August 13, 2009 (FinancialWire) — Petroleum Development Corp. (NASDAQ: PETD) (Current Market Cap: $193.54 Mil.) has priced a public offering of 3.75 million shares of its common stock at $12 per share. J.P. Morgan Securities (NYSE: JPM) is acting as sole book-running manager.

The company has also granted the underwriters a 30-day option to purchase up to an additional 562,500 shares of common stock. Petroleum Development plans to use the net proceeds of the offering to repay borrowings under its credit facility.

Denver-based Petroleum Development is an independent energy company engaged in the development, production and marketing of natural gas and oil.

The company’s operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.