NEWS   FROM


Petroleum
Development Corporation
  FOR IMMEDIATE
RELEASE:  March 12, 2008


CONTACT:Celesta
Miracle- (304)
842-3597   http://www.petd.com





Petroleum
Development Corporation Announces Management Changes Revised Team Will Support
Continuing Growth





Bridgeport,
West Virginia:Petroleum Development
Corporation (NASDAQ/GSM: PETD) today announced that it has named Richard W.
McCullough as President in addition to his current roles as Vice Chairman and
CFO. Mr. McCullough will continue to serve as CFO until a successor for the
position is named.  Eric. R. Stearns, formerly Executive Vice
President of Exploration and Production, will continue to serve as Executive
Vice President with new responsibilities including acquisitions, strategic
planning, natural gas marketing, human resources and information technology.
Barton R. Brookman has been promoted to an executive officer position, Senior
Vice President Exploration and Production, from his previous position as Vice
President of Production.  In his new role Mr. Brookman will be in
charge of all of the exploration and development drilling and production
operations of the company.





“The
Company’s remarkable success and my planned retirement later this year have
created the need for organizational changes and opportunities for new and
expanded roles for some of our outstanding performers,” said Steven R. Williams,
Chairman and CEO.  “The new structure and the management team will
help the Company to continue to develop its core strengths and strategic focus
and to fuel the future growth of PDC.  His new role as President will
position Mr. McCullough to lead the new management team through the coming
transition period. In his new Executive Vice President assignment Mr. Stearns
will be able to apply his extensive knowledge and experience in the industry to
helping set the future direction of the Company and directing other areas of
operations critical to the success of the Company.  Mr. Brookman’s
addition to the executive team adds further operations management experience and
deep knowledge of the Company’s operations and personnel.”





In
addition to the changes in executive officers, Dewey W. Gerdom, who currently
serves as Vice President Exploration, has been named Vice President Acquisitions
& Divestures and will report to Mr. Stearns. Celesta M. Miracle, previously
Vice President of Communications and Investor Relations, has been named as Vice
President of Strategic Planning and will also report to Mr.
Stearns.  Ms. Miracle will continue to lead the investor relations
function until a replacement is hired.





“The two
new positions created and being filled by Mr. Gerdom and Ms. Miracle reflect
areas of increasing importance and focus for the Company,” said Mr.
McCullough.  “Each of these officers has the background and experience
to make significant contributions to the future of the Company in their new
roles.”








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Mr.
McCullough was elected Vice Chairman and Chief Financial Officer in December
2007 after serving as Chief Financial Officer and Treasurer since November 2006.
A financial executive with over thirty years of experience working both for and
with utilities and energy companies, Mr. McCullough previously held the position
of President and CEO of Gasource, LLC and has held senior positions with JP
Morgan Securities, Progress Energy, Deloitte and Touche, and the Municipal Gas
Authority of Georgia. Mr. McCullough holds both BS and MS degrees from the
University of Southern Mississippi and was a practicing Certified Public
Accountant for eight years.





Mr.
Stearns was appointed Executive Vice President of Exploration and Production in
December 2004. Prior thereto, Mr. Stearns was Vice President of Exploration and
Development since November 2003, having previously served as Vice President of
Exploration since April 1995. Mr. Stearns joined PDC as a geologist in 1985
after working for Hywell, Incorporated and for Petroleum
Consultants.





Mr.
Brookman joined PDC in 2005 as Vice President Operations.  Mr.
Brookman has over twenty years of operations experience within the E&P
sector.  Prior to joining PDC Mr. Brookman worked for Patina oil and
gas and predecessor Snyder Oil for 17 years in a series of jobs of increasing
responsibility ending his service as Vice President of Operations of
Patina. Mr. Brookman received a BS in Petroleum Engineering from the
Colorado School of Mines and a MS in Finance from the University of
Colorado/Denver.





Mr.
Gerdom was appointed Vice President of Exploration in 2005 after joining PDC in
2000 as Project Manager in the Rocky Mountains. As VP of Exploration, Mr. Gerdom
was responsible for all of the Company's exploration and land activities in the
Rocky Mountain Region. Mr. Gerdom has over 25 years of oil and gas experience
with both major and independent producers. Prior to joining PDC, Mr. Gerdom was
employed as the Chief Operating Officer of Fruehauf Production Company (an
independent producing company), as an Asset Manager with Chevron USA, and with
Gulf Oil Company's land department. Mr. Gerdom is a graduate of the University
of Wyoming with a B.S. Degree in Business.





Ms.
Miracle was appointed Vice President of Communications and Investor Relations in
2005 after joining PDC as Vice President Investor Relations in February 2004.
Prior to joining PDC, Ms. Miracle was an Investment Representative with Edward
Jones for three years. Before that she had 10 years of oil and gas experience
with Dominion Resources, where her focus was primarily in the regulatory area.
Ms. Miracle graduated Summa Cum Laude with a B.S. Degree in Accounting from West
Virginia University, and is currently attending the Executive MBA program at
Duke University.





About Petroleum Development
Corporation


Petroleum
Development Corporation (www.petd.com) is an independent energy company engaged
in the development, production and marketing of natural gas and oil. Its
operations are focused in the Rocky Mountains with additional operations in the
Appalachian Basin and Michigan. PDC is included in the S&P SmallCap 600
Index and the Russell 3000 Index of Companies.




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120
Genesis Boulevard Ÿ
Bridgeport, West Virginia 26330 Ÿ (304)
842-3597