Reserves
By Area- Bcfe

14

	PDP		PDNP		PUD		Total Proved
Area	2008	2009	2008	2009	2008	2009	2008	2009
Wattenberg	79	89	1	1	119	140	199	230
Piceance	107	103	6	0	260	275	373	378
NECO	40	31	3	0	5	0	48	31
Appalachia	53	42	21	13	39	6	113	61
Other	20	16	0	1	0	0	20	17
TOTAL	299	281	31	15	423	421	753	717*
% Total Proved	40%	39%	4%	2%	56%	59%	100%	100%

Bcfe = One billion cubic feet of natural gas equivalent.

* Using year-end spot pricing methodology, as was used at year-end 2008, total reported reserves would have been 811 Bcfe.

See Slide 2 regarding Forward Looking Statements

YE2009 3P Reserves(1)
By Area - Bcfe

15

	Total Proved		Proved + Probable		Proved + Probable + Possible
Area	2008	2009	2008	2009	2008	2009
Wattenberg	199	230	236	305	241	332
Piceance	373	378	486	449	538	465
NECO	48	31	57	31	74	31
Appalachia	113	61	126	113	136	145
Other	20	17	20	17	20	17
TOTAL	753	717	925	915	1,009	990

Bcfe = One billion cubic feet of natural gas equivalent.

(1) 3P estimates are non-SEC.

See Slide 2 regarding Forward Looking Statements

2010 Proposed Net Capital Budget

16

(1) Subject to bi-annual approval by PDC Mountaineer Board of Directors.2010 CAPEX funded by PDC Mountaineer
partner, PDC has no capital investment obligation.

See Slide 2 regarding Forward Looking Statements

17

Marcellus

•16 Verticals

•10 Horizontals

Shallow Devonian

•50 Recompletes

•29 Workovers

NECO

•25 New Drills

•50 Workovers

Wattenberg

•180 New Drills

-138 Operated New Drills

-42 Non-Op New Drills

•12 Refracs/Recompletes

Piceance

•21 New Drills

-11 Mesa

-10 Valley

See Slide 2 regarding Forward Looking Statements

PDC has over 2,200 identified
projects in Inventory

See Slide 2 regarding Forward Looking Statements

2010 Operations Guidance

•Production of 35.7 Bcfe

•CAPEX of $150MM

•PDC Mountaineer CAPEX of $64.5MM to be funded
by JV partner

•252 developmental wells

•First horizontal Marcellus well to spud in early March

•Production expected to increase in Q4 to YE2009
levels

•Financial flexibility to expand core developmental
drilling, re-purchase partnerships, or acquire
properties

18

See Slide 2 regarding Forward Looking Statements

Gysle Shellum

Chief Financial Officer

19

See Slide 2 regarding Forward Looking Statements

Summary Financial Results($ in millions except per share data)

(1)O&G operating margin is defined as O&G revenue less O&G production and well operations costs.

(2)See appendix for GAAP reconciliation of Adjusted Cash Flow and Adjusted EBITDA, respectively.

(3)Includes non-recurring items related to the Q4 joint venture, EVP separation agreement, and corporate office relocation costs.

20

	Three Months Ended		Year Ended
	December 31,		December 31,
	2009	2008	2009	2008
O&G Revenues	$53.8	$56.3	$179.1	$321.9
O&G Production & Well Operations Costs	$19.1	$17.2	$64.7	$79.4
O&G Operating Margin(1)	$34.7	$39.1	$114.4	$242.5
Adjusted cash flow from operations(2)	$55.5	$41.2	$170.2	$199.9
Adjusted EBITDA(2)	$38.8	$34.9	$159.7	$189.4
Adjusted cash flow from operations (per share) (2)	$2.90	$2.79	$10.35	$13.46
DD&A	$30.2	$32.7	$131.0	$104.6
G&A(3)	$17.5	$10.6	$54.0	$37.7

See Slide 2 regarding Forward Looking Statements

Summary Financial Results($ in millions except per share data)

	Three Months Ended December 31,		Year Ended December 31,
	2009	2008	2009	2008
Income (loss) from operations	($13.8)	$74.7	($90.0)	$195.7
Net Income (loss) attributable to shareholders	($16.0)	$41.1	($79.3)	$113.3
Diluted earnings (loss) per share attributable to shareholders	($0.84)	$2.78	($4.82)	$7.63

	Three Months Ended December 31,		Year Ended December 31,
	2009	2008	2009	2008
Adjusted net income (loss) (1)	($0.7)	($4.3)	($2.9)	$39.7
Adjusted earnings (loss) per share (1)	($0.04)	($0.29)	($0.18)	$2.67

21

(1) Excludes unrealized derivative gains & losses.

See Slide 2 regarding Forward Looking Statements

22

Adjusted Cash Flow
From Operations

2008

2007

2009

•Adjusted cash flow from
operations represents cash flow
from operations before normal
working capital changes

•Incorporates impact of hedging
gains

•CAPEX reduced 66% in 2009

See Slide 2 regarding Forward Looking Statements

23

•$305 million revolver matures
in November 2012

•Maturity schedule reflects:

–Mitigation of liquidity risk

–Diversification of funding
sources

•As of December 31, 2009:

–$80 MM drawn balance

–$18.7 MM undrawn L.O.C

–$31.9 MM cash balance

–$238.2 MM available liquidity

•Borrowing base redetermination
will occur in May 2010

Debt Maturity Schedule
(As of December 31, 2009)

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

$80

$203

$305

See Slide 2 regarding Forward Looking Statements

See Slide 2 regarding Forward Looking Statements

Energy Market Exposure

Percentage of Mcfe Sold by Market
(as of December 31, 2009)

See Slide 2 regarding Forward Looking Statements

24

See Slide 2 regarding Forward Looking Statements

Oil and Gas Hedges
in Place as of March 1, 2010

(1)Based on 12/31/09 PDP

(2)Based on forward curves as of 3/1/2010

(3)Blended price for forecasted production at hedged and at forward prices

25

See Slide 2 regarding Forward Looking Statements

	2010	2011	2012	2013
Weighted Average Hedge Price (Mcfe) (1)
With Floors	$7.60	$6.87	$6.39	$6.39
With Ceilings	$8.43	$7.76	$7.97	$8.21
% of Forecasted Production(1)	89%	74%	66%	65%
Weighted Avg Forward Price(2)	$6.22	$6.78	$7.04	$7.17
Weighted Avg Price of Forecasted Production(3)	$7.45	$6.85	$6.61	$6.66

See Slide 2 regarding Forward Looking Statements

26

Average Annual Costs Related to
Oil and Gas Drilling (per Mcfe)

	Three Months Ended December 31,		Year Ended December 31,
	2009	2008	2009	2008
Average lifting costs (1)	$0.98	$1.09	$0.83	$1.07
DD&A (O&G Properties Only)	$2.82	$2.73	$2.83	$2.51

(1)Lifting costs represent natural gas and oil lease operating expenses, exclusive of production taxes, on a per unit basis.

See Slide 2 regarding Forward Looking Statements

A P P E N D I X

27

See Slide 2 regarding Forward Looking Statements

28

2009 Summary

Natural Gas Equivalent(1)

Natural Gas Equivalent(1)

Oil & Gas Production and Well
Operations Costs(2)

(Bcfe)

($/Mcfe)

($MM)

Capital Spending

• Increased production by 12% and reduced L.O.E $/Mcfe by just under 30%.

• Improved L.O.E $/Mcfe should be sustainable beyond 2009 and should improve incremental capital investment
returns.

1) Average Sales Price excluding gain/loss on derivatives

2) Includes direct and indirect well expenses, production taxes, and overhead and other production expenses.

See Slide 2 regarding Forward Looking Statements

Adjusted Net Income Reconciliation($ in millions)

29

(1)Includes natural gas marketing activities.

	Three Months Ended		Year Ended
	December 31,		December 31,
	2009	2008	2009	2008
Net Income (loss) attributable to shareholders	($16.0)	$41.1	($79.3)	$113.3
Unrealized loss (gain) on derivatives, net (1)	20.9	(72.2)	116.6	(117.5)
Provision for underpayment of gas sales	0.1	-	2.7	4.0
Tax effect of above adjustment	(5.7)	26.8	(43.0)	39.9
Adjusted Net Income (loss) attributable to shareholders	($0.7)	($4.3)	($2.9)	$39.7
Weighted average diluted shares outstanding	19,172	14,791	16,448	14,848
Adjusted diluted earnings (loss) per share	($0.04)	($0.29)	($0.18)	$2.67

See Slide 2 regarding Forward Looking Statements

Adjusted Cash Flow Reconciliation
($ in millions)

30

	Three Months Ended		Year Ended
	December 31,		December 31,
	2009	2008	2009	2008
Net Cash provided by operating activities	$43.9	$35.3	$143.9	$139.1
Changes in assets and liabilities related to operations	11.6	5.9	26.3	60.8
Adjusted cash flow from operations	$55.5	$41.2	$170.2	$199.9
Weighted average diluted shares outstanding	19,172	14,791	16,448	14,848
Adjusted cash flow per share	$2.90	$2.79	$10.35	$13.46

See Slide 2 regarding Forward Looking Statements

Adjusted EBITDA Reconciliation
($ in millions)

(1)Includes natural gas marketing activities.

31

	Three Months Ended		Year Ended
	December 31,		December 31,
	2009	2008	2009	2008
Net Income (loss) attributable to shareholders	($16.0)	$41.1	($79.3)	$113.3
Unrealized loss (gain) on derivatives, net (1)	20.9	(72.2)	116.6	(117.5)
Interest, net	10.2	8.9	37.0	27.5
Income taxes expense (benefit)	(6.5)	24.4	(45.6)	61.5
Depreciation, depletion & amortization	30.2	32.7	131.0	104.6
Adjusted EBITDA	$38.8	$34.9	$159.7	$189.4
Weighted average diluted shares outstanding	19,172	14,791	16,448	14,848
Adjusted EBITDA per share	$2.02	$2.36	$9.71	$12.76

NASDAQ:PETD

PETROLEUM DEVELOPMENT
CORPORATION

2009 Fourth Quarter
and Year-End Teleconference

March 4, 2010