CONFORMED COPY

SECURITIES ANDEXCHANGE COMMISSION

Washington, D.C.  20549

[X]ANNUAL REPORT PURSUANT TO SECTION 13 or 15 (d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2004

Commission File Number  333-41977-11

[]Transition Report Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934 for the transaction period from         to         

PDC 2000-C LIMITEDPARTNERSHIP

(Exact name ofregistrant as specified in its charter)

| West Virginia

(State or other jurisdiction of incorporation or  organization) | 55-0773437

I.R.S. Employer

Identification No.) |
|--------------------------------------------------------------------------------|--------------------------------------------------|

103 East Main  Street, Bridgeport, West Virginia  26330

(Address ofprincipal executive offices)     (zip code)

Registrant'stelephone number, including area code           (304) 842-3597

SECURITIESREGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:  NONE

SECURITIESREGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

General and LimitedPartnership Interests

(Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.   Yes        No    X  

Indicate by check mark if disclosure of delinquent filerspursuant to Item 405 of Regulation S-K is not contained herein, and will becontained, to the best of registrant's knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-Kor any amendment to this Form 10-K.  [  ]

Indicate by checkmark whether the registrant is an accelerated filer (as definition in Rule12b-2 of the Exchange Act). Yes   No X 

There is no trading market for the registrant's securities.

PART I

ITEM 1.  BUSINESS.

General

     PDC 2000-C LimitedPartnership ("the Partnership") is a limited partnership formed on November 13, 2000 pursuant to the West Virginia Uniform Limited Partnership Act. Petroleum Development Corporation ("PDC") serves as Managing GeneralPartner of the Partnership.

     Since the commencement ofoperations on November 13, 2000, the Partnership has been engaged in onshore,domestic oil and natural gas exploration exclusively in Michigan and the RockyMountain Region.  A total of 3 limited partners contributed initial capital of$25,000; a total of 550 additional general partners contributed initial capitalof $13,983,256; and PDC (Managing General Partner) contributed $3,046,796 incapital as a participant in accordance with contribution provisions of theLimited Partnership Agreement (the Agreement). During 2001, in accordance withthe Partnership agreement, all additional general partners were converted tolimited partners.

     Under the terms of theAgreement, the allocation of revenues is as follows:

|                                         | Allocation

of Revenues |
|-----------------------------------------|-------------------------|
| Additional General and Limited Partners | 80%                     |
| Managing General Partner                | 20%                     |

     Operating and direct costsare allocated and charged to the additional general and limited partners and theManaging General Partner in the same percentages as revenues are allocated. Leasehold, drilling and completion costs, and equipment costs are borne 80% bythe additional general and limited partners and 20% by the Managing GeneralPartner. See Footnote 4 of the financial statements for a complete descriptionof the allocation of partnership revenue and costs.

Employees

     The Partnership has no employees;however, PDC has approximately 120 employees which include a staff ofgeologists, petroleum engineers, landmen and accounting personnel whoadminister all of the Partnership's operations.

Plan of Operations

     The Partnershipparticipated in the drilling of 31 gross (22.14 net) wells and will continue tooperate and produce its thirty-one gross productive wells. The Partnership doesnot have unexpended initial capital and no additional drilling is planned. 

     See Item 2 herein forinformation concerning the Partnership's gas wells.

Markets for Oil and Gas

     The availability of amarket for any oil and gas produced from the operations of the Partnership willdepend upon a number of factors beyond the control of the Partnership whichcannot be accurately predicted.  These factors include the proximity of thePartnership wells to and the capacity of natural gas pipelines, theavailability and price of competitive fuels, fluctuations in seasonal supplyand demand, and government regulation of supply and demand created by itspricing and allocation restrictions.  Oversupplies of gas can be expected tooccur from time to time and may result in the Partnership's wells being shut-inor curtailed.  Increased imports of oil and natural gas have occurred and areexpected to continue.  The effects of such imports could adversely impact themarket for domestic oil and natural gas. All oil and natural gas is sold undercontracts based on market sensitive indexes that vary from month to month. Nofixed contracts are in place. The Partnership sold oil and natural gas toseveral entities of which three customers accounted for 27.5%, 26.6%, and 21.7%of the Partnership's total oil and natural gas sales for the year endedDecember 31, 2004 and 31.7%, 23.2% and 18.2% for 2003 and 35.3%, 21.5% and11.8% for the year ended December 31, 2002, respectively.

 

2

Derivatives and Hedging Activities

     The Managing General Partner, through itssubsidiary Riley Natural Gas, has been in the gas marketing business since1986. During that time period, the Managing General Partner has utilized andcontinues to utilize commodity basedderivative instruments as hedges to manage a portion of the Partnership'sexposure to price volatility stemming from natural gas production.  Theseinstruments consist of NYMEX-traded natural gas futures and option contractsfor eastern Colorado production, and CIG (Colorado Interstate Gas Index)-basedcontracts for other Colorado production and NYMEX traded oil futures and optioncontracts for Colorado oil production.  The contracts hedge committed andanticipated natural gas sales, generally forecasted to occur within a 24 monthperiod. The Managing General Partner does not hold or issue derivatives fortrading or speculative purposes and permits utilization of hedges only if thereis an underlying physical position.  See "Commodity Price Risk" under Item 7A.

     Notwithstanding the measuretaken by the Managing General Partner to attempt to control price risk, thePartnership remains subject to price fluctuations for natural gas and oil soldin the spot market.  The Managing General Partner continues to evaluate thepotential for reducing these risks by entering into hedge transactions.  Inaddition, the Managing General Partner may also close out any portion of hedgesthat may exist from time to time.

 

Competition

     The Partnership competes inmarketing its gas and oil with numerous companies and individuals, many ofwhich have financial resources, staffs and facilities substantially greaterthan those of the Partnership or Petroleum Development Corporation. 

State Regulations

     State regulatoryauthorities have established rules and regulations requiring permits for welloperations, reclamation bonds and reports concerning operations.  States alsohave statutes and regulations concerning the spacing of wells, environmentalmatters, and conservation, and have established regulations concerning theunitization and pooling of oil and gas properties and maximum rates ofproduction from oil and gas wells.  The Partnership believes it has complied inall material respects with applicable state regulations. The Partnershipestimates it has spent approximately $3,075 and $5,400 in 2004 and 2003,respectively to comply with federal and state regulations.

Federal Regulations

     Regulation of LiquidHydrocarbons.  Liquid hydrocarbons (including crude oil and natural gasliquids) were subject to federal price and allocation controls until January1981 when controls were effectively eliminated by executive order of thePresident.  As a result, to the extent the Partnership sells oil produced fromits properties, those sales are at unregulated market prices.

     Although it appearsunlikely under present circumstances that controls will be reimposed uponliquid hydrocarbons, it is possible Congress may enact such legislation at afuture date. 

     Natural Gas Regulation.   Sale of natural gas by the Partnership is subject to regulation ofproduction, transportation and pricing by governmental regulatory agencies. Generally, the regulatory agency in the state where a producing well is locatedregulates production activities and, in addition, the transportation of gassold intrastate.  The Federal Energy Regulatory Commission (FERC) regulates theoperation and cost of interstate pipeline operators who transport gas. Currently the price of gas to be sold by the Partnership is not regulated byany state or federal agency.

Proposed Regulation.  Numerousproposals concerning energy are being considered by the United States Congress,various state legislatures and regulatory agencies.  The possible outcome andeffect of these proposals cannot be accurately predicted.

     Environmental and SafetyRegulation.  The Partnership believes that it complies, in all materialrespects, with all legislation and regulations affecting its operations in thedrilling and production of oil and gas wells and the discharge of wastes.  Todate, compliance with such provisions and regulations has not had a materialeffect upon the Partnership's expenditures for capital equipment, itsoperations or its competitive position.  The cost of such compliance is notanticipated to be material in the future.

3

ITEM 2.  PROPERTIES.

Drilling Activity

     The following table setsforth the results of the Partnership's drilling activity from November 13, 2000 (date of inception) to December 31, 2004. All of the Partnership's wellsdrilled and producing are located in Michigan and Colorado.

| Development Wells |
|-------------------|
| Gross Wells  |  | Net Wells |
| Productive        | Dry | Total |   | Productive | Dry | Total |
| 31                | - | 31 |  | 22.14 | - | 22.14 |

     The Partnership has notparticipated in any exploratory wells. No additional drilling activity isplanned.

Production 

See "Management's Discussion and Analysis" onpage 5 for Partnership production.

Reserves

See "Footnote 8" to the Partnership's financialstatements for information related to the Partnership's oil and gas reserves.

Summaryof Productive Wells

 

     Thetable below shows the number of the Partnership's gross and net wells by areaas of December 31, 2004.

| Location               | Gross | Net        |
|------------------------|-------|------------|
| Rocky Mountain  Region | 19    | 15.58      |
| Michigan Basin         | 12    |  6.56 |
| Total                  | 31    | 22.14      |

     A"productive well" is a well producing, or capable of producing, oiland gas in commercial quantities. For purposes of the above table, a"gross well" is one in which the Partnership has a working interestand a "net well" is a gross well multiplied by the Partnership'sworking interest to which it is entitled under its drilling agreement.

 

Title to Properties

     The Partnership's interestsin producing acreage are in the form of assigned direct interests in leases. Such properties are subject to customary royalty interests generally contractedfor in connection with the acquisition of properties, and could be subject toliens incident to operating agreements, liens for current taxes and otherburdens.  The Partnership believes that none of these burdens materiallyinterfere with the use of such properties in the operation of the Partnership'sbusiness.

     As is customary in the oiland gas industry, little or no investigation of title is made at the time ofacquisition of undeveloped properties (other than a preliminary review of localmineral records).  Investigations are generally made, including in most casesreceiving a title opinion of legal counsel, before commencement of drillingoperations.  A thorough examination of title has been made with respect to allof the Partnership's producing properties and the Partnership believes that ithas generally satisfactory title to such properties.

ITEM 3.  LEGAL PROCEEDINGS.

     The Managing General Partneras driller/operator is not party to any legal action that it believes wouldhave a materially adverse affect the Managing General Partner's orPartnership's business, financial condition, results of operations orliquidity.

4

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     During 2002 the ManagingGeneral Partner proposed an amendment to Article 8.02 of the partnershipagreement to delete the word "independent" from "independentpetroleum engineers". The proposed amendment was submitted to a vote andwas passed.

 

PART II

 

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY ANDRELATED STOCKHOLDER MATTERS.

     At December 31, 2000, PDC2000-C Limited Partnership had one Managing General Partner, 3 Limited Partnerswho fully paid for 1.25 units at $20,000 per unit of limited partnershipinterests and a total of 550 Additional General Partners who fully paid for699.1628 units at $20,000 per unit of additional general partnershipinterests.  During 2001 in accordance with the Partnership Agreement, allAdditional General Partners were converted to limited partners. At December 31, 2003, the Partnership had one Managing General partner and 553 limitedpartners who paid for 700.4128 units at $20,000 per unit. No established publictrading market exists for the interests.

     Limited and additionalgeneral partnership interests are transferable; however no assignee of aninterest in the Partnership can become a substituted partner without thewritten consent of the transferor and the Managing General Partner. There is noestablished trading market for the securities of the Partnership.

ITEM 6.  SELECTED FINANCIAL DATA.

     The selected financial datapresented below has been derived from audited financial statements of thePartnership appearing elsewhere herein.

|                                                                                       | Years Ended  December 31, |
|---------------------------------------------------------------------------------------|---------------------------|
|                                                                                       | 2004                      | 2003 | 2002 |
| Oil and Gas Sales                                                                     | $1,904,062           | $1,997,958  | $1,756,445  |
| Costs and Expenses                                                                    | 1,204,198            | 1,475,031  | 1,925,574  |
| Cumulative effect of change in accounting 

  principle                     | -     | (2,693) | -     |
| Net Income (loss)                                                                     | 700,569              | 521,092  | (167,213) |
| Allocation of Net Income (loss):                                                      |                           |  |  |
|   Managing General Partner                                                  | 140,114              | 104,218  | (33,443) |
|   Limited and Additional 

    General Partners         | 560,455              | 416,874  | (133,770) |
|   Per Limited and Additional 

    General Partner Unit | 800                  | 595  | (191) |
| Total Assets                                                                          | 9,303,900            | 9,881,308  | 10,786,898  |
| Distributions:                                                                        |                           |  |  |
|   Managing General Partner                                                  | 260,232              | 284,831  | 244,460  |
|   Limited and Additional General Partners                                   | 1,040,928            | 1,139,326  | 977,840  |

 

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS.

Liquidity and Capital Resources

     The Partnership was fundedon November 13, 2000 with initial Limited and Additional General Partnercontributions of $14,008,256 and the Managing General Partner's cashcontribution of $3,046,796 in accordance with the Agreement. After payment ofsyndication costs of $1,470,867 and a one-time management fee to the ManagingGeneral Partner of $350,206 the Partnership had available cash of $15,233,979for Partnership activities.

     The Partnership beganexploration and development activities subsequent to the funding of thePartnership and completed these activities by December 31, 2001.  Thirty-one wells have been drilled, all of which haven been completed as producers.  Noadditional wells will be drilled.

     The Partnership had workingcapital at December 31, 2004 of $365,896.

5

     Operations are expected to be conductedwith available funds and revenues generated from oil and gas activities.  Nobank borrowings are anticipated.

Results of Operations

 

2004 Results Compared to 2003 

     Oil and gas sales for the year ended December 31, 2004 were $1,904,062 compared to $1,997,958 for the year ended December 31, 2003.  For the year ended December 31, 2004, the Partnership sold 279,639 Mcfof gas and 11,764 barrels of oil at average sales prices of $5.22 and $37.75,respectively.  This compared with 377,637 Mcf of gas and 16,466 barrels of oilsold at average sales prices of $3.98 and $29.96, respectively for the yearended December 31, 2003. Lifting cost per Mcfe in 2004 amounted to $1.51 ascompared to $1.29 for 2003. This increase is partially attributed to theincrease in severance and property taxes.  The fixed costs of operations andwell maintenance are allocated to lower production volumes, thereforeincreasing the lifting cost per Mcfe.  Depreciation,depletion and amortization decreased from $847,833 for the year ended December 31, 2003 to $662,852 for the year ended December 31, 2004 as a result of lower volumes of natural gas and oil sold.  Cash distributions to the partnersamounted to $1,301,160 in 2004.

 

2003 ResultsCompared to 2002

** **

     Oil and gassales for the year ended December 31, 2003 were $1,997,958 compared to$1,756,445 for the year ended December 31, 2002. For the year ended December 31, 2003, the Partnership sold 377,637 Mcf of gas and 16,466 barrels of oil ataverage prices of $3.98 and $29.96, respectively. This compared with 545,237Mcf of gas and 21,497 barrels of oil at average sales prices of $2.22 and$25.36, respectively for the year ended December 31, 2002. Lifting cost per Mcf in 2003 amounted to $1.29 as compared to $0.94 for 2002. This increaseis partially attributed to the increase in severance and property taxes. Thefixed costs of operations and well maintenance are allocated to lowerproduction volumes, therefore increasing the lifting cost per Mcfe.Depreciation, depletion and amortization decreased from $1,281,060 for the yearended December 31, 2002 to $847,833 for the year ended December 31, 2003 as a result of lower volumes of natural gas and oil sold. Cash distributions to thepartners amounted to $1,424,157 in 2003.

     ThePartnership's revenues from oil and natural gas sales will be affected bychanges in prices. As a result of changes in federal regulations, gas pricesare highly dependent on the balance between supply and demand. ThePartnership's gas sales prices are subject to increase and decrease based onvarious market sensitive indices.

 

Critical Accounting Policies and Estimates

     Certainaccounting policies are very important to the portrayal of the Partnership'sfinancial condition and results of operations and require management's mostsubjective or complex judgments. Inapplying those policies, our management uses its judgment to determine theappropriate assumptions to be used in the determination of certain estimates.Those estimates are based on our historical experience, our observance oftrends in the industry, and information available from other outside sources,as appropriate. For a more detailed discussion on the application of these andother accounting policies, see "Note 1 - Summary of significant accountpolicies" in our financial statements and related notes. The Partnership'scritical accounting policies and estimates are as follows:

Revenue Recognition

Sales of natural gas are recognized whennatural gas has been delivered to a custody transfer point, persuasive evidenceof a sales arrangement exists, the rights and responsibility of ownership passto the purchaser upon delivery, collection of revenue from the sale isreasonably assured and the sales price is fixed or determinable.  Natural gasis sold by the Managing General Partner under contracts with terms ranging fromone month to three years.  Virtually all of the Managing General Partner'scontracts pricing provisions are tied to a market index, with certainadjustments based on, among other factors, whether a well delivers to agathering or transmission line, quality of natural gas and prevailing supplyand demand conditions, so that the price of the natural gas fluctuates toremain competitive with other available natural gas supplies.  As a result, thePartnership's revenues from the sale of natural gas will suffer if marketprices decline and benefit if they increase.  The Managing General Partnerbelieves that the pricing provisions of its natural gas contracts are customaryin the industry.

6

The Managing General Partner currentlyuses the "Net-Back" method of accounting for transportation arrangements ofnatural gas sales.  The Managing General Partner sells gas at the wellhead andcollects a price and recognizes revenues based on the wellhead sales pricesince transportation costs downstream of the wellhead are incurred by theManaging General Partner's customers and reflected in the wellhead price.

Sales of oil are recognized whenpersuasive evidence of a sales arrangement exists, the oil is verified asproduced and is delivered in a stock tank, collection of revenue from the saleis reasonably assured and the sales price is determinable.  The Partnership iscurrently able to sell all the oil that it can produce under existing salescontracts with petroleum refiners and marketers.  The Partnership does notrefine any of its oil production.  The Partnership's crude oil production issold to purchasers at or near the Partnership's wells under short-term purchasecontracts at prices and in accordance with arrangements that are customary inthe oil industry.

Accounting forDerivatives Contracts at Fair Value

     ThePartnership uses derivative instruments to manage its commodity and financialmarket risks. Accounting requirements for derivatives and hedging activitiesare complex; interpretation of these requirements by standard-setting bodies isongoing. 

     Derivativesare reported on the Balance Sheets at fair value. Changes in fair value ofderivatives that are not designated as accounting hedges are recorded inearnings. 

    Themeasurement of fair value is based on actively quoted market prices, ifavailable. Otherwise, the Partnership seeks indicative price information fromexternal sources, including broker quotes and industry publications. If pricinginformation from external sources is not available, measurement involvesjudgment and estimates. These estimates are based on valuation methodologiesconsidered appropriate by the Partnership's management. 

     Forindividual contracts, the use of different assumptions could have a materialeffect on the contract's estimated fair value. In addition, for hedges offorecasted transactions, the Partnership must estimate the expected future cashflows of the forecasted transactions, as well as evaluate the probability ofthe occurrence and timing of such transactions. Changes in conditions or theoccurrence of unforeseen events could affect the timing of recognition inearnings for changes in fair value of certain hedging derivatives.

Use of Estimates inLong-Lived Asset Impairment Testing

Impairmenttesting for long-lived assets and intangible assets with definite lives isrequired when circumstances indicate those assets may be impaired.  Inperforming the impairment test, the Partnership would estimate the future cashflows associated with individual assets or groups of assets.  Impairment mustbe recognized when the undiscounted estimated future cash flows are less thanthe related asset's carrying amount.  In those circumstances, the asset must bewritten down to its fair value, which, in the absence of market priceinformation, may be estimated as the present value of its expected future netcash flows, using an appropriate discount rate.  Although cash flow estimatesused by the Partnership are based on the relevant information available at the timethe estimates are made, estimates of future cash flows are, by nature, highlyuncertain and may vary significantly from actual results.

Oil and Gas Properties 

     Explorationand development costs are accounted for by the successful efforts method.

      The Partnershipassesses impairment of capitalized costs of proved oil and gas properties bycomparing net capitalized costs to undiscounted future cash flows on afield-by-field basis using expected prices. Prices utilized in each year'scalculation for measurement purposes and expected costs are held constantthroughout the estimated life of the properties. If net capitalized costsexceed undiscounted future net cash flow, the measurement of impairment isbased on estimated fair value which would consider future discounted cashflows.

Property acquisitioncosts are capitalized when incurred.  Geological and geophysical costs anddelay rentals are expensed as incurred.  The costs of drilling exploratorywells are capitalized pending determination of whether the wells havediscovered economically producible reserves.  If reserves are not discovered,such costs are expensed as dry holes. Development costs, including equipmentand intangible drilling costs related to both producing wells and developmentaldry holes, are capitalized.

                                                                                        7

Unproved propertiesand leases are written-off to expense when it is determined that they willexpire to be abandoned.

Costs of provedproperties, including leasehold acquisitions, exploration and development costsand equipment, are depreciated and depleted by the unit-of-production methodbased on estimated proved developed oil and gas reserves.

Upon sale orretirement of complete fields of depreciable or depletable property, the bookvalue thereof, less proceeds or salvage value, is credited or charged toincome.  Upon sale of a partial unit of property, the proceeds are credited toaccumulated depreciation and depletion.

New Accounting Standards

     In June 2001, the FinancialAccounting Standard Board issued FASB No. 143, "Accounting for AssetRetirement Obligations" that requires entities to record the fair value ofa liability for an asset retirement obligation in the period in which it isincurred and a corresponding increase in the carrying amount of the relatedlong-lived asset. This statement is effective for fiscal years beginning after June 15, 2002. The Partnership adopted FASB No. 143 on January 1, 2003 and recorded a net asset of $6,191 and a related liability of $8,884 (using a 6% discountrate) and a cumulative effect of change in accounting principle on prior yearsof $2,693.

Item 7A.  Quantitative and QualitativeDisclosure About Market Risk.

Market-Sensitive Instruments and Risk Management

     The Partnership's primarymarket risk exposure is commodity price risk.  This exposure is discussed indetail below:

Commodity Price Risk

The Managing General Partner utilizescommodity-based derivative instruments as hedges to manage a portion of itsexposure to price risk from its oil and natural gas sales.  These instrumentsconsist of natural gas futures contracts and option contracts for CIG-basedcontracts traded by JP Morgan for Colorado production.  These hedgingarrangements have the effect of locking in for specified periods (atpredetermined prices or ranges of prices) the prices the Managing GeneralPartner will receive for the volume to which the hedge relates.  As a result,while these hedging arrangements are structured to reduce Partnership's exposure to changes in price associated with thehedged commodity, they also limit the benefit the Partnership might otherwisehave received from price changes associated with the hedged commodity.  The Partnership'spolicy prohibits the use of natural gas future and option contracts forspeculative purposes.

     The following tables summarize the open futuresand options contracts for the Partnership as of December 31, 2004 and 2003.

| Commodity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Type     | Quantity    | Weighted | Total                     | Fair         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|-------------|----------|---------------------------|--------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |          | Gas-Mmbtu   | Average  | Contract                  | Market       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |     | Oil-Barrels | Price    | Amount                    | Value        |
| Total Contracts as of December 31, 2004                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Natural  Gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Purchase | 1,170       | 6.63     | 7,762                     | (445)        |
|  Natural  Gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Floors   | 95,863      | 4.21     | -     | 15,911  |
| Natural  Gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Ceilings | 47,932      | 5.33     | -     | (38,829)     |
| Oil                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Floors   | 4,977       | 32.30    | 160,754                   | 4,240   |
| Oil                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Ceilings | 2,488       | 40.00    | 99,538                    | (13,460)     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |          |             |          |                           |              |
| Contracts maturing in 12 months following December 31, 2004                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Natural  Gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Purchase | 1,170       | 6.63     | 7,762                     | (445)        |
|  Natural  Gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Floors   | 95,863      | 4.21     | -     | 15,911  |
| Natural  Gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Ceilings | 47,932      | 5.33     | -     | (38,829)     |
| Oil                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Floors   | 4,977       | 32.30    | 160,754                   | 4,240   |
| Oil                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Ceilings | 2,488       | 40.00    | 99,538                    | (13,460)     |
|                                                                                              8

Prior Year Total Contracts as of December 31, 2003 |
| Natural  Gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Sale     | 1,299       | 5.40     | 7,017                     | (973)        |
| Natural  Gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Purchase | 1,114       | 4.77     | 5,313                     | 739     |
| Natural  Gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Floors   | 85,621      | 3.48     | -     | 224     |
| Natural  Gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Ceilings | 81,722      | 4.99     | -     | (3,993)      |

                    

 The maximum term over which the Partnership is hedgingexposure to the variability of cash flows for commodity price risk is 12months. 

Disclosure of Limitations

     As the information aboveincorporates only those exposures that exist at December 31, 2004, it does not consider those exposures or positions which could arise after that date. As aresult, the Partnership's ultimate realized gain or loss with respect tocommodity price fluctuations will depend on the exposures that arise during theperiod, the Partnership's hedging strategies at the time and commodity pricesat the time.

PART III

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA:

      The response to thisItem is set forth herein in a separate section of this Report, beginning onPage F-1.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ONACCOUNTING AND

         FINANCIALDISCLOSURE.

         NONE.

ITEM 9A. CONTROLS AND PROCEDURES

     Underthe supervision and with the participation of the Managing General Partner'smanagement, including the Managing General Partner's Chief Executive Officerand Chief Financial Officer, the Managing General Partner has evaluated theeffectiveness of the design and operation of its disclosure controls andprocedures (as defined in Exchange Act Rule 13a-14(c)) as of the end of theperiod covered by this annual report on Form 10-K, and, based on theirevaluation, the Chief Executive Officer and Chief Financial Officer haveconcluded that these disclosure controls and procedures are effective in allmaterial respects, including those to ensure that information required to bedisclosed in reports filed or submitted under the Securities Exchange Act isrecorded, processed, summarized, and reported, within the time periodsspecified in the Commission's rules and forms, and is accumulated andcommunicated to management, including the Managing General Partner's ChiefExecutive Officer and Chief Financial Officer, as appropriate to allow fortimely disclosure. There have been no significant changes in our internalcontrols or in other factors that could significantly affect these controls inthe fourth quarter and subsequent to the date of their evaluation.

ITEM  9B.  OTHER INFORMATION

           

           NONE                                                                                                                     

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THEREGISTRANT.

     The Partnership has no directorsor executive officers.  The Partnership is managed by Petroleum DevelopmentCorporation (the Managing General Partner).  Petroleum DevelopmentCorporation's common stock is traded in the NASDAQ National Market and Form10-K for 2004 has been filed with the Securities and Exchange Commission.  

 

      Although the Partnership has no Code of Ethics,Petroleum Development Corporation, the Managing General Partner of thePartnership, has a Code of Ethics that applies to its senior executiveofficers.  The Code of Ethics is posted on the website of Petroleum DevelopmentCorporation at www.petd.com.

ITEM 11.  EXECUTIVE COMPENSATION.

         NON-APPLICABLE.

                                                                                  9

 

 

 

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIALOWNERS, MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

         NON-APPLICABLE.

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

      Pursuant to theauthorization contained in the Limited Partnership Agreement, PDC receives feesfor services rendered and reimbursement of certain expenses from thePartnership.  See respective drilling prospectus for further informationregarding the Limited Partnership Agreement. The following table presentscompensation or reimbursements by the Partnership to PDC or other relatedparties during the years ended December 31, 2004, 2003 and 2002. 

|                            | 2004                           | 2003                          | 2002          |
|----------------------------|--------------------------------|-------------------------------|---------------|
| Tax return preparation     | $   5,105  |    5,105  | 6,490    |
| Direct administrative cost | 1,709                     | 4,277                    | 1,381    |
| Lifting costs              | 530,060                   | 613,491                  | 630,928  |

                

ITEM 14.  PRINCIPAL ACCOUNTANT FEES ANDSERVICES

     For the years endedDecember 31, 2004 and 2003, the Partnership paid KPMG LLP $3,906 and $3,792,respectively, for professional services for the audit of the Partnership'sfinancial statements in its Form 10-K and review of financial statementsincluded in the Partnership's Form 10-Qs.

Pre-Approval Policies and Procedures

 

     The Sarbanes-Oxley Act of2002 requires that all services provided to the Partnership by its independentaccountants be subject to pre-approval by the Audit Committee or authorizedmembers of the Committee. Since the Partnership does not have an AuditCommittee, the Managing General Partner's Audit Committee also serves for thePartnership.  The Audit Committee has adopted policies and procedures forpre-approval of all audit services and non-audit services to be provided by thePartnership's independent accountants. Services necessary to conduct the annualaudit must be pre-approved by the Audit Committee or by an authorized AuditCommittee member. 

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

                (1)         Financial Statements

                             See Index to FinancialStatements on F-2

                (2)         Financial Statement Schedules

                             SeeIndex to Financial Statements on page F-2.  All financial statement schedulesare omitted because they are not required, inapplicable, or the information isincluded in the Financial Statements or Notes thereto.

                (3)         Exhibits

| 4.1 | Form  of Limited Partnership Agreement (incorporated by reference to Appendix A to  Form S-1, SEC File No. 333-41977, and Rule 424 final prospectus, dated June 8 2000  , of PDC 2000 Drilling Program, filed with the SEC on June 12, 2000). |  
14

Code  of Ethics of Petroleum Development Corporation (incorporated by reference to  the posted code on the web site of Petroleum Development Corporation at www.petd.com).

 
                    10

 
31.1

Rule  13a-14(a)/15d-14(c) Certification of Chief Executive Officer of Petroleum  Development Corporation, the managing general partner of the Limited  Partnership.

 
 
31.2

Rule  13a-14(a)/15d-14(c) Certification of Chief Financial Officer of Petroleum  Development Corporation, the managing general partner of the Limited  Partnership.

 
32.1

Title 18  U.S.C. Section 1350 (Section 906 of Sarbanes-Oxley Act of 2002)  Certifications by Chief Executive Officer and Chief Financial Officer of  Petroleum Development Corporation, the managing general partner of the  Limited Partnership.

11

CONFORMED COPY

SIGNATURES

     Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, theRegistrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

PDC 2000-C Limited Partnership

By its Managing General Partner                                                                   Petroleum  Development

Corporation

By /s/ Steven R. Williams      

   Steven R. Williams, Chairman

April 19, 2005

     Pursuant to therequirements of the Securities Exchange Act of 1934, this report has beensigned below by the following persons on behalf of the Registrant and in thecapacities and on the dates indicated:

Signature

Title

Date

/s/ Steven R. Williams

    Steven R. Williams

Chairman, Chief Executive Officer and

 Director 

April 19, 2005

/s/ Darwin L. Stump 

    Darwin L. Stump

Chief Financial Officer and Treasurer

(principal financial and accounting officer)

April 19, 2005

 

/s/ Thomas E. Riley 

    Thomas E. Riley

President and Director

April 19, 2005

/s/ Donald B. Nestor

    Donald B. Nestor

Director

April 19, 2005

/s/ Vincent F. D'Annunzio

    Vincent F. D'Annunzio

Director

April 19, 2005

12

PDC 2000-C LIMITEDPARTNERSHIP

(A West VirginiaLimited Partnership)

Financial Statementsfor Annual Report

on Form 10-K toSecurities and Exchange

Commission

Years Ended December 31, 2004, 2003 and 2002

(With Independent RegisteredPublic Accounting Firm's Report Thereon)

F-1

PDC 2000-C LIMITEDPARTNERSHIP

(A West VirginiaLimited Partnership)

Index to FinancialStatements

Report of Independent Registered Public Accounting Firm

F-3

Balance Sheets - December 31, 2004 and 2003 

F-4

Statements of Operations - Years Ended December 31, 2004, 2003 and 2002

F-5

Statements of Partners' Equity and Comprehensive Income  (Loss) - 

 Years Ended December 31, 2004, 2003 and 2002

F-6

Statements of Cash Flows - Years Ended December 31, 2004, 2003, and 2002

F-7

Notes to Financial Statements

F-8

All financial statement schedules have been omittedbecause they are not applicable or not required or the required information isshown in the financial statements or notes thereto.

F-2

Reportof Independent Registered Public Accounting Firm

To the Partners

PDC 2000-CLimited Partnership:

Wehave audited the accompanying balance sheets of PDC 2000-C Limited Partnership(a West Virginia limited partnership) as of December 31, 2004 and 2003, and the related statements of operations, partners' equity and comprehensiveincome (loss), and cash flows for each of the years in the three-year periodended December 31, 2004. These financial statements are the responsibility ofthe Partnership's management. Our responsibility is to express an opinion onthese financial statements based on our audits.

Weconducted our audits in accordance with the standards of the Public CompanyAccounting Oversight Board (United States).  Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement.  An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements.  An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation.  We believe that ouraudits provide a reasonable basis for our opinion.

Inour opinion, the financial statements referred to above present fairly, in allmaterial respects, the financial position of PDC 2000-C Limited Partnership asof December 31, 2004 and 2003, and the results of its operations and its cashflows for each of the years in the three-year period ended December 31, 2004,in conformity with U.S. generally accepted accounting principles.

Asdiscussed in note 1 to the financial statements, the Partnership adopted theprovisions of Statement of Financial Accounting Standards No. 143, "Accountingfor Asset Retirement Obligations", in 2003.

                                                                                                                                                                                        

                                                                                                                                                                    KPMGLLP

Pittsburgh, Pennsylvania 

April 19 2005

F-3

PDC 2000-C LIMITEDPARTNERSHIP

(A West VirginiaLimited Partnership)

Balance Sheets

December 31, 2004 and 2003

     Assets

2004

2003

Current assets:

     Cash

$2,264

  1,717 

     Accounts  receivable - oil and gas  revenues

431,309

   346,412 

          Total  current assets

433,573

348,129 

Oil and gas  properties, successful

      efforts  method (notes 3 and 6):

       Oil  and gas properties

13,270,840

13,270,840 

       Less  accumulated depreciation, 

        depletion, and  amortization

4,400,513

   3,737,661 

8,870,327

 9,533,179 

$9,303,900

 9,881,308 

     Liabilities  and Partners' Equity

Current  liabilities:

     Accrued  expenses

$67,676

   16,479 

          Total  current liabilities

67,676

16,479 

     Asset  retirement obligation

9,983

    9,417 

Partners' equity

9,226,241

 9,855,412 

$9,303,900

 9,881,308 

See accompanying notes to financial statements.

F-4

PDC 2000-C LIMITEDPARTNERSHIP

(A West VirginiaLimited Partnership)

Statements ofOperations

Years Ended December 31, 2004, 2003 and 2002 

              2004  

    2003    

    2002    

 
 
Revenues:

     Sales of oil and gas

$1,904,062

1,997,958 

1,756,445 

 
     Interest income

          705

           858 

        1,916 

 
1,904,767

1,998,816 

1,758,361 

 
Expenses (note 3):

 
 
     Lifting cost

530,060

613,491 

630,928 

 
     Independent audit fee

3,906

3,792 

3,682 

 
     Tax return preparation

5,105

5,105 

6,490 

 
     Direct administrative  cost

2,275

4,810 

1,381 

 
     Independent engineering cost

-    

-    

2,033 

 
     Depreciation, depletion  and amortization

   662,852

   847,833 

 1,281,060 

 
1,204,198

 1,475,031 

 1,925,574 

 
 
    Income (loss) before cumulative  effect of 

   change in accounting principle

700,569

    523,785 

    (167,213)

 
 

 

 

 
    Cumulative effect of change in accounting  

       principle

-        

      (2,693)

         -    

 
 
Net income (loss)

    700,569

521,092 

(167,213)

 
 
Net income (loss)  per limited and additional 

    general  partner unit before cumulative effect of 

    change  in accounting principle

800  

  598 

  (191)

 
Cumulative effect  of change in accounting 

     principle

 

       -    

             (3)

         -    

 
 
Net income (loss)  per limited 

    and  additional general partner unit

$         800

       595 

      (191)

 
 
    See accompanyingnotes to financial statements.

F-5

PDC 2000-C LIMITED PARTNERSHIP

(A West VirginiaLimited Partnership)

Statements ofPartners' Equity and Comprehensive Income (Loss)

Years Ended December 31, 2004, 2003 and 2002

Limited and  additional

General Partners

Managing

General

Partner

Accumulated

Other

Comprehensive
Income  (Loss)
 

   Total 

Balance December 31, 2001

 $9,721,592 

2,430,401 

     -    

 12,151,993 

 
 
Distributions to  partners

(977,840)

(244,460)

(1,222,300)

 
 
Comprehensive  loss:

 

 

 

 
 Net loss

(133,770)

(33,443)

 

(167,213)

 
Change in fair  value of outstanding 

 hedging  positions

 

       2,741 

 

 
Reclassification  adjustment for settled 

 contracts  included in net income (loss)

 

       -    

 

 
Other  comprehensive income

 

2,741 

     2,741 

 
Comprehensive loss

           

          

          

  (164,472)

 
 

 

 

 
Balance December 31, 2002

 8,609,982 

2,152,498 

    2,741 

 10,765,221 

 
 

 

 

 

 
Distributions to  partners

(1,139,326)

(284,831)

(1,424,157)

 
 
Comprehensive income:

 

 

 

 
 Net income

416,874 

104,218 

 

521,092 

 
Change in fair  value of outstanding 

 hedging  positions

 

      (3,497)

 

 
Reclassification  adjustment for settled 

 contracts  included in net income (loss)

 

     (3,247)

 

 
Other  comprehensive loss

 

(6,744)

    (6,744)

 
Comprehensive  income

           

          

                

   514,348 

 
 

 

 

 
Balance December 31, 2003

$7,887,530 

1,971,885 

   (4,003)

 9,855,412 

 
 
Distributions to  partners

(1,040,928)

(260,232)

(1,301,160)

 
 
Comprehensive income:

 
 Net income

560,455

140,114

-    

700,569

 
Change in fair  value of outstanding 

 hedging  positions

 

      (70,219)

 
Reclassification  adjustment for settled 

 contracts  included in net income (loss)

 

      41,639 

 
Other  comprehensive loss

(28,580)

(28,580)

 
Comprehensive  income

_______

_________

________

671,989

 
 
Balance December 31,2004

$7,407,057

1,851,767

(32,583)

9,226,241

 
See accompanyingnotes to financial statements.

F-6

PDC 2000-C LIMITEDPARTNERSHIP

(A West VirginiaLimited Partnership)

Statements of CashFlows

Years Ended December 31, 2004, 2003 and 2002

    2004

       2003

2002

Cash flows from operating activities:

    Net income  (loss)

$700,569 

521,092 

(167,213)

    Adjustments  to reconcile net income (loss)

     to net  cash provided from  operating activities:

      Depreciation,  depletion and amortization

662,852 

847,833 

1,281,060 

      Cumulative  effect of change in accounting principle

- 

2,693 

-    

      Accretion  of asset retirement obligation

566 

533 

-    

      Changes  in operating assets and liabilities:

        (Increase) decrease in accounts 

        receivable  - oil and gas revenues

(64,970)

  42,719 

  96,781 

       Increase  (decrease) in accrued expenses

2,690 

     1,183 

      (191)

 

 

 

       Net  cash provided from operating activities

1,301,707 

1,416,053 

1,210,437 

Cash flows used by financing  activities:

     Distributions  to partners

(1,301,160)

(1,424,157)

(1,222,300)

       Net  cash used by financing activities

1,301,160 

(1,424,157)

(1,222,300)

 

 

 

Net increase (decrease) in cash

547 

(8,104)

(11,863)

Cash at beginning of year

      1,717 

     9,821 

    21,684 

Cash at end of year

$     2,264 

     1,717 

     9,821 

See accompanyingnotes to financial statements.

F-7

PDC 2000-C LIMITEDPARTNERSHIP

(A West VirginiaLimited Partnership)

Notes to FinancialStatements

December 31, 2004, 2003 and 2002

(1) Summary of Significant Accounting Policies

    Partnership FinancialStatement Presentation Basis

The financialstatements include only those assets, liabilities and results of operations ofthe partners which relate to the business of PDC 2000-C Limited Partnership(the Partnership). The statements do not include any assets, liabilities,revenues or expenses attributable to any of the partners' other activities. PetroleumDevelopment Corporation ("PDC") serves as Managing General Partner ofthe Partnership.

Oil and GasProperties

The Partnershipfollows the successful efforts method of accounting for the cost of exploringfor and developing oil and gas reserves. Under this method, costs ofdevelopment wells, including equipment and intangible drilling costs related toboth producing wells and developmental dry holes, and successful exploratorywells are capitalized and amortized on an annual basis to operations by theunits-of-production method using estimated proved developed reserves determinedat December 31, 2004, 2003 and 2002 by the Managing General Partner's petroleumengineers.  If a determination is made that an exploratory well has notdiscovered economically producible reserves, then its costs are expensed as dryhole costs.  

The Partnershipassesses impairment of capitalized costs of proved oil and gas properties bycomparing net capitalized costs to undiscounted future net cash flows on afield-by-field basis using expected prices. Prices utilized in each year'scalculation for measurement purposes and expected costs are held constantthroughout the estimated life of the properties. If net capitalized costsexceed undiscounted future net cash flow, the measurement of impairment isbased on estimated fair value which would consider future discounted cashflows.

Revenue Recognition

Sales of natural gas are recognized whennatural gas has been delivered to a custody transfer point, persuasive evidenceof a sales arrangement exists, the rights and responsibility of ownership passto the purchaser upon delivery, collection of revenue from the sale is reasonablyassured and the sales price is fixed or determinable.  Natural gas is sold bythe Managing General Partner under contracts with terms ranging from one monthto three years.  Virtually all of the Managing General Partner's contractspricing provisions are tied to a market index, with certain adjustments basedon, among other factors, whether a well delivers to a gathering or transmissionline, quality of natural gas and prevailing supply and demand conditions, sothat the price of the natural gas fluctuates to remain competitive with otheravailable natural gas supplies.  As a result, the Partnership's revenues fromthe sale of natural gas will suffer if market prices decline and benefit ifthey increase.  The Managing General Partner believes that the pricingprovisions of its natural gas contracts are customary in the industry.

The Managing General Partner currentlyuses the "Net-Back" method of accounting for transportation arrangements ofnatural gas sales.  The Managing General Partner sells gas at the wellhead andcollects a price and recognizes revenues based on the wellhead sales pricesince transportation costs downstream of the wellhead are incurred by theManaging General Partner's customers and reflected in the wellhead price.

Sales of oil are recognized whenpersuasive evidence of a sales arrangement exists, the oil is verified asproduced and is delivered in a stock tank, collection of revenue from the saleis reasonably assured and the sales price is determinable.  The Partnership iscurrently able to sell all the oil that it can produce under existing salescontracts with petroleum refiners and marketers.  The Partnership does notrefine any of its oil 

                                                                           F-8

PDC 2000-C LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Notes to Financial Statements

production.  The Partnership's crude oilproduction is sold to purchasers at or near the Partnership's wells undershort-term purchase contracts at prices and in accordance with arrangementsthat are customary in the oil industry.

The Partnership soldoil and natural gas to several entities of which three customers accounted for27.5%, 26.6%, and 21.7% of the Partnership's total oil and natural gas salesfor the year ended December 31, 2004 and 31.7%, 23.2% and 18.2% for 2003 and35.3%, 21.5% and 11.8% for the year ended December 31, 2002, respectively.

Income Taxes

Since the taxableincome or loss of the Partnership is reported in the separate tax returns ofthe partners, no provision has been made for income taxes on the Partnership'sbooks.

Under federal incometax laws, regulations and administrative rulings, certain types of transactionsmay be accorded varying interpretations. Accordingly, the Partnership's taxreturn and, consequently, individual tax returns of the partners may be changedto conform to the tax treatment resulting from a review by the Internal RevenueService.

Derivative FinancialInstruments

The Managing GeneralPartner utilizes commodity based derivative instruments as hedges to manage aportion of the Partnership's exposure to price volatility stemming from naturalgas production. These instruments consist of costless collars and optioncontracts traded on the New York Mercantile Exchange and on the CIG (ColoradoInterstate Gas Index).  The costless collars and option contracts hedgecommitted and anticipated natural gas sales generally forecasted to occurwithin a 24 month period. The Partnership does not hold or issue derivatives fortrading or speculative purposes. 

All derivatives arerecognized on the Partnership's balance sheet at their fair value.  On the datethe derivative contract is entered into, the Managing General Partnerdesignates the derivative as either a hedge of a forecasted transaction or thevariability of cash flows to be received or paid related to a recognized assetor liability ("cash flow" hedge), or a non-hedging derivative. The ManagingGeneral Partner formally documents all relationships between hedging instrumentsand hedged items, as well as its risk-management objective and strategy forundertaking various hedge transactions.  This process includes linking allderivatives that are designated as cash-flow hedges to specific firmcommitments.  The Managing General Partner also formally assesses, both at thehedge's inception and on an ongoing basis, whether the derivatives that areused in hedging transactions are highly effective in offsetting changes in cashflows of hedged items. When it is determined that a derivative is not highlyeffective as a hedge or that it has ceased to be a highly effective hedge, thePartnership discontinues hedge accounting prospectively.  No hedging activitieswere discontinued during 2004 or 2003.

Changes in fairvalue of a derivative that is highly effective and that is designated andqualifies as a cash-flow hedge are recorded in accumulated other comprehensiveincome (loss), until earnings are affected by the variability in cash flows ofthe designated hedged item. Changes in the fair value of non-hedgingderivatives are reported in current-period earnings. The Managing GeneralPartner discontinues hedge accounting prospectively when it is determined thatthe derivative is no longer effective in offsetting changes in the cash flowsof the hedged item, the derivative expires or is sold, terminated, orexercised.  Additionally, if the derivative is designated as a hedginginstrument, because it is probable that a forecasted transaction will notoccur, or the Managing General Partner determines that designation of thederivative as a hedging instrument is no longer appropriate, hedge accountingwill be discontinued.

F-9

                                    

                                                             PDC 2000-C LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Notes to Financial Statements

By using derivative financial instruments to hedge exposuresto changes in commodity prices, the Managing General Partner exposes thePartnership to credit risk. Credit risk is the failure of the counterparty toperform under the terms of the derivative contract. When the fair value of aderivative contract is positive, the counterparty owes the Partnership, whichcreates credit risk. The Managing General Partner minimizes the credit risk inderivative instruments by entering into transactions with high-qualitycounterparties.

Use of Estimates

The Partnership hasmade a number of estimates and assumptions relating to the reporting of assetsand liabilities and revenues and expenses and the disclosure of contingentassets and liabilities to prepare these financial statements in conformity withaccounting principles generally accepted in the United States of America. Actual results could differ from those estimates. Estimates which areparticularly significant to the financial statements include estimates of oiland gas reserves and future cash flows from oil and gas properties which areused in assessing impairment of long-lived assets.

New AccountingStandards

In June 2001, theFinancial Accounting Standard Board issued FASB No. 143, "Accounting forAsset Retirement Obligations" that requires entities to record the fairvalue of a liability for an asset retirement obligation in the period in whichit is incurred and a corresponding increase in the carrying amount of therelated long-lived asset. This statement is effective for fiscal yearsbeginning after June 15, 2002. The Partnership adopted FASB No. 143 on January 1, 2003 and recorded a net asset of $6,191 and a related liability of $8,884(using a 6% discount rate) and a cumulative effect on change in accountingprinciple on prior years of $2,693.

(2)  Organization

     ThePartnership was organized as a limited partnership on November 13, 2000, in accordance with the laws of the State of West Virginia for the purpose ofengaging in the drilling, completion and operation of oil and gas developmentand exploratory wells in the Rocky Mountain Region and the Michigan basin.

     Purchasersof partnership units subscribed to and fully paid for 1.25 units of limitedpartner interests and 699.1628 units of additional general partner interests at$20,000 per unit (Investor Partners).  Petroleum Development Corporation hasbeen designated the Managing General Partner of the Partnership. Althoughcosts, revenues and cash distributions allocable to the limited and additionalgeneral partners are shared pro rata based upon the amount of theirsubscriptions, including the Managing General Partner to the extent of itscapital contributions, there are significant differences in the federal incometax effects and liability associated with these different types of units in thePartnership.

     Uponcompletion of the drilling phase of the Partnership's wells, all additionalgeneral partners units are converted into units of limited partner interestsand thereafter become limited partners of the Partnership.  Limited partners donot have any rights to convert their units into units of additional generalpartner interests in the Partnership.

Inaccordance with the terms of the Limited Partnership Agreement (the Agreement),the Managing General Partner manages all activities of the Partnership and actsas the intermediary for substantially all Partnership transactions.

F-10

PDC 2000-C LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Notes to Financial Statements

     

(3)  Transactionswith Managing General Partner and Affiliates

     Pursuantto the authorization contained in the Agreement, PDC receives fees for servicesrendered and reimbursement of certain expenses from the Partnership.  Seerespective drilling prospectus for further information regarding the Agreement.The following table presents compensation or reimbursements by the Partnershipto PDC or other related parties for years ended December 31, 2004, 2003 and 2002.

     2004

     2003

          2002

Lifting Costs

$530,060

613,491 

630,928 

Tax return preparation

5,105

5,105 

6,490 

Direct administrative cost

1,709

4,277 

1,381 

(4)  Allocation

     Thetable below summarizes the participation of the Managing General Partner andthe Investor Partners, taking account of the Managing General Partner's capitalcontribution equal to a minimum of 20% of the initial capital, in the costs andrevenues of the Partnership.

  Partnership Costs

  Investor

Partners(5)(6)

Managing

General

Partner(5)(6)

Broker-dealer  Commissions and Expenses(1)

100%

0%

Management Fee(2)

100%

0%

Lease Costs

0%

100%

Tangible Well  Costs

0%

100%

Intangible  Drilling and Development Costs

100%

0%

Total Drilling and  Completion Costs

80%

20%

Operating Costs(3)

80%

20%

Direct Costs(4)

80%

20%

Administrative  Costs

0%

100%

Partnership  Revenues

Sale of Oil and Gas  Production

80%

20%

Sale of Productive  Properties

80%

20%

Sale of Equipment 

0%

100%

Sale of Undeveloped Leases.  

80%

20%

Interest Income

80%

20%

___________________

     (1) Organizationand offering costs, net of the dealer manager commissions, discounts, duediligence expenses, and wholesaling fees of the Partnership were paid by theManaging General Partner and not from Partnership funds.  In addition,organization and offering costs in excess of 10-1/2% of Subscriptions, if any,were paid by the Managing General Partner, without recourse to the Partnership.

     (2) Representsa one-time fee paid to the Managing General Partner on the day the Partnershipis funded equal to 2-1/2% of total investor subscriptions.

(3) RepresentsOperating costs incurred after the completion of productive wells, includingmonthly per-well charges paid to the Managing General Partner.

                                                                              F-11

PDC 2000-C LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

                                                                        Notes to Financial Statements

     

     (4) TheManaging General Partner receives monthly reimbursement from the Partnershipfor its direct costs incurred by the Managing General Partner on behalf of thePartnership.

     (5) Tothe extent that Investor Partners receive preferred cash distributions, theallocations for Investor Partners will be increased accordingly and theallocation for the Managing General Partner will likewise be decreased.

(6) Theallocation of profits, losses and cash distributions of the Managing GeneralPartner might be increased, and the allocation of profits, losses, and cashdistributions of the Investor Partners might be decreased in the event that theManaging General Partner were to invest more than the Managing GeneralPartner's minimum required Capital Contribution to cover tangible equipment andlease costs. The Managing General Partner will pay for the Partnership's shareof all Leases and tangible well equipment. The entire Capital Contribution ofthe Investor Partners, after payment of brokerage commissions, due diligencereimbursement, and the Management 

Fee, was utilized topay for intangible drilling costs. In the event that the Intangible DrillingCosts exceed the funds of the Investor Partners available for payment ofIntangible Drilling Costs (herein "excess IDC"), a portion of theCapital Contribution of the Managing General Partner may be used to pay suchexcess IDC.  If the cost of Leases and tangible well equipment were to exceedthe Managing General Partner's Capital Contribution of 21-3/4% of the aggregateCapital Contribution of the Investor Partners, then the Managing GeneralPartner will increase its Capital Contribution to fund such additional capitalrequirements and the Managing General Partner's allocation of profits, losses,and cash distributions will be increased to equal the percentage arrived at bydividing the Capital Contribution made by the Managing General Partner by theCapital Available for Investment; the allocation of the Investor Partners willbe decreased accordingly.

     (7) Inaccordance with the repurchase provision of the partnership prospectus, PDC mayrepurchase units from the investor partners which is entirely voluntary on thepart of the partners. During 2004 PDC purchased .25 units of partnershipinterest for a total ownership of one (1) unit as of December 31, 2004, which represents a .15% ownership of the original Investor Partners share of thelimited and additional general partnership units. Therefore, costs and revenuesand distributions for these purchased units are allocated to PDC in accordancewith the Investor Partners allocation percentages disclosed in this table.

(5)  Derivative Financial Instruments

The Managing General Partner utilizescommodity-based derivative instruments as hedges to manage a portion of itsexposure to price risk from its oil and natural gas sales and marketingactivities.  These instruments consist of natural gas futures contracts andoption contracts for CIG-based contracts traded by JP Morgan for Colorado production.  These hedging arrangements have the effect of locking in forspecified periods (at predetermined prices or ranges of prices) the prices theManaging General Partner will receive for the volume to which the hedgerelates.  As a result, while these hedging arrangements are structured toreduce Partnership's exposure to changes inprice associated with the hedged commodity, they also limit the benefit thePartnership might otherwise have received from price changes associated withthe hedged commodity.  The Partnership's policy prohibits the use of naturalgas future and option contracts for speculative purposes.

     The following tables summarize the open futuresand options contracts for the Partnership as of December 31, 2004 and 2003.

    F-12

PDC 2000-C LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

                                                                                 Notes to Financial Statements

Commodity

Type

Quantity

Weighted  

Total

Fair

Gas-Mmbtu

Average

Contract

Market

 

 

Oil-Barrels

Price

Amount

Value

Total Contracts as of December 31, 2004

Natural  Gas

Purchase

1,170

6.63

7,762

(445)

 Natural  Gas

Floors

95,863

4.21

-    

15,911 

Natural  Gas

Ceilings

47,932

5.33

-    

(38,829)

Oil

Floors  

4,977

32.30

160,754

4,240 

Oil

Ceilings

2,488

40.00

99,538

(13,460)

Contracts maturing in 12 months following December 31, 2004 

Natural  Gas

Purchase

1,170

6.63

7,762

(445)

 Natural  Gas

Floors

95,863

4.21

-    

15,911 

Natural  Gas

Ceilings

47,932

5.33

-    

(38,829)

Oil

Floors  

4,977

32.30

160,754

4,240 

Oil

Ceilings

2,488

40.00

99,538

(13,460)

Prior Year Total Contracts as of December 31, 2003

Natural  Gas

Sale

1,299

5.40

7,017

(973)

Natural  Gas

Purchase

1,114

4.77

5,313

739 

Natural  Gas

Floors

85,621

3.48

-    

224 

Natural  Gas

Ceilings

81,722

4.99

-    

(3,993)

                    

 Themaximum term over which the Partnership is hedging exposure to the variabilityof cash flows for commodity price risk is 24 months. 

(6)  CostsRelating to Oil and Gas Activities

ThePartnership is engaged solely in oil and gas activities, all of which arelocated in the continental United States.  Information regarding aggregatecapitalized costs and results of operations for these activities is located inthe basic financial statements.  Costs capitalized for these activities are asfollows:

        December  31,         

 
 
2004

2003

2002

 
Lease acquisition costs

$321,700 

$321,700 

$321,700 

 
 
Intangible development costs

12,187,183 

12,187,183 

12,187,183 

 
 
Well equipment

2,725,096 

2,725,096 

2,725,096 

 
 
Impairment charge

(1,971,046)

(1,971,046)

(1,971,046)

 
 
Capitalized asset retirement

 cost

       7,907 

       7,907 

             -    

 
 
$13,270,840 

$13,270,840 

$13,262,933 

 
There were no costs incurred for thePartnership's oil and gas activities for the years ended December 31, 2004, 2003 and 2002.

    F-13

PDC 2000-C LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

                                                                                Notes to Financial Statements

(7)  IncomeTaxes

     Asa result of the differences in the treatment of certain items for income taxpurposes as opposed to financial reporting purposes, primarily depreciation,depletion and amortization of oil and gas properties and the recognition ofintangible drilling costs as an expense or capital item, the income tax basisof oil and gas properties differs from the basis used for financial reportingpurposes. At December 31, 2004 and 2003, the income tax basis of thepartnership's oil and gas properties was $1,181,848 and $1,520,863,respectively.

 (8)  SupplementalReserve Information (unaudited)

 

Provedoil and gas reserves of the Partnership have been estimated by the ManagingGeneral Partner's petroleum engineers. These reserves have been prepared incompliance with the Securities and Exchange Commission rules based on year-endprices. A copy of the reserve report has been made available to all partners. All of the partnership's reserves are proved developed. An analysis of thechange in estimated quantities of proved developed oil and gas reserves isshown below:

Oil  (BBL)

2004

2003

2002

Proved developed reserves:

    Beginning of year

185,000 

174,000   

173,000   

Revisions  of previous estimates

(20,000)  

27,000 

22,000 

New Discoveries and extensions

        Michigan Basin

-    

-    

-    

        Rocky Mountain Region

-    

-    

-

    Production

(12,000)

(16,000)

(21,000)

    End of year

153,000 

185,000 

174,000 

Gas  (MCF)

2004

2003

2002

Proved developed reserves:

 

 

 

    Beginning of year

4,724,000  

5,024,000 

5,255,000   

Revisions of previous estimates

(247,000 )

78,000 

314,000 

   New Discoveries and extensions

       Michigan Basin

-    

-    

-    

       Rocky Mountain Region

-    

-    

-

    Production

(280,000) 

(378,000)

(545,000)

    End of year

4,197,000  

4,724,000 

5,024,000 

 
(9)  StandardizedMeasure of Discounted Future Net Cash Flows and Changes Therein Relating toProved Oil

        and Gas Reserves(Unaudited)

Summarized in the followingtable is information for the Partnership with respect to the standardizedmeasure of discounted future net cash flows relating to proved oil and gasreserves.  Future cash inflows are computed by applying year-end prices of oiland gas relating to the Partnership proved reserves to the year-end quantitiesof those reserves.  Future production, development, site restoration andabandonment costs are derived based on current costs assuming continuation ofexisting economic conditions. 

   F-14

PDC 2000-C LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

                                                                                   Notes to Financial Statements

As of  December 31,

2004

2003

2002

Future estimated revenues

$32,247,000 

31,292,000 

23,186,000 

Future estimated production costs

(10,008,000)

(8,315,000)

(6,223,000)

Future estimated development costs

(1,143,000)

(1,143,000)

(1,069,000)

   Future net cash flows

21,096,000 

21,834,000 

15,894,000 

10% annual discount for estimated timing of cash flows

(10,175,000)

(11,116,000)

(7,939,000)

Standardized measure of discounted future

   estimated net cash flows

$10,921,000

10,718,000 

7,955,000 

The followingtable summarizes the principal sources of change in the standardized measure ofdiscounted future estimated net cash flows:

Years  Ended December 31,

2004

2003

2002

Sales of oil and gas production, net of  production costs

$(1,374,000)

(1,384,000)

(1,126,000)

Net changes in prices and production costs

2,005,000 

6,559,000 

7,876,000 

Extensions, discoveries, and improved  recovery,

   less related cost

-    

-    

-    

Revisions of previous quantity estimates

(1,369,000)

765,000 

678,000 

Accretion of discount

941,000 

(3,177,000)

(3,879,000)

$203,000 

2,763,000 

3,549,000 

It isnecessary to emphasize that the data presented should not be viewed asrepresenting the expected cash flow from, or current value of, existing provedreserves since the computations are based on a large number of estimates andarbitrary assumptions.  Reserve quantities cannot be measured with precisionand their estimation requires many judgmental determinations and frequentrevisions.  The required projection of production and related expenditures overtime requires further estimates with respect to pipeline availability, rates ofdemand and governmental control. Actual future prices and costs are likely tobe substantially different from the current prices and costs utilized in thecomputation of reported amounts.  Any analysis or evaluation of the reportedamounts should give specific recognition to the computational methods utilizedand the limitations inherent therein.

F-15 |
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