-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TeBC8/CRbwPHwz26shrIEpEEb+x/TK5Zu6gwq6MRfmjeJmUv4Gmheu4QqglgPsay
 W35AWa5Y962QA646jUSypQ==

<SEC-DOCUMENT>0001140361-08-015678.txt : 20080625
<SEC-HEADER>0001140361-08-015678.hdr.sgml : 20080625
<ACCEPTANCE-DATETIME>20080625145556
ACCESSION NUMBER:		0001140361-08-015678
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080623
FILED AS OF DATE:		20080625
DATE AS OF CHANGE:		20080625

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETROLEUM DEVELOPMENT CORP
		CENTRAL INDEX KEY:			0000077877
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				952636730
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		120 GENESIS BLVD.
		CITY:			BRIDGEPORT
		STATE:			WV
		ZIP:			26330
		BUSINESS PHONE:		3048426256

	MAIL ADDRESS:	
		STREET 1:		PETROLEUM DEVELOPMENT CO
		STREET 2:		PO BOX 26
		CITY:			BRIDGEPORT
		STATE:			WV
		ZIP:			26330

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YELLOW WING URANIUM CORP
		DATE OF NAME CHANGE:	19730606

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Mazza Larry F
		CENTRAL INDEX KEY:			0001331390

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-07246
		FILM NUMBER:		08916497

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		304-363-4800

	MAIL ADDRESS:	
		STREET 1:		301 VIRGINIA AVENUE
		CITY:			FAIRMONT
		STATE:			WV
		ZIP:			26554-2777
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-06-23</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000077877</issuerCik>
        <issuerName>PETROLEUM DEVELOPMENT CORP</issuerName>
        <issuerTradingSymbol>PETD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001331390</rptOwnerCik>
            <rptOwnerName>Mazza Larry F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>120 GENESIS BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BRIDGEPORT</rptOwnerCity>
            <rptOwnerState>WV</rptOwnerState>
            <rptOwnerZipCode>26330</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-06-23</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>2000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>71.36</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3355</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The shares subject to this report were acquired pursuant to the PDC Non-Employee Director Restricted Stock Plan and are restricted shares, subject to various conditions/restrictions, and cannot presently be sold, transferred or otherwise disposed of by the holder.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Larry F. Mazza</signatureName>
        <signatureDate>2008-06-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----