----

----

| West Virginia                                                  | 38-3648762                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

|   | Large accelerated filer o | Accelerated filer o              |
|--------|---------------------------|----------------------------------|
|   |                      |                             |
|   | Non-accelerated filer o   | Smaller reporting company þ |

----

----

----

PDC 2002

|                                 |                                                                                        | Page   |
|--------------------------------------|---------------------------------------------------------------------------------------------|--------|
| PART I – FINANCIAL INFORMATION |
|                                 |                                                                                        |   |
|                                 | Special Note Regarding Forward-Looking Statements                                           | 1      |
| Item 1.                         | Financial Statements (unaudited)                                                            |   |
|                                 | Condensed Balance Sheets (unaudited)                                                        | 2      |
|                                 | Condensed Statements of Operations (unaudited)                                              | 3      |
|                                 | Condensed Statements of Cash Flows (unaudited)                                              | 4      |
|                                 | Notes to Unaudited Condensed Financial Statements                                           | 5      |
| Item 2.                         | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 12     |
| Item 3.                         | Quantitative and Qualitative Disclosures About Market Risk                                  | 22     |
| Item 4.                         | Controls and Procedures                                                                     | 22     |
|                                 |                                                                                        |   |
| PART II – OTHER INFORMATION    |
|                                 |                                                                                        |   |
| Item 1.                         | Legal Proceedings                                                                           | 23     |
| Item 1A.                        | Risk Factors                                                                                | 23     |
| Item 2.                         | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 23     |
| Item 3.                         | Defaults Upon Senior Securities                                                             | 23     |
| Item 4.                         | [Removed and Reserved]                                                                      | 23     |
| Item 5.                         | Other Information                                                                           | 23     |
| Item 6.                         | Exhibits                                                                                    | 24     |
|                                 |                                                                                        |   |
|                                 | SIGNATURES                                                                                  | 25     |

----

Index

SPEC

|   | • | changes in production volumes and worldwide demand; |
|--------|---------|-----------------------------------------------------|

|   | • | volatility of commodity prices for natural gas, NGLs and crude oil; |
|--------|---------|---------------------------------------------------------------------|

|   | • | changes in estimates of proved reserves; |
|--------|---------|------------------------------------------|

|   | • | inaccuracy of reserve estimates and expected production rates; |
|--------|---------|----------------------------------------------------------------|

|   | • | declines in the value of the Partnership’s natural gas and crude oil properties resulting in impairments; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------|

|   | • | the availability of Partnership future cash flows for investor distributions or funding of refracturing activities; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------|

|   | • | the timing and extent of the Partnership’s success in further developing and producing the Partnership’s reserves; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------|

|   | • | the Managing General Partner’s ability to acquire drilling rig services, supplies and services at reasonable prices; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------|

|   | • | risks incidental to the refracturing and operation of natural gas and crude oil wells; |
|--------|---------|----------------------------------------------------------------------------------------|

|   | • | the availability of sufficient pipeline and other transportation facilities to carry Partnership production and the impact of these facilities on price; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | changes in environmental laws, the regulation and enforcement of those laws and the costs to comply with those laws; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------|

|   | • | the impact of environmental events, governmental responses to the events and the Managing General Partner’s ability to insure adequately against such events; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the timing and receipt of necessary regulatory permits; |
|--------|---------|---------------------------------------------------------|

|   | • | competition in the oil and gas industry; |
|--------|---------|------------------------------------------|

|   | • | the success of the Managing General Partner in marketing the Partnership’s natural gas, NGLs and crude oil; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|

|   | • | the effect of natural gas and crude oil derivative activities; |
|--------|---------|----------------------------------------------------------------|

|   | • | the cost of pending or future litigation; |
|--------|---------|-------------------------------------------|

|   | • | the Managing General Partner’s ability to retain or attract senior management and key technical employees; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------|

|   | • | the success of strategic plans, expectations and objectives for future operations of the Managing General Partner. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------|

----

Index

| Item 1. | Financial Statements (unaudited) |
|---------|----------------------------------|

PDC

|                                                                     |   | March 31, |       |   | December 31, |   |
|--------------------------------------------------------------------------|--------|----------------|------------|--------|-------------------|--------|
|                                                                     |   | 2011           |       |   | 2010*             |   |
| Assets                                                                   |   |           |       |   |              |   |
|                                                                     |   |           |       |   |              |   |
| Current assets:                                                          |   |           |       |   |              |   |
| Cash and cash equivalents                                                |   | $              | 10,284     |   |              | $      | 10,281 |   |
| Accounts receivable                                                      |   |           | 54,307     |   |              |   | 33,072 |   |
| Crude oil inventory                                                      |   |           | 18,912     |   |              |   | 16,072 |   |
| Due from Managing General Partner-derivatives                            |   |           | 125,373    |   |              |   | 119,434 |   |
| Total current assets                                                     |   |           | 208,876    |   |              |   | 178,859 |   |
|                                                                     |   |           |       |   |              |   |   |   |
|                                                                     |   |           |       |   |              |   |   |   |
| Natural gas and crude oil properties, successful efforts method, at cost |   |           | 8,744,472  |   |              |   | 8,744,472 |   |
| Less: Accumulated depreciation, depletion and amortization               |   |           | (6,064,320 | )      |              |   | (5,973,662 | ) |
| Natural gas and crude oil properties, net                                |   |           | 2,680,152  |   |              |   | 2,770,810 |   |
|                                                                     |   |           |       |   |              |   |   |   |
| Due from Managing General Partner-derivatives                            |   |           | 161,646    |   |              |   | 188,773 |   |
| Other assets                                                             |   |           | 36,446     |   |              |   | 34,528 |   |
| Total noncurrent assets                                                  |   |           | 2,878,244  |   |              |   | 2,994,111 |   |
|                                                                     |   |           |       |   |              |   |   |   |
| Total Assets                                                             |   | $              | 3,087,120  |   |              | $      | 3,172,970 |   |
|                                                                     |   |           |       |   |              |   |   |   |
| Liabilities and Partners' Equity                                         |   |           |       |   |              |   |   |   |
|                                                                     |   |           |       |   |              |   |   |   |
| Current liabilities:                                                     |   |           |       |   |              |   |   |   |
| Accounts payable and accrued expenses                                    |   | $              | 4,336      |   |              | $      | 5,854 |   |
| Due to Managing General Partner-derivatives                              |   |           | 120,013    |   |              |   | 100,569 |   |
| Due to Managing General Partner-other, net                               |   |           | 32,735     |   |              |   | 94,642 |   |
| Total current liabilities                                                |   |           | 157,084    |   |              |   | 201,065 |   |
|                                                                     |   |           |       |   |              |   |   |   |
| Due to Managing General Partner-derivatives                              |   |           | 127,038    |   |              |   | 142,961 |   |
| Asset retirement obligations                                             |   |           | 156,964    |   |              |   | 154,650 |   |
| Total liabilities                                                        |   |           | 441,086    |   |              |   | 498,676 |   |
|                                                                     |   |           |       |   |              |   |   |   |
| Commitments and contingent liabilities                                   |   |           |       |   |              |   |   |   |
|                                                                     |   |           |       |   |              |   |   |   |
| Partners' equity:                                                        |   |           |       |   |              |   |   |   |
| Managing General Partner                                                 |   |           | 592,895    |   |              |   | 597,648 |   |
| Limited Partners - 559.02 units issued and outstanding                   |   |           | 2,053,139  |   |              |   | 2,076,646 |   |
| Total Partners' equity                                                   |   |           | 2,646,034  |   |              |   | 2,674,294 |   |
|                                                                     |   |           |       |   |              |   |   |   |
| Total Liabilities and Partners' Equity                                   |   | $              | 3,087,120  |   |              | $      | 3,172,970 |   |

----

Index

PDC 

|                                                         |   | Three months ended March 31, |    |
|--------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                         |   | 2011                                             |    |   | 2010 |   |
| Revenues:                                                    |   |                                             |    |   |   |   |
| Natural gas, NGLs and crude oil sales                        |   | $                                                | 154,191 |   |   | $ | 215,077 |   |
| Commodity price risk management gain (loss), net             |   |                                             | (17,884 | ) |   |   | 161,482 |   |
| Total revenues                                               |   |                                             | 136,307 |   |   |   | 376,559 |   |
|                                                         |   |                                             |    |   |   |   |   |   |
| Operating costs and expenses:                                |   |                                             |    |   |   |   |   |   |
| Natural gas, NGLs and crude oil production costs             |   |                                             | 55,457  |   |   |   | 83,384 |   |
| Direct costs - general and administrative                    |   |                                             | 8,464   |   |   |   | 1,822 |   |
| Depreciation, depletion and amortization                     |   |                                             | 90,658  |   |   |   | 139,951 |   |
| Accretion of asset retirement obligations                    |   |                                             | 2,314   |   |   |   | 2,180 |   |
| Total operating costs and expenses                           |   |                                             | 156,893 |   |   |   | 227,337 |   |
|                                                         |   |                                             |    |   |   |   |   |   |
| Income (loss) from operations                                |   |                                             | (20,586 | ) |   |   | 149,222 |   |
|                                                         |   |                                             |    |   |   |   |   |   |
| Interest income                                              |   |                                             | 4       |   |   |   | - |   |
|                                                         |   |                                             |    |   |   |   |   |   |
| Net income (loss)                                            |   | $                                                | (20,582 | ) |   | $ | 149,222 |   |
|                                                         |   |                                             |    |   |   |   |   |   |
| Net income (loss) allocated to partners                      |   | $                                                | (20,582 | ) |   | $ | 149,222 |   |
| Less: Managing General Partner interest in net income (loss) |   |                                             | (4,116  | ) |   |   | 29,844 |   |
| Net income (loss) allocated to Investor Partners             |   | $                                                | (16,466 | ) |   | $ | 119,378 |   |
|                                                         |   |                                             |    |   |   |   |   |   |
| Net income (loss) per Investor Partner unit                  |   | $                                                | (29     | ) |   | $ | 214 |   |
|                                                         |   |                                             |    |   |   |   |   |   |
| Investor Partner units outstanding                           |   |                                             | 559.02  |   |   |   | 559.02 |   |

----

Index

PDC 

|                                                                                        |   | Three months ended March 31, |    |
|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                                                        |   | 2011                                             |    |   | 2010 |   |
| Cash flows from operating activities:                                                       |   |                                             |    |   |   |   |
| Net income (loss)                                                                           |   | $                                                | (20,582 | ) |   | $ | 149,222 |   |
| Adjustments to net income (loss) to reconcile to net cash provided by operating activities: |   |                                             |    |   |   |   |   |   |
| Depreciation, depletion and amortization                                                    |   |                                             | 90,658  |   |   |   | 139,951 |   |
| Accretion of asset retirement obligations                                                   |   |                                             | 2,314   |   |   |   | 2,180 |   |
| Unrealized loss (gain) on derivative transactions                                           |   |                                             | 24,709  |   |   |   | (96,431 | ) |
| Changes in operating assets and liabilities:                                                |   |                                             |    |   |   |   |   |   |
| Decrease (increase) in accounts receivable                                                  |   |                                             | (21,235 | ) |   |   | 9,496 |   |
| Decrease (increase) in crude oil inventory                                             |   |                                             | (2,840  | ) |   |   | 9,412 |   |
| Increase in other assets                                                                    |   |                                             | (1,918  | ) |   |   | (1,917 | ) |
| Increase (decrease) in accounts payable and accrued expenses                           |   |                                             | (1,518  | ) |   |   | 1,561 |   |
| Increase in Due from Managing General Partner - other, net                             |   |                                             | -       |   |   |   | (33,690 | ) |
| Decrease in Due to Managing General Partner - other, net                               |   |                                             | (61,907 | ) |   |   | - |   |
| Net cash provided by operating activities                                                   |   |                                             | 7,681   |   |   |   | 179,784 |   |
|                                                                                        |   |                                             |    |   |   |   |   |   |
| Cash flows from investing activities:                                                       |   |                                             |    |   |   |   |   |   |
| Capital expenditures for natural gas and crude oil properties                               |   |                                             | -       |   |   |   | (44 | ) |
| Net cash used in investing activities                                                       |   |                                             | -       |   |   |   | (44 | ) |
|                                                                                        |   |                                             |    |   |   |   |   |   |
| Cash flows from financing activities:                                                       |   |                                             |    |   |   |   |   |   |
| Distributions to Partners                                                                   |   |                                             | (7,678  | ) |   |   | (179,764 | ) |
| Net cash used in financing activities                                                       |   |                                             | (7,678  | ) |   |   | (179,764 | ) |
|                                                                                        |   |                                             |    |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                        |   |                                             | 3       |   |   |   | (24 | ) |
| Cash and cash equivalents, beginning of period                                              |   |                                             | 10,281  |   |   |   | 935 |   |
| Cash and cash equivalents, end of period                                                    |   | $                                                | 10,284  |   |   | $ | 911 |   |

----

Index

PDC 

----

Index

----

Index

|                                                                                                  |   | March 31, |    |   | December 31, |   |
|-------------------------------------------------------------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                                                                                  |   | 2011           |    |   | 2010              |   |
|                                                                                                  |   |           |    |   |              |   |
| Natural gas, NGLs and crude oil sales revenues collected from the Partnership's third-party customers |   | $              | 41,043  |   |              | $      | 65,527 |   |
| Commodity price risk management, realized gain                                                        |   |           | 3,833   |   |              |   | 16,576 |   |
| Other (1)                                                                                             |   |           | (77,611 | )      |              |   | (176,745 | ) |
| Total Due to Managing General Partner-other, net                                                      |   | $              | (32,735 | )      |              | $      | (94,642 | ) |

|   | (1) | All other unsettled transactions, excluding derivative instruments, between the Partnership and the Managing General Partner. The majority of these are operating costs or general and administrative costs which have not been deducted from distributions. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                       |   | Three months ended March 31, |   |
|--------------------------------------------|--------|--------------------------------------------------|--------|
|                                       |   | 2011                                             |   |   | 2010 |   |
|                                       |   |                                             |   |   |   |   |
| Well operations and maintenance            |   | $                                                | 42,705 |   |   | $ | 63,329 |   |
| Gathering, compression and processing fees |   |                                             | 5,664  |   |   |   | 7,252 |   |
| Direct costs - general and administrative  |   |                                             | 8,464  |   |   |   | 1,822 |   |
| Cash distributions (1) (2)                 |   |                                             | 1,031  |   |   |   | 26,288 |   |

|   | (1) | Cash distributions include $394 and $7,148 during the three months ended March 31, 2011 and 2010, respectively, related to equity cash distributions on Investor Partner units repurchased by PDC. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Cash distributions to the Managing General Partner for the three months ended March 31, 2011 and 2010, were reduced by $899 and $16,812, respectively, due to Preferred Cash Distributions made by the Managing General Partner to Investor Partners under the Performance Standard Obligation provision of the Agreement. For more information concerning this obligation, see Note 1, General and Basis of Presentation. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

|                                  |   | March 31, 2011 |     |   | December 31, 2010 (a) |   |
|---------------------------------------|--------|--------------------------|----------|--------|--------------------------------------|--------|
|                                  |   | Level 2 (b)    |     |   | Level 3 (c)                |   |   | Total |   |   | Level 2 (b) |   |   | Level 3 (c) |   |   | Total |   |
|                                  |   |                     |     |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets:                               |   |                     |     |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commodity based derivatives           |   | $                        | 283,518  |   |                                 | $      | 3,501 |   |   | $ | 287,019 |   |   | $ | 295,930 |   |   | $ | 12,277 |   |   | $ | 308,207 |   |
| Total assets                          |   |                     | 283,518  |   |                                 |   | 3,501 |   |   |   | 287,019 |   |   |   | 295,930 |   |   |   | 12,277 |   |   |   | 308,207 |   |
|                                  |   |                     |     |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                          |   |                     |     |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commodity based derivatives           |   |                     | (33,362  | )      |                                 |   | - |   |   |   | (33,362 | ) |   |   | (26,987 | ) |   |   | - |   |   |   | (26,987 | ) |
| Basis protection derivative contracts |   |                     | (213,689 | )      |                                 |   | - |   |   |   | (213,689 | ) |   |   | (216,543 | ) |   |   | - |   |   |   | (216,543 | ) |
| Total liabilities                     |   |                     | (247,051 | )      |                                 |   | - |   |   |   | (247,051 | ) |   |   | (243,530 | ) |   |   | - |   |   |   | (243,530 | ) |
|                                  |   |                     |     |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset                             |   | $                        | 36,467   |   |                                 | $      | 3,501 |   |   | $ | 39,968 |   |   | $ | 52,400 |   |   | $ | 12,277 |   |   | $ | 64,677 |   |

|   | (a) | The Partnership reclassified its NYMEX-based natural gas fixed-price swaps from Level 1 to Level 2 (decreasing the previously reported net asset in Level 1 by approximately $296,000) and CIG-based basis swaps and crude oil fixed-price swaps from Level 3 to Level 2 (decreasing the previously reported net liability in Level 3 by approximately $244,000). The amounts presented reflect these reclassifications and conform to current period presentation. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Includes the Partnership’s fixed-price swaps and basis swaps. |
|--------|-----|---------------------------------------------------------------------|

|   | (c) | Includes the Partnership’s natural gas collars. |
|--------|-----|-------------------------------------------------------|

|                                                                                                                                                                     |   | Three months ended |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                                                                                                                     |   | March 31, 2011     |    |   | March 31, 2010 (1) |   |
|                                                                                                                                                                     |   |                         |    |   |   |   |
| Fair value, net asset, beginning of period                                                                                                                               |   | $                            | 12,277  |   |   | $ | 25,590 |   |
| Changes in fair value included in statement of operations line item -                                                                                                    |   |                         |    |   |   |   |   |   |
| Commodity price risk management, net                                                                                                                                     |   |                         | 1,488   |   |   |   | 12,464 |   |
| Settlements                                                                                                                                                              |   |                         | (10,264 | ) |   |   | (25,734 | ) |
| Fair value, net asset, end of period                                                                                                                                     |   | $                            | 3,501   |   |   | $ | 12,320 |   |
|                                                                                                                                                                     |   |                         |    |   |   |   |   |   |
| Change in unrealized gain (loss) relating to assets (liabilities) still held as of March 31, 2011 and 2010, respectively, included in statement of operations line item: |   |                         |    |   |   |   |   |   |
| Commodity price risk management, net                                                                                                                                     |   | $                            | (1      | ) |   | $ | 9,941 |   |

|   | (1) | The Partnership reclassified its CIG-based basis swaps and crude oil fixed-price swaps from Level 3 to Level 2 (decreasing the previously reported net liability at the beginning of the period by approximately $218,000). The amounts presented reflect these reclassifications and conform to current period presentation. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                                                |   |                       |   |                                          |    | Fair Value |    |
|-----------------------------------------------------|--------|----------------------------|--------|-----------------------------------------------|---------|-----------------|---------|
|                                                |   |                       |   | Balance Sheet                            |    | March 31,  |    |   | December 31, |   |
| Derivative instruments not designated as hedge (1): |   | Line Item             |   | 2011                                          |    |            | 2010    |   |
|                                                |   |                       |   |                                          |    |            |    |   |   |   |
| Derivative Assets:                                  |   | Current                    |   |                                          |    |            |    |   |   |   |
|                                                |   | Commodity contracts        |   | Due from Managing General Partner-derivatives |    | $               | 125,373 |   |   | $ | 119,434 |   |
|                                                |   |                       |   |                                          |    |            |    |   |   |   |   |   |
|                                                |   | Non Current                |   |                                          |    |            |    |   |   |   |   |   |
|                                                |   | Commodity contracts        |   | Due from Managing General Partner-derivatives |    |            | 161,646 |   |   |   | 188,773 |   |
|                                                |   |                       |   |                                          |    |            |    |   |   |   |   |   |
| Total Derivative Assets                             |   |                       |   |                                          |    | $               | 287,019 |   |   | $ | 308,207 |   |
|                                                |   |                       |   |                                          |    |            |    |   |   |   |   |   |
| Derivative Liabilities:                             |   | Current                    |   |                                          |    |            |    |   |   |   |   |   |
|                                                |   | Commodity contracts        |   | Due to Managing General Partner-derivatives   |    | $               | 33,362  |   |   | $ | 26,987 |   |
|                                                |   |                       |   |                                          |    |            |    |   |   |   |   |   |
|                                                |   | Basis protection contracts |   | Due to Managing General Partner-derivatives   |    |            | 86,651  |   |   |   | 73,582 |   |
|                                                |   |                       |   |                                          |    |            |    |   |   |   |   |   |
|                                                |   | Non Current                |   |                                          |    |            |    |   |   |   |   |   |
|                                                |   | Basis protection contracts |   | Due to Managing General Partner-derivatives   |    |            | 127,038 |   |   |   | 142,961 |   |
|                                                |   |                       |   |                                          |    |            |    |   |   |   |   |   |
| Total Derivative Liabilities                        |   |                       |   | $                                             | 247,051 |            |    | $ | 243,530 |   |

|   | (1) | As of March 31, 2011 and December 31, 2010, none of the Partnership’s derivative instruments were designated as hedges. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|                                                   |   | Three months ended March 31,                                 |   |
|--------------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|
|                                                   |   | 2011                                                                             |   |   | 2010 |   |
|                                                   |   |                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Statement of operations line item                      |   | Reclassification of Realized Gains (Losses) Included in Prior Periods Unrealized |   |   | Realized and Unrealized Gains (Losses) For the Current Period |   |   | Total |   |   | Reclassification of Realized Gains (Losses) Included in Prior Periods Unrealized |   |   | Realized and Unrealized Gains For the Current Period |   |   | Total |   |
|                                                   |   |                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commodity price risk management gain (loss), net       |   |                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Realized gains                                         |   | $                                                                                | 5,426  |   |   | $ | 1,399 |   |   | $ | 6,825 |   |   | $ | 60,184 |   |   | $ | 4,867 |   |   | $ | 65,051 |   |
| Unrealized gains (losses)                              |   |                                                                             | (5,426 | ) |   |   | (19,283 | ) |   |   | (24,709 | ) |   |   | (60,184 | ) |   |   | 156,615 |   |   |   | 96,431 |   |
| Total commodity price risk management gain (loss), net |   | $                                                                                | -      |   |   | $ | (17,884 | ) |   | $ | (17,884 | ) |   | $ | - |   |   | $ | 161,482 |   |   | $ | 161,482 |   |

----

Index

----

Index

| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

----

Index

----

Index

----

Index

|                                                                  |   | Three months ended March 31, |    |
|-----------------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                                  |   | 2011                                             |    |   | 2010 |   |   | Change |   |
| Number of producing wells (end of period)                             |   |                                             | 14      |   |   |   | 14 |   |   |   | - |   |
|                                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Production(1)                                                         |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Natural gas (Mcf)                                                     |   |                                             | 23,473  |   |   |   | 29,296 |   |   |   | -20 | % |
| NGLs (Bbl)                                                            |   |                                             | 364     |   |   |   | 414 |   |   |   | -12 | % |
| Crude oil (Bbl)                                                       |   |                                             | 665     |   |   |   | 865 |   |   |   | -23 | % |
| Natural gas equivalents (Mcfe)(2)                                     |   |                                             | 29,647  |   |   |   | 36,970 |   |   |   | -20 | % |
| Average Mcfe per day                                                  |   |                                             | 329     |   |   |   | 411 |   |   |   | -20 | % |
|                                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Natural Gas, NGLs and Crude Oil Sales                                 |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Natural gas                                                           |   | $                                                | 77,886  |   |   | $ | 134,928 |   |   |   | -42 | % |
| NGLs                                                                  |   |                                             | 18,956  |   |   |   | 18,886 |   |   |   | * |   |
| Crude oil                                                             |   |                                             | 57,349  |   |   |   | 61,263 |   |   |   | -6 | % |
| Total natural gas, NGLs and crude oil sales                           |   | $                                                | 154,191 |   |   | $ | 215,077 |   |   |   | -28 | % |
|                                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Realized Gain (Loss) on Derivatives, net                              |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Natural gas                                                           |   | $                                                | 13,704  |   |   | $ | 56,270 |   |   |   | -76 | % |
| Crude oil                                                             |   |                                             | (6,879  | ) |   |   | 8,781 |   |   |   | -178 | % |
| Total realized gain on derivatives, net                               |   | $                                                | 6,825   |   |   | $ | 65,051 |   |   |   | -90 | % |
|                                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Average Selling Price (excluding realized gain (loss) on derivatives) |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Natural gas (per Mcf)(3)                                              |   | $                                                | 3.32    |   |   | $ | 4.61 |   |   |   | -28 | % |
| NGLs (per Bbl)                                                        |   |                                             | 52.08   |   |   |   | 45.62 |   |   |   | 14 | % |
| Crude oil (per Bbl)                                                   |   |                                             | 86.24   |   |   |   | 70.82 |   |   |   | 22 | % |
| Natural gas equivalents (per Mcfe)                                    |   |                                             | 5.20    |   |   |   | 5.82 |   |   |   | -11 | % |
|                                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Average Selling Price (including realized gain (loss) on derivatives) |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Natural gas (per Mcf)                                                 |   | $                                                | 3.90    |   |   | $ | 6.53 |   |   |   | -40 | % |
| NGLs (per Bbl)                                                        |   |                                             | 52.08   |   |   |   | 45.62 |   |   |   | 14 | % |
| Crude oil (per Bbl)                                                   |   |                                             | 75.89   |   |   |   | 80.98 |   |   |   | -6 | % |
| Natural gas equivalents (per Mcfe)                                    |   |                                             | 5.43    |   |   |   | 7.58 |   |   |   | -28 | % |
|                                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Average cost per Mcfe                                                 |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Natural gas, NGLs and crude oil production cost(4)                    |   | $                                                | 1.87    |   |   | $ | 2.26 |   |   |   | -17 | % |
| Depreciation, depletion and amortization                              |   |                                             | 3.06    |   |   |   | 3.79 |   |   |   | -19 | % |
|                                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Operating costs and expenses:                                         |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Direct costs - general and administrative                             |   | $                                                | 8,464   |   |   | $ | 1,822 |   |   |   | * |   |
| Depreciation, depletion and amortization                              |   |                                             | 90,658  |   |   |   | 139,951 |   |   |   | -35 | % |
|                                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |
| Cash distributions                                                    |   | $                                                | 7,678   |   |   | $ | 179,764 |   |   |   | -96 | % |

----

Index

|   | (1) | Production is net and determined by multiplying the gross production volume of properties in which the Partnership has an interest by the average percentage of the leasehold or other property interest the Partnership owns. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Six Mcf of natural gas equals one Bbl of crude oil or NGL. |
|--------|-----|------------------------------------------------------------|

|   | (3) | The Partnership’s average sales price for natural gas is based on the "net-back" method of accounting for transportation, gathering and processing arrangements with natural gas purchasers. See the Partnership’s revenue recognition policy described in Note 2, Summary of Significant Accounting Policies, to financial statements in the Partnership’s 2010 Form 10-K and Part 1, Item 2, Financial Condition, Liquidity and Capital Resources - Cash Flows, included in this report. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Production costs represent natural gas, NGLs and crude oil operating expenses which include production taxes. |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | · | Bbl – One barrel or 42 U.S. gallons liquid volume |
|--------|--------|---------------------------------------------------------|

|   | · | MBbl – One thousand barrels |
|--------|--------|-----------------------------------|

|   | · | Mcf – One thousand cubic feet |
|--------|--------|-------------------------------------|

|   | · | MMcf – One million cubic feet |
|--------|--------|-------------------------------------|

|   | · | Mcfe – One thousand cubic feet of natural gas equivalents |
|--------|--------|-----------------------------------------------------------------|

|   | · | MMcfe – One million cubic feet of natural gas equivalents |
|--------|--------|-----------------------------------------------------------------|

|   | · | MMbtu – One million British Thermal Units |
|--------|--------|-------------------------------------------------|

----

Index

|                                                                    |   | Three months ended March 31, |    |
|-------------------------------------------------------------------------|--------|--------------------------------------------------|---------|
| Commodity price risk management gain (loss), net                        |   | 2011                                             |    |   | 2010 |   |
| Realized gains (losses)                                                 |   |                                             |    |   |   |   |
| Natural gas                                                             |   | $                                                | 13,704  |   |   | $ | 56,270 |   |
| Crude oil                                                               |   |                                             | (6,879  | ) |   |   | 8,781 |   |
| Total realized gains, net                                               |   |                                             | 6,825   |   |   |   | 65,051 |   |
|                                                                    |   |                                             |    |   |   |   |   |   |
| Unrealized gains (losses)                                               |   |                                             |    |   |   |   |   |   |
| Reclassification of realized gains included in prior periods unrealized |   |                                             | (5,426  | ) |   |   | (60,184 | ) |
| Unrealized gains (losses) for the period                                |   |                                             | (19,283 | ) |   |   | 156,615 |   |
| Total unrealized gains (losses), net                                    |   |                                             | (24,709 | ) |   |   | 96,431 |   |
| Total commodity price risk management gain (loss), net                  |   | $                                                | (17,884 | ) |   | $ | 161,482 |   |

----

Index

|                            |   | Collars        |   |   | Fixed-Price Swaps |   |   | CIG Basis Protection Swaps |   |   |             |   |
|---------------------------------|--------|----------------|--------|--------|------------------------|--------|--------|-------------------------------------------|--------|--------|------------------|--------|
|                            |   |           |   |   | Weighted Average  |   |   | Quantity                                  |   |   | Weighted Average |   |   |   |   |   | Weighted Average |   |   | Fair Value at |   |
| Commodity/                      |   | Quantity       |   |   | Contract Price    |   |   | (Gas-MMbtu(1)                             |   |   | Contract         |   |   | Quantity |   |   | Contract |   |   | March 31, |   |
| Index                           |   | (Gas-MMbtu(1)) |   |   | Floors                 |   |   | Ceilings                                  |   |   | Oil-Bbls)        |   |   | Price |   |   | (Gas-MMbtu(1)) |   |   | Price |   |   | 2011(2) |   |
|                            |   |           |   |   |                   |   |   |                                      |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural Gas                     |   |           |   |   |                   |   |   |                                      |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NYMEX                           |   |           |   |   |                   |   |   |                                      |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 04/01 - 06/30/2011              |   |           | -      |   |                   | $      | -      |                                      |   | $      | -                |   |   |   | 15,411 |   |   | $ | 6.78 |   |   |   | 15,411 |   |   | $ | (1.88 | ) |   | $ | 14,954 |   |
| 07/01 - 09/30/2011              |   |           | -      |   |                   |   | -      |                                      |   |   | -                |   |   |   | 15,193 |   |   |   | 6.73 |   |   |   | 15,193 |   |   |   | (1.88 | ) |   |   | 11,142 |   |
| 10/01 - 12/31/2011              |   |           | -      |   |                   |   | -      |                                      |   |   | -                |   |   |   | 14,786 |   |   |   | 6.78 |   |   |   | 14,786 |   |   |   | (1.88 | ) |   |   | 8,025 |   |
| 01/01 - 03/31/2012              |   |           | 989    |   |                   |   | 6.00   |                                      |   |   | 8.27             |   |   |   | 13,291 |   |   |   | 6.98 |   |   |   | 14,280 |   |   |   | (1.88 | ) |   |   | 4,600 |   |
| 04/01 - 12/31/2012              |   |           | 2,026  |   |                   |   | 6.00   |                                      |   |   | 8.27             |   |   |   | 39,286 |   |   |   | 6.98 |   |   |   | 41,312 |   |   |   | (1.88 | ) |   |   | 20,217 |   |
| 2013                            |   |           | -      |   |                   |   | -      |                                      |   |   | -                |   |   |   | 50,617 |   |   |   | 7.12 |   |   |   | 50,617 |   |   |   | (1.88 | ) |   |   | 14,392 |   |
| Total Natural Gas               |   |           | 3,015  |   |                   |   |   |                                      |   |   |             |   |   |   | 148,584 |   |   |   |   |   |   |   | 151,599 |   |   |   |   |   |   |   | 73,330 |   |
|                            |   |           |   |   |                   |   |   |                                      |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Crude Oil                       |   |           |   |   |                   |   |   |                                      |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NYMEX                           |   |           |   |   |                   |   |   |                                      |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 04/01 - 06/30/2011              |   |           | -      |   |                   |   | -      |                                      |   |   | -                |   |   |   | 303 |   |   |   | 70.75 |   |   |   | - |   |   |   | - |   |   |   | (10,733 | ) |
| 07/01 - 09/30/2011              |   |           | -      |   |                   |   | -      |                                      |   |   | -                |   |   |   | 310 |   |   |   | 70.75 |   |   |   | - |   |   |   | - |   |   |   | (11,211 | ) |
| 10/01 - 12/31/2011              |   |           | -      |   |                   |   | -      |                                      |   |   | -                |   |   |   | 316 |   |   |   | 70.75 |   |   |   | - |   |   |   | - |   |   |   | (11,418 | ) |
| Total Crude Oil                 |   |           | -      |   |                   |   |   |                                      |   |   |             |   |   |   | 929 |   |   |   |   |   |   |   | - |   |   |   |   |   |   |   | (33,362 | ) |
|                            |   |           |   |   |                   |   |   |                                      |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Natural Gas and Crude Oil |   |           |   |   |                   |   |   |                                      |   |   |             |   |   |   |   |   |   |   |   |   |   |   | $ | 39,968 |   |

|   | (1) | A standard unit of measure for natural gas (one MMbtu equals one Mcf). |
|--------|-----|------------------------------------------------------------------------|

|   | (2) | Approximately 1% of the fair value of the Partnership’s derivative assets and none of the Partnership’s derivative liabilities were measured using significant unobservable inputs (Level 3); see Note 4, Fair Value Measurements and Disclosures, to the accompanying unaudited condensed financial statements included in this report. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

|   | · | Realized and unrealized derivative gains receivable decreased by approximately $25,000 between March 31, 2011 and December 31, 2010. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Due to Managing General Partner-other, net decreased by approximately $99,000 between March 31, 2011 and December 31, 2010. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

----

Index

|   | · | A decrease in natural gas, NGLs and crude oil sales receipts of approximately $37,000 or 19%, |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | A decrease in commodity price risk management realized gains receipts of approximately $54,000 or 74%, and |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | · | An increase in production costs and direct costs – general and administrative payments of approximately $81,000. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

| QuarterendedMarch 31, |   | ManagingGeneral PartnerDistributions |   |   | InvestorPartnersDistributions |   |    | TotalDistributions |   |
|----------------------------|--------|-------------------------------------------|--------|--------|-------------------------------|--------|---------|--------------------|--------|
|                       |   |                                      |   |   |                          |   |    |               |   |
| 2011                       |   | $                                         | 637    |   |                          | $      | 7,041   |               |   | $ | 7,678 |   |
|                       |   |                                      |   |   |                          |   |    |               |   |   |   |   |
| 2010                       |   | $                                         | 19,140 |   |                          | $      | 160,624 |               |   | $ | 179,764 |   |

----

Index

| Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
|---------|------------------------------------------------------------|

| Item 4. | Controls and Procedures |
|---------|-------------------------|

| (a) | Evaluation of Disclosure Controls and Procedures |
|-----|--------------------------------------------------|

| (b) | Changes in Internal Control over Financial Reporting |
|-----|------------------------------------------------------|

----

Index

| Item 1. | Legal Proceedings |
|---------|-------------------|

| Item 1A. | Risk Factors |
|----------|--------------|

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
|---------|-------------------------------------------------------------|

| Period                                                  |   | Total Number ofUnits Repurchased |   |   | Average PricePaid perUnit |   |
|---------------------------------------------------------|--------|-------------------------------------------------|--------|--------|-------------------------------------|--------|
|                                                    |   |                                            |   |   |                                |   |
| January 2011                                            |   |                                            | 0.25   |   |                                | $      | 3,400 |   |
| February 2011                                           |   |                                            | 1.20   |   |                                |   | 2,596 |   |
| March 2011                                              |   |                                            | -      |   |                                |   | - |   |
| Total first quarter Unit Repurchase Program repurchases |   |                                            | 1.45   |   |                                |   |   |   |

| Item 3. | Defaults Upon Senior Securities |
|---------|---------------------------------|

| Item 4. | [Removed and Reserved] |
|---------|------------------------|

| Item 5. | Other Information |
|---------|-------------------|

----

Index

| Item 6. | Exhibits |
|---------|----------|

|           |   |                                                                                                                                                                                                                                                                                          |   | Incorporated by Reference |   |                 |
|----------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|----------------------|
| Exhibit Number |   | Exhibit Description                                                                                                                                                                                                                                                                      |   | Form                                |   | SEC File Number |   | Exhibit |   | Filing Date |   | Filed Herewith |
|           |   |                                                                                                                                                                                                                                                                                          |   |                                |   |                 |   |   |   |   |   |   |
| 31.1           |   | Certification by Chief Executive Officer of Petroleum Development Corporation (dba PDC Energy), the Managing General Partner of the Partnership, pursuant to Rule 13a-14(a)/15d-14(c) of the Exchange Act Rules, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.        |   |                                |   |                 |   |   |   |   |   | X |
|           |   |                                                                                                                                                                                                                                                                                          |   |                                |   |                 |   |   |   |   |   |   |
| 31.2           |   | Certification by Chief Financial Officer of Petroleum Development Corporation (dba PDC Energy), the Managing General Partner of the Partnership, pursuant to Rule 13a-14(a)/15d-14(c) of the Exchange Act Rules, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.        |   |                                |   |                 |   |   |   |   |   | X |
|           |   |                                                                                                                                                                                                                                                                                          |   |                                |   |                 |   |   |   |   |   |   |
| 32.1           |   | Certifications by Chief Executive Officer and Chief Financial Officer of Petroleum Development Corporation (dba PDC Energy), the Managing General Partner of the Partnership, pursuant to Title 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |   |                                |   |                 |   |   |   |   |   | X |

----

Index

PDC

| Signature            |   | Title                                              |   | Date               |
|----------------------|--------|----------------------------------------------------|--------|--------------------|
|                 |   |                                               |   |               |
| /s/ James M. Trimble |   | Chief Executive Officer                            |   | September 21, 2011 |
| James M. Trimble     |   | Petroleum Development Corporation (dba PDC Energy) |   |               |
|                 |   | Managing General Partner of the Registrant         |   |               |
|                 |   | (Principal executive officer)                      |   |               |
|                 |   |                                               |   |               |
| /s/ Gysle R. Shellum |   | Chief Financial Officer                            |   | September 21, 2011 |
| Gysle R. Shellum     |   | Petroleum Development Corporation (dba PDC Energy) |   |               |
|                 |   | Managing General Partner of the Registrant         |   |               |
|                 |   | (Principal financial officer)                      |   |               |
|                 |   |                                               |   |               |
| /s/ R. Scott Meyers  |   | Chief Accounting Officer                           |   | September 21, 2011 |
| R. Scott Meyers      |   | Petroleum Development Corporation (dba PDC Energy) |   |               |
|                 |   | Managing General Partner of the Registrant         |   |               |
|                 |   | (Principal accounting officer)                     |   |               |

----