June 9, 2010 (FinancialWire) — Petroleum Development Corp. (NASDAQ: PETD) has entered a purchase agreement to increase its acreage position in the Wattenberg Niobrara to 70,000 net acres, 92% of which are held by production.

Based on an extensive technical evaluation of its Wattenberg Niobrara position, and recently released data from other operators in the area, PDC has identified several prospective horizontal drilling locations. These prospects are close offsets to wells recently drilled and completed by other operators.

The company recently entered into a definitive agreement to add 5,500 net acres of leasehold located in the Wattenberg Field. This new leasehold acreage is located in Weld County, Colorado approximately ten miles northeast of the company's current core Wattenberg operations. PDC anticipates drilling its first horizontal Niobrara well on this new acreage in the fourth quarter 2010 and is developing plans for continued horizontal drilling on its existing Wattenberg acreage position in 2011 and 2012. The new acreage acquisition is subject to normal closing conditions and is projected to close on June 25, 2010.

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