Denver, Colorado-based Petroleum Development Corp (aka PDC) (NASDAQ GS: PETD) (dba PDC Energy) formerly of Bridgeport, West Virginia is an oil and gas exploration and production company that owned a largely undeveloped leasehold prospective for Marcellus shale consisting of 52,900 acres in West Virginia and Pennsylvania. The company has extensive experience operating in the Appalachian Basin and still owns an interest in approximately 271 gross, or 88.5 net, natural gas and crude oil wells in West Virginia, Pennsylvania and Tennessee. However, the majority of its Appalachian Basin assets were transferred to a joint venture in 2009. (See below)
Its Marcellus acreage consisted of:
- 14,900 acres in Pennsylvania located in the counties of Indiana, Cambria and Fayette. The company has a branch office in Indiana, PA.
- 38,000 Acres in West Virginia spread out over the counties of Harrison, Taylor and Barbour - PDC's headquarters are located in Bridgeport, WV.
During 2009 PDC had been operating one drilling rig on its Marcellus acreage.
The company had a marketing presence for selling its natural gas through Riley Natural Gas.
According to a July, 2009 report, PDC had drilled 4 vertical wells during the first half of 2009 and was producing from 3 of these with an average initial production flow rate per well of 275 Mcfe/d. It planned to drill 5 more vertical wells before the year's end. It intended to drill its first horizontal well during the first quarter of 2010. As of the end of July, 2009, the company had a 10-square-mile 3-D seismic shoot underway and had identified 30 prospective horizontal well locations. Permitting for the shoot was 40% complete and the company expected to conduct the data acquisition phase during the month of August.
In November, 2009 PDC announced the formation of PDC Mountaineer, LLC, (PDCM JV) a joint venture, to help develop its acreage. At the time, PDC contributed the majority of its Appalachian Basin acreage, producing properties and reserves, and related gathering and pipeline facilities to the joint venture.
By February, 2010 PDC was reporting that it had begun a vertical well drilling program in West Virginia, and that seven wells had been drilled there. It was unclear from the company update whether these were the same ones as mentioned above or else constitued a different batch. A delineation well was also in the process of being drilled in Pennsylvania. The results of these vertical test wells had been positive enough to justify horizontal drilling. One horizontal well was scheduled to begin later in February, 2010, and two more were to spud before the end of the first half of the year.
- Richard W. McCullough is PDC's Chairman and CEO.
- Barton R. Brookman is Senior Vice President of Exploration and Production
- Peter Schreck is the company's Vice President–Finance and Treasurer
- Gysle R. Shellum is PDC's CFO.