DENVER, July 15, 2010 (GLOBE NEWSWIRE) -- Petroleum Development Corporation (the "Company") (Nasdaq:PETD) today announced that effective July 15, 2010 it will do business as PDC Energy ("PDC"). A new logo and corporate identity accompanies this change. The Company will keep its current website address (www.petd.com), although effective Thursday, July 15th, the website will reflect the PDC Energy name and brand identity.
Explaining the rationale behind the change, Richard W. McCullough, Chairman and Chief Executive Officer, stated, "We've been transitioning our business model from a company that predominately sponsored limited partnerships to a gas and oil company that explores for, exploits and develops gas and oil resources for some time now. We felt that our name, Petroleum Development Corporation, does not fully portray the range of business activities in which we engage."
PDC Energy will continue to use its current stock ticker, PETD.
About PDC Energy
PDC Energy is an independent energy company engaged in exploration, development, production and marketing of natural gas and oil. Founded in Bridgeport, West Virginia in 1969, the Company is now headquartered in Denver, Colorado. PDC Energy operates in the Rocky Mountains, Appalachian Basin/Marcellus Shale, and the Permian Basin (effective August 2010). PDC Energy is listed in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.