BRIDGEPORT, W.Va., Jan. 4 /PRNewswire-FirstCall/ -- Petroleum Development
Corporation (Nasdaq: PETD) today announced that the Company has added to
previously announced natural gas commodities derivative positions to protect
against possible price instability in future periods.
For the period from April 2008 through October 2008, the Company entered
into Colorado Interstate Gas (CIG) based swaps at a rate of $6.54 per Mmbtu
for approximately 30% of the production from the Piceance and DJ Basins. For
the same period, the Company entered into Panhandle Eastern (PEPL) based swaps
at a rate of $6.80 per Mmbtu for approximately 30% of the production from the
Northeast Colorado (NECO) basin as well.
By putting these positions in place, the company has approximately 75% of
natural gas production in all areas covered by either collars or swaps for the
summer period in 2008.
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