SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
AND EXCHANGE ACT OF 1934
December
27, 2007
Date
of report (Date of earliest event reported)
Petroleum
Development Corporation
Exact
Name of Registrant as Specified in Charter
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Nevada
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0-7246
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95-2636730
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State
or Other Jurisdiction
of
Incorporation
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Commission
File
Number
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IRS
Employer
Identification
Number
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120
Genesis Boulevard, Bridgeport, WV 26330
Address
of Principal Executive Offices
304-842-3597
Registrant's
telephone number, including area code
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing
obligation
of the registrant under any of the following provisions (see General Instruction
A.2. below):
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[
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Written
communications pursuant to Rule 425 under Securities Act (17 CFR
230.425)
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[
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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[
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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No
Change
Former
Name or Former Address, if Changed Since Last Report
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Item
8.01
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Other
Events.
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Petroleum
Development Corporation announced on December 27, 2007, that it has sold to
an
unrelated person a portion of its North Dakota properties, effective December
31, 2007, for approximately $34.7 million. The properties, located in
Dunn, Williams and McKenzie Counties, North Dakota, include interests in five
producing Bakken wells and approximately 72,000 net undeveloped acres. The
reduction in Company production and proved reserves as a result of the
transaction is not material. The Company anticipates it will
recognize an after-tax impact on earnings of approximately $3 million to $5
million in its fourth quarter. The Company anticipates utilizing the
proceeds from the transaction to pay down debt. Subsequent to the
sale, the Company retains ownership in three producing wells in Dunn County,
ten
producing wells in Burke County and approximately 58,000 acres of leasehold
in
Burke County.
The
Press
Release is attached by reference as Exhibit 9.01
EXHIBIT
INDEX
Item
9.01. Financial Statements and Exhibits.
(c) Exhibits.
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News
Release dated December 27,
2007:
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Petroleum
Development Corporation sells portion of North Dakota undeveloped leasehold
and
producing property
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
PETROLEUM
DEVELOPMENT CORPORATION
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Date:
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December
31, 2007
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By:
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/s/
Richard W. McCullough
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Richard
W. McCullough
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Vice
Chairman & Chief Financial
Officer
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