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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract] 
Subsequent Events [Text Block]
SUBSEQUENT EVENTS

Acquisition of Seneca-Upshur. On October 3, 2011, PDCM acquired from an unrelated third party ("the seller") 100% of the membership interest in Seneca-Upshur for the purchase price of $152.5 million ($76.2 million net to PDC). See Notes 9 and 13 for related disclosure. As of September 30, 2011, we had completely funded our net acquisition contribution through our corporate credit facility. Pursuant to the terms of the purchase agreement, there will be certain post-closing adjustments through April 1, 2012, including with respect to title, environmental and plugging and abandonment matters. In addition, as part of the transaction, the Company took over certain ordinary course litigation. However, the seller retained certain specific litigation matters.

Acquisition of 2003/2002-D Partnerships. On October 28, 2011, the non-affiliated investor partners of the 2003/2002-D Partnerships approved the applicable merger agreements. We will purchase these partnerships for an aggregate amount of $29.5 million, which will be drawn on our corporate credit facility in November 2011. These purchases included the non-affiliated investor partners remaining working interests in a total of 153 gross, 99.7 net, wells located in our Wattenberg and Grand Valley Fields. The acquisitions allow us the opportunity, assuming favorable capital and commodity markets, to accelerate the pace of refracturing the wells acquired, thus allowing us to optimize revenue opportunities. See Note 9 for related disclosure.

Corporate Credit Facility Redetermination. On October 12, 2011, the biannual redetermination of our corporate bank credit facility's borrowing base, which was based upon our natural gas and crude oil reserves as of June 30, 2011, was completed. Based on the redetermination, our aggregate revolving commitment was increased by $50 million to $400 million. There were no other changes to our corporate bank credit facility as a result of the redetermination.