0000077877-14-000103.txt : 20141016 0000077877-14-000103.hdr.sgml : 20141016 20141016082429 ACCESSION NUMBER: 0000077877-14-000103 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20141014 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141016 DATE AS OF CHANGE: 20141016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PDC ENERGY, INC. CENTRAL INDEX KEY: 0000077877 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 952636730 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07246 FILM NUMBER: 141158835 BUSINESS ADDRESS: STREET 1: 1775 SHERMAN STREET STREET 2: SUITE 3000 CITY: DENVER STATE: CO ZIP: 80203 BUSINESS PHONE: 303-860-5800 MAIL ADDRESS: STREET 1: PDC ENERGY, INC. STREET 2: 1775 SHERMAN ST CITY: SUITE 3000 STATE: CO ZIP: 80203 FORMER COMPANY: FORMER CONFORMED NAME: PETROLEUM DEVELOPMENT CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: YELLOW WING URANIUM CORP DATE OF NAME CHANGE: 19730606 8-K 1 a8k-pdce2014pdcmproforma.htm PDC ENERGY FORM 8-K 8K - PDCE 2014 PDCM PRO FORMA


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM 8-K
 
 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 16, 2014 (October 14, 2014)

PDC Energy, Inc.
(Exact name of registrant as specified in its charter)


Nevada
 
0-7246
 
95-2636730
(State or other jurisdiction of
 
(Commission
 
(I.R.S. Employer
incorporation or organization)
 
File Number)
 
Identification Number)

1775 Sherman Street, Suite 3000
Denver, Colorado 80203
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (303) 860-5800


Not Applicable
(Former name or former address, if changed since last report)

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:
¨ Written communications pursuant to Rule 425 under the 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))





Item 2.01. Completion of Acquisition or Disposition of Assets

On a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on August 1, 2014, PDC Energy, Inc., a Nevada corporation (the “Company”), first reported that it had executed a Purchase and Sale Agreement with LR-Mountaineer Holdings, L.P., a Delaware limited partnership (“LRMH” and together with the Company, “Sellers”), each of which own 50% of PDC Mountaineer, LLC, a Delaware limited liability company (“Target”), and PDC Mountaineer Holdings, LLC, a Delaware limited liability company unaffiliated with sellers (“Buyer”), dated July 29, 2014 (the “Purchase Agreement”).

Pursuant to the terms of the Purchase Agreement, the Company agreed to sell all of its issued and outstanding limited liability company interests of Target to Buyer for $250 million, approximately $40 million of which was to be evidenced by a promissory note from Buyer to the Company (the “Purchase Price”), subject to customary adjustments to the Purchase Price. Target owns certain oil and gas leasehold interests, mineral interests and related midstream and other assets located in West Virginia and Pennsylvania.

On October 14, 2014, this divestiture was completed with net pre-tax proceeds received by the Company of approximately $190 million after repayment of the Company's share of joint venture debt and other working capital and other adjustments and fees, and subject to customary post-closing adjustments. The net proceeds were comprised of approximately $150 million cash and a $40 million promissory note from the Buyer. The Buyer also assumed the Company's share of the related firm transportation obligations, as well as the Company's share of certain natural gas hedging positions. Under the Purchase Agreement, the transaction is given economic effect as of January 1, 2014.
 
Item 7.01.  Regulation FD Disclosure
 
On October 15, 2014, PDC Energy, Inc. issued a press release announcing the closing of the transaction contemplated by the Purchase Agreement. A copy of the press release is furnished as Exhibit 99.2 hereto.
 
The information in Exhibit 99.2 hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits

(b) Pro Forma Financial Information

The unaudited pro forma condensed consolidated balance sheet as of June 30, 2014 and the unaudited pro forma condensed consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 and the six month periods ended June 30, 2014 and 2013, as adjusted to reflect the divestiture of the Target, are furnished as Exhibit 99.1 to this Current Report on Form 8-K and are incorporated herein by reference.

(d) Exhibits
Exhibit No.
 
Description
 
 
 
2.1
 
Purchase and Sale Agreement dated July 29, 2014 by and among PDC Energy, Inc. and LR-Mountaineer Holdings, L.P., as Sellers, PDC Mountaineer, LLC, and PDC Mountaineer Holdings, LLC, as Buyer (incorporated by reference to the Current Report on Form 8-K of the Company filed on August 1, 2014). The exhibits and schedules to the Purchase and Sale Agreement have been omitted pursuant to Item 601(b) of Regulation S-K. A copy of the omitted exhibits and schedules will be furnished to the U.S. Securities and Exchange Commission upon request.
99.1
 
Pro Forma Financial Information
99.2
 
Press Release of PDC Energy, Inc., dated October 15, 2014.

 





SIGNATURE
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.

Date: October 16, 2014
PDC ENERGY, INC.

By:
/s/ Daniel W. Amidon
 
Daniel W. Amidon
 
Senior Vice President, General Counsel and Secretary






EXHIBIT INDEX
Exhibit No.
 
Description
 
 
 
2.1
 
Purchase and Sale Agreement dated July 29, 2014 by and among PDC Energy, Inc. and LR-Mountaineer Holdings, L.P., as Sellers, PDC Mountaineer, LLC, and PDC Mountaineer Holdings, LLC, as Buyer (incorporated by reference to the Current Report on Form 8-K of the Company filed on August 1, 2014). The exhibits and schedules to the Purchase and Sale Agreement have been omitted pursuant to Item 601(b) of Regulation S-K. A copy of the omitted exhibits and schedules will be furnished to the U.S. Securities and Exchange Commission upon request.
99.1
 
Pro Forma Financial Information.
99.2
 
Press Release of PDC Energy, Inc., dated October 15, 2014.




 EX-99.1 2 exhibit991_pdcm.htm PRO FORMA FINANCIAL INFORMATION Exhibit 99.1_PDCM


Exhibit 99.1

PRO FORMA FINANCIAL INFORMATION

The following unaudited pro forma condensed consolidated financial statements are based on the historical consolidated financial statements of PDC Energy, Inc. (the "Company") and have been adjusted to give effect to the divestiture of the Company's interests in the Marcellus Shale basin assets and liabilities held by PDC Mountaineer, LLC, a Delaware limited liability company (the “Divestiture”). The unaudited pro forma condensed consolidated balance sheet as of June 30, 2014 gives effect to the Divestiture as if it had occurred on June 30, 2014. The unaudited pro forma condensed consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 and the six month periods ended June 30, 2014 and 2013 give effect to the Divestiture as if it had occurred on January 1, 2011. The unaudited pro forma condensed consolidated financial statements include pro forma adjustments that are based on the best information available and assumptions that management believes are reasonable, factually supportable and are expected to have a continuing impact to the Company. The unaudited pro forma condensed consolidated financial statements are provided for illustrative and informational purposes only and are not intended to reflect the Company’s financial position and results of operations had the Divestiture and related transactions occurred as of the dates indicated and are not necessarily indicative of the Company’s future financial position or results of operations.

The unaudited pro forma condensed consolidated information should be read in conjunction with the Company's historical consolidated financial statements and accompanying notes which are included in its Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 21, 2014, and its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2014, as filed with the SEC on August 8, 2014.

The pro forma condensed consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 and the six month periods ended June 30, 2014 and 2013 include the following adjustments:

•
Natural gas, NGL and crude oil sales and well operations, pipeline and other income have been adjusted downward to reflect the reduction in revenue related to the Divestiture;

•
Sales from natural gas marketing and cost of natural gas marketing have been adjusted upward to reflect recognition of activity between the gas marketing segment and the Divestiture;

•
Commodity price risk management has been adjusted upward/downward to reflect the increase/decrease in gain/loss related to the derivative financial instruments included in the Divestiture;

•
Production costs, exploration expense, impairment of natural gas and crude oil properties, depreciation, depletion and amortization, general and administrative expense, accretion of asset retirement obligations, gain (loss) on sale of properties and equipment, interest expense, interest income and provision for income taxes have been adjusted downward to reflect the costs and expenses directly associated with the Divestiture;

•
Income taxes are reflected using statutory tax rates; and

•
Earnings per share from continuing operations reflect the effect of the above-mentioned revenue and expense adjustments.

The pro forma condensed consolidated balance sheet as of June 30, 2014 includes the following adjustments:

•
Net pre-tax proceeds of approximately $190 million, comprised of $150 million in cash and a $40 million promissory note, included in other assets;

•
The adjustment to other current assets, properties and equipment, net, other assets, current liabilities, long-term debt, deferred income taxes, asset retirement obligations and other liabilities reflects a reduction in the book value of the assets and related liabilities being divested; and

•
The after-tax net gain on the transaction is reflected as an adjustment to retained earnings, deferred income taxes, current assets and current liabilities.








PDC ENERGY, INC.
Pro Forma Condensed Consolidated Statements of Operations
(unaudited; in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
2014
 
2013
 
As Reported
 
Pro Forma Adjustments
 
Pro Forma
 
As Reported
 
Pro Forma Adjustments
 
Pro Forma
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Natural gas, NGLs and crude oil sales
$
269,768

 
$
(18,738
)
 
$
251,030

 
$
156,976

 
$
(7,331
)
 
$
149,645

Sales from natural gas marketing
49,352

 
16,080

 
65,432

 
31,749

 
7,488

 
39,237

Commodity price risk management gain (loss), net
(80,566
)
 
3,014

 
(77,552
)
 
2,369

 
(306
)
 
2,063

Well operations, pipeline income and other
1,180

 
(51
)
 
1,129

 
2,037

 
(22
)
 
2,015

Total revenues
239,734

 
305

 
240,039

 
193,131

 
(171
)
 
192,960

Costs, expenses and other:
 
 
 
 
 
 
 
 
 
 
 
Production costs
47,958

 
(6,102
)
 
41,856

 
32,034

 
(3,378
)
 
28,656

Cost of natural gas marketing
49,298

 
16,080

 
65,378

 
31,801

 
7,488

 
39,289

Exploration expense
584

 
(1
)
 
583

 
3,126

 
(321
)
 
2,805

Impairment of natural gas and crude oil properties
1,917

 
(160
)
 
1,757

 
47,961

 
(403
)
 
47,558

General and administrative expense
64,277

 
(2,352
)
 
61,925

 
30,898

 
(1,979
)
 
28,919

Depreciation, depletion, and amortization
100,382

 
(7,856
)
 
92,526

 
55,749

 
(4,830
)
 
50,919

Accretion of asset retirement obligations
1,716

 
(33
)
 
1,683

 
2,320

 
(10
)
 
2,310

(Gain) loss on sale of properties and equipment
362

 
193

 
555

 
(47
)
 
16

 
(31
)
Total cost, expenses and other
266,494

 
(231
)
 
266,263

 
203,842

 
(3,417
)
 
200,425

Income (loss) from operations
(26,760
)
 
536

 
(26,224
)
 
(10,711
)
 
3,246

 
(7,465
)
Interest expense
(25,890
)
 
1,513

 
(24,377
)
 
(26,446
)
 
520

 
(25,926
)
Interest income
403

 
(132
)
 
271

 
3

 
—

 
3

Income (loss) from continuing operations before income taxes
(52,247
)
 
1,917

 
(50,330
)
 
(37,154
)
 
3,766

 
(33,388
)
Provision for income taxes
21,933

 
(728
)
 
21,205

 
12,701

 
(1,431
)
 
11,270

Income (loss) from continuing operations attributable to shareholders
$
(30,314
)
 
$
1,189

 
$
(29,125
)
 
$
(24,453
)
 
$
2,335

 
$
(22,118
)
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
(0.85
)
 
 
 
$
(0.82
)
 
$
(0.81
)
 
 
 
$
(0.73
)
Diluted
$
(0.85
)
 
 
 
$
(0.82
)
 
$
(0.81
)
 
 
 
$
(0.73
)
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
Basic
35,726

 
 
 
35,726

 
30,301

 
 
 
30,301

Diluted
35,726

 
 
 
35,726

 
30,301

 
 
 
30,301







PDC ENERGY, INC.
Pro Forma Condensed Consolidated Statements of Operations
(unaudited; in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December, 31
 
2013
 
2012
 
2011
 
As Reported
 
Pro Forma Adjustments
 
Pro Forma
 
As Reported
 
Pro Forma Adjustments
 
Pro Forma
 
As Reported
 
Pro Forma Adjustments
 
Pro Forma
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas, NGL and crude oil sales
$
359,398

 
$
(18,603
)
 
$
340,795

 
$
238,361

 
$
(10,371
)
 
$
227,990

 
$
223,297

 
$
(7,250
)
 
$
216,047

Sales from natural gas marketing
69,787

 
17,350

 
87,137

 
45,371

 
10,689

 
56,060

 
63,470

 
11,305

 
74,775

Commodity price risk management gain (loss), net
(23,905
)
 
(14
)
 
(23,919
)
 
32,339

 
(3,060
)
 
29,279

 
46,090

 
(6,873
)
 
39,217

Well operations, pipeline income and other
6,034

 
(32
)
 
6,002

 
4,534

 
(38
)
 
4,496

 
4,432

 
(19
)
 
4,413

Total revenues
411,314

 
(1,299
)
 
410,015

 
320,605

 
(2,780
)
 
317,825

 
337,289

 
(2,837
)
 
334,452

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs, expenses and other:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Production costs
73,390

 
(8,540
)
 
64,850

 
54,700

 
(5,317
)
 
49,383

 
44,832

 
(2,579
)
 
42,253

Cost of natural gas marketing
70,084

 
17,350

 
87,434

 
45,023

 
10,689

 
55,712

 
62,831

 
11,305

 
74,136

Exploration expense
7,039

 
(705
)
 
6,334

 
20,894

 
(2,692
)
 
18,202

 
5,734

 
(2,670
)
 
3,064

Impairment of natural gas and crude oil properties
53,435

 
(926
)
 
52,509

 
5,895

 
(875
)
 
5,020

 
2,301

 
(591
)
 
1,710

General and administrative expense
63,969

 
(4,012
)
 
59,957

 
58,815

 
(4,031
)
 
54,784

 
61,454

 
(4,265
)
 
57,189

Depreciation, depletion and amortization
127,260

 
(11,636
)
 
115,624

 
98,778

 
(7,667
)
 
91,111

 
87,633

 
(4,613
)
 
83,020

Accretion of asset retirement obligations
4,586

 
(20
)
 
4,566

 
3,687

 
(17
)
 
3,670

 
1,398

 
—

 
1,398

(Gain) loss on sale of properties and equipment
1,392

 
630

 
2,022

 
(4,353
)
 
4,170

 
(183
)
 
(196
)
 
113

 
(83
)
Total costs, expenses and other
401,155

 
(7,859
)
 
393,296

 
283,439

 
(5,740
)
 
277,699

 
265,987

 
(3,300
)
 
262,687

Income from operations
10,159

 
6,560

 
16,719

 
37,166

 
2,960

 
40,126

 
71,302

 
463

 
71,765

Loss on extinguishment of debt
—

 
—

 
—

 
(23,283
)
 
—

 
(23,283
)
 
—

 
—

 
—

Interest expense
(51,898
)
 
1,755

 
(50,143
)
 
(48,287
)
 
783

 
(47,504
)
 
(36,985
)
 
228

 
(36,757
)
Interest income
470

 
(11
)
 
459

 
8

 
(2
)
 
6

 
47

 
(3
)
 
44

Income (loss) from continuing operations before income taxes
(41,269
)
 
8,304

 
(32,965
)
 
(34,396
)
 
3,741

 
(30,655
)
 
34,364

 
688

 
35,052

Provision for income taxes
14,797

 
(3,156
)
 
11,641

 
12,701

 
(1,422
)
 
11,279

 
(11,800
)
 
(261
)
 
(12,061
)
Income (loss) from continuing operations attributable to shareholders
$
(26,472
)
 
$
5,148

 
$
(21,324
)
 
$
(21,695
)
 
$
2,319

 
$
(19,376
)
 
$
22,564

 
$
427

 
$
22,991

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
(0.82
)
 
 
 
$
(0.66
)
 
$
(0.78
)
 
 
 
$
(0.70
)
 
$
0.96

 
 
 
$
0.98

Diluted
$
(0.82
)
 
 
 
$
(0.66
)
 
$
(0.78
)
 
 
 
$
(0.70
)
 
$
0.95

 
 
 
$
0.96

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
32,426

 
 
 
32,426

 
27,677

 
 
 
27,677

 
23,521

 
 
 
23,521

Diluted
32,426

 
 
 
32,426

 
27,677

 
 
 
27,677

 
23,871

 
 
 
23,871







PDC ENERGY, INC.
Pro Forma Condensed Consolidated Balance Sheet
(unaudited; in thousands, except share and per share data)
 
 
 
 
 
 
 
June 30, 2014
 
As Reported
 
Pro Forma Adjustments
 
Pro Forma
Assets
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
40,357

 
$
149,512

 
$
189,869

Other current assets
173,211

 
(18,849
)
 
154,362

Total current assets
213,568

 
130,663

 
344,231

Properties and equipment, net
1,828,721

 
(170,415
)
 
1,658,306

Other assets
44,136

 
33,181

 
77,317

Total Assets
$
2,086,425

 
$
(6,571
)
 
$
2,079,854

 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
Liabilities
 
 
 
 
 
Current liabilities
$
381,335

 
$
8,779

 
$
390,114

Long-term debt
562,000

 
(62,000
)
 
500,000

Deferred income taxes
116,948

 
2,040

 
118,988

Asset retirement obligations
38,911

 
(265
)
 
38,646

Other liabilities
43,960

 
(2,632
)
 
41,328

Total liabilities
1,143,154

 
(54,078
)
 
1,089,076

 
 
 
 
 
 
Commitments and contingent liabilities
 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
Shareholders' equity:
 
 
 
 
 
Preferred shares, par value $0.01 per share; authorized 50,000,000 shares; issued: none
—

 
—

 
—

Common shares, par value $0.01 per share; 150,000,000 authorized shares; issued: 35,857,560
359

 
—

 
359

Additional paid-in capital
681,019

 
—

 
681,019

Retained earnings
262,953

 
47,507

 
310,460

Treasury shares, at cost 18,580
(1,060
)
 
—

 
(1,060
)
Total shareholders' equity
943,271

 
47,507

 
990,778

Total Liabilities and Equity
$
2,086,425

 
$
(6,571
)
 
$
2,079,854




 EX-99.2 3 exhibit992.htm PRESS RELEASE OF PDC ENERGY, INC. DATED OCTOBER 15, 2014 Exhibit 99.2


Exhibit 99.2


October 15, 2014

PDC Energy Announces Closing of Sale of Its Marcellus Assets and Increased Borrowing Base

DENVER, CO, October 15, 2014: PDC Energy, Inc. ("PDC," the "Company," "we" or "us") (NASDAQ: PDCE) today announced that it closed the sale of its fifty percent interest in PDC Mountaineer LLC (“PDCM”), a Marcellus Joint Venture (the “JV”) for $250 million. PDC’s net pre-tax proceeds were approximately $190 million after repayment of its share of JV debt and other working capital and other adjustments and fees, and subject to customary post-closing adjustments. The net proceeds were comprised of approximately $150 million cash and a $40 million note from the buyer. The buyer also assumed PDC’s share of the related firm transportation obligations as well as PDC’s share of certain PDCM natural gas hedging positions. The assets produced approximately 26 million cubic feet equivalent of natural gas per day net to PDC in the second quarter of 2014 (99% natural gas) with estimated proved reserves net to PDC of 240 billion cubic feet as of December 31, 2013. Tudor Pickering Holt acted as advisor on the sale.

Increased Borrowing Base

In addition, PDC announced its borrowing base increased to $700 million from $450 million following the recently completed semi-annual redetermination of its revolving credit facility. The Company elected to maintain its commitment level at $450 million at this time since it expects to be minimally drawn on its revolver at year-end 2014 in part due to the proceeds from the sale its interest in the PDCM JV.

Barton Brookman, President and Chief Operating Officer, said, “The net proceeds from the PDCM sale and the increase in our borrowing base are expected to both further strengthen our balance sheet and provide PDC with excellent liquidity. This liquidity gives us tremendous flexibility to execute our capital programs while our strong oil and natural gas hedging positions protect the company’s cash flow.”

About PDC Energy, Inc.





PDC Energy, Inc. is a domestic independent exploration and production company that produces, develops, acquires and explores for crude oil, natural gas and NGLs with primary operations in the Wattenberg Field in Colorado and in the Utica Shale in southeastern Ohio. Our operations in the Wattenberg Field are focused on the liquid-rich horizontal Niobrara and Codell plays and our Ohio operations are focused on the liquid-rich portion of the Utica Shale play. PDC is included in the S&P SmallCap 600 Index and the Russell 2000 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 and Section 21E of the Securities Exchange Act of 1934 regarding, among other things, future amounts to be borrowed under its revolving credit facility.  All statements other than statements of historical facts included in and incorporated by reference into this release are forward-looking statements. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein.  However, these are not the exclusive means of identifying forward-looking statements herein. Although forward-looking statements contained in this press release reflect the Company's good faith judgment, such statements can only be based on facts and factors currently known to PDC. Consequently, forward-looking statements are inherently subject to risks and uncertainties.
 
PDC urges you to carefully review and consider the cautionary statements made in this press release and the Company's filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein, including the risks that operational or other issues could result in the Company having more indebtedness at year-end 2014 than it currently expects and that post-closing purchase price adjustments could be unfavorable. The Company cautions you not to place undue reliance on the forward-looking statements, which speak only as of the date hereof. PDC undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward looking statements are qualified in their entirety by this cautionary statement.


Contact: Michael Edwards
Senior Director Investor Relations
303-860-5820
michael.edwards@pdce.com

###



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