As the press release below mentions, you can view a nice slide show at the PETD website petd.com just click on the "click here" at top of page and a microsoft powerpoint slide show will be loaded on your computer!
Highlights We're growing!
Company profitable TEN consecutive years
Record net income and cash flow in 1999
Drilled 178 gross wells in 1999, 93%(164) successful
1999 record revenues
company reports a 211% increase in reserves from 1995 to 1999
4-point plan for continued profitability and growth
1. Acquire properties
o Accretive to production, cash flow and net asset value
o Spreads fixed costs over larger operating base
o Add economic drilling locations
o Establishes operating base in a new area
2. Expand drilling operations
o Drill more wells with higher WI %
3. Pursue geographic expansion
o Focus on gas-rich basins
o Capitalize on our technical expertise
o Eliminates "one-trick-pony" stigma
o Increased availability of quality prospects
4. Mitigate commodity risk
Year 2000 goals:
o Report our 11th year of net income
o Increase production by at least 50%
o Replace 300% of production
o Develop a record 17 Bcfe reserve additions through new wells
o Hedge 50% of annual production
o Use long-term debt cautiously to increase return on equity
Continue geographic diversification
biz.yahoo.com
Tuesday April 18, 9:43 am Eastern Time Company Press Release
Petroleum Development Corporation Presents at 2000 IPAA Oil & Gas Investment Symposium
NEW YORK, April 18 /PRNewswire/ -- At the 2000 Independent Petroleum Association of America (IPAA) Oil & Gas Investment Symposium, here today, Petroleum Development Corp. (Nasdaq: PETD - news) president, Steve Williams, and controller Darwin Stump, highlighted the company's drilling plans for 2000 and its increasing activities in the Rocky Mountain region.
The Bridgeport, W. Va.-based independent natural gas producer outlined its strategy to capitalize on its expertise in shallow gas fields to increase revenues throughout core operating areas. The company expects that 2000 will be its 11th consecutive year posting a net profit. Slides from the presentation will be available at the company's website (http://www.petd.com) until Friday, May 5, 2000.
Steven Williams, President, indicated, ``The IPAA Oil & Gas Investment Symposium is one of the premier gatherings of oil and gas industry investment analysts and independent producing companies. More than 50 small producers will be presenting their plans and results with several hundred analysts in attendance. As a result, we are able to reach a highly focused group with a demonstrated interest in companies like Petroleum Development.'
Petroleum Development Corporation is a fast-growing regional independent energy company engaged primarily in the development, production and marketing of natural gas in the Appalachian Basin, the Rocky Mountains and Michigan. |
