----

| ·   | Requested      automatic extension of filing date to March31 |
|--------------------|--------------------------------------------------------------|

| o   | Company      is awaiting SEC response on 2006 presentation matter that also impacts      2007 |
|---------------|-----------------------------------------------------------------------------------------------|

| o   | Form      10-K was ready to file on time |
|---------------|------------------------------------------|

| o   | PDC      expects to file on or before extension date if SEC response is      timely |
|---------------|-------------------------------------------------------------------------------------|

| ·   | Issue      is presentation of partnership drilling revenues and expenses- net or      gross |
|--------------------|---------------------------------------------------------------------------------------------|

| §   | No      impact on operating pretax and net income, earnings per share, or cash      flow per share |
|--------------------|----------------------------------------------------------------------------------------------------|

| o   | Production      increased 65% to 28 Bcfe |
|---------------|------------------------------------------|

| o   | Reserves      increased 112% to 686 Bcfe |
|---------------|------------------------------------------|

| o   | Total      Wells Drilled      Gross       349 |
|---------------|----------------------------------------------------------------------------------|

| o   | Total      Wells Drilled      Net           278 |
|---------------|--------------------------------------------------------------------------------------------------------|

| o   | Development                                 338 |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | Exploratory                                       11 |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | Estimated      Total Wells Gross  364 |
|---------------|-------------------------------------------------|

| o   | Estimated      Total Wells  Net      334 |
|---------------|------------------------------------------------------------------------|

| o   | 2007      Proved Reserves:       559      Bcfe |
|---------------|-----------------------------------------------------------------------------------|

| o   | 2006      Production:                14.1      Bcfe |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------|

| o   | 2007      Production:                23.5      Bcfe |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------|

| o   | 2007      Proved Reserves:      24  Bcfe |
|---------------|------------------------------------------------------------------------|

| o   | 2006      Production:                1.4      Bcfe |
|---------------|------------------------------------------------------------------------------------------------------------------------------------|

| o   | 2007      Production:                1.7      Bcfe |
|---------------|------------------------------------------------------------------------------------------------------------------------------------|

| o   | 2007      Proved Reserves:     103  Bcfe |
|---------------|-------------------------------------------------------------------|

| o   | 2006      Production:                1.5      Bcfe |
|---------------|------------------------------------------------------------------------------------------------------------------------------------|

| o   | 2007      Production:                2.7      Bcfe |
|---------------|------------------------------------------------------------------------------------------------------------------------------------|

| o   | Appalachian      Basin:    15% |
|---------------|----------------------------------------------------|

| o   | Michigan      Basin:       4% |
|---------------|------------------------------------------------------------------|

| o   | Rocky      Mountains:                   81% |
|---------------|--------------------------------------------------------------------------------------------------------------|

| o   | Appalachian      Basin:     10% |
|---------------|----------------------------------------------------------|

| o   | Michigan      Basin:                        7% |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------|

| o   | Rocky      Mountains:                   83% |
|---------------|--------------------------------------------------------------------------------------------------------------|

| o   | Oil:  16% |
|---------------|---------------------|

| o   | Northern      Border:  0.5% |
|---------------|---------------------------------------|

| o   | Mid-continent:  29% |
|---------------|-------------------------------|

| o   | Colorado      Liquids:  2.0% |
|---------------|----------------------------------------|

| o   | Nymex      Gas: 10% |
|---------------|---------------------|

| o   | Michigan:      4.0% |
|---------------|---------------------|

| o   | Colorado:      38% |
|---------------|--------------------|

| o   | Added      to Reserves and Production through acquisitions and development in      2007 |
|---------------|-----------------------------------------------------------------------------------------|

| o   | 2007      acquisitions added 195 Bcfe provedreserves |
|---------------|------------------------------------------------------|

| o   | 2007      extensions, discoveries, other additions and purchases added 205      Bcfe |
|---------------|--------------------------------------------------------------------------------------|

| Summary      Reserve Data |                           |         |
|---------------------------|--------------------------------|--------------|
|                      |                           |         |   |   |   |
|                      | Proved      Reserves (Bcfe)(1) |         |   |   |
|                      | 2006      YE                   | 2007      YE | %      Growth | %      Developed | %      Natural Gas |
| Rockies                   | 175.5                          | 558.6        | 195% | 47.0% | 83.6% |
| Appalachia                | 36.0                           | 102.7        | 185% | 72.4% | 99.8% |
| Michigan                  | 21.2                           | 24.3         | 15% | 100% | 98.6% |
| Total                     | 322.7                          | 685.6        | 112% | 53.6% | 86.6% |

| o   | Over      358 Bcfe of Probable and Possible Reserves for Future      Development |
|---------------|----------------------------------------------------------------------------------|

| o   | Grand      Valley offset locations |
|---------------|------------------------------------|

| o   | Wattenberg      field locations (5th spot, rule 318A and 40 acre  locations) |
|---------------|------------------------------------------------------------------------------|

| o   | Locations      identified by seismic and offsets to producing wells in NE      Colorado |
|---------------|-----------------------------------------------------------------------------------------|

| o   | Distribution      of 2P and 3P Reserves |
|---------------|-----------------------------------------|

| o   | Piceance      Basin: 57% |
|---------------|--------------------------|

| o   | NE      Colorado: 15% |
|---------------|-----------------------|

| o   | Wattenberg      Field: 28% |
|---------------|----------------------------|

|                                  | 2007           | 2008           | %      Change |
|---------------------------------------|----------------|----------------|---------------|
| Total      Net Production (BCFE)      | 28             | 38             | 36%           |
| Net      Exit Rate (MMCFE/D)          | 100            | 122            | 22%           |
| Gross      Exit Rate (MMCFE/D)        | 187            | 211            | 13%           |
| Development      Net Capital (MM$)    | $224           | $194           | -13%          |
| Proved      Reserves                  | 686      Bcfe  | 750+      Bcfe | 10%+          |
| Total      Proved, Probable, Possible | 1.04      Tcfe | 1.2+      Tcfe | 20%+          |

| o   | 10K      and audit finalized and ready to file using net presentation      method |
|---------------|-----------------------------------------------------------------------------------|

| o   | We      have disclosed in the footnotes the partnership drilling revenues and      expenses that have been netted |
|---------------|-------------------------------------------------------------------------------------------------------------------|

| o   | Dialogue      with SEC has been on-going since mid January; our last response was      submitted approximately 10 days ago |
|---------------|----------------------------------------------------------------------------------------------------------------------------|

| o   | Once      the SEC finalizes their review and provides us with their guidance, we      anticipate filing within 3-5 days |
|---------------|-------------------------------------------------------------------------------------------------------------------------|

|                             | FourthQuarter | Year      EndedDecember      31 |
|----------------------------------|---------------|---------------------------------|
|                             | 2006          | 2007                            | 2006 | 2007 |
| Income      from Operations*     | $11.4         | $17.5                           | $381.8 | $60.8 |
| Net      Income*                 | $8.0          | $8.2                            | $237.8 | $33.2 |
| Diluted      Earnings Per Share* | $0.54         | $0.55                           | $15.11 | $2.24 |

| o   | Increased      despite lower prices |
|---------------|-------------------------------------|

| o   | Includes      the impact of all non-cash items |
|---------------|------------------------------------------------|

| o   | Adjusted      cash flow from operations is defined as cash flow from operations before      changes in assets and liabilities |
|---------------|-------------------------------------------------------------------------------------------------------------------------------|

| o   | 7.9%      lower gas prices in 2007 |
|---------------|------------------------------------|

| o   | 2006      and 2007 include gain on leaseholdsale |
|---------------|--------------------------------------------------|

| o   | EBITDA      = Net Income + Interest Expense + Income Taxes + Depreciation, depletion,      amortization |
|---------------|---------------------------------------------------------------------------------------------------------|

| o   | Results      of investments in people &production |
|---------------|-------------------------------------------------------|

|                                          | FourthQuarter | Year      Ended December 31 |
|-----------------------------------------------|---------------|-----------------------------|
| Expense      Category                         | 2006          | 2007                        | 2006 | 2007 |
| Oil      & gas production & well ops. | $6.7          | $16.0                       | $29.0 | $49.3 |
| Per      Mcfe                                 | $1.39         | $1.88                       | $1.71 | $1.76 |
| General      & administrative expense     | $4.9          | $9.1                        | $19.0 | $31.0 |
| Per      Mcfe                                 | $1.02         | $1.08                       | $1.12 | $1.11 |
| DD&A                                      | $11.2         | $20.0                       | $33.7 | $70.8 |
| Per      Mcfe                                 | $2.35         | $2.36                       | $1.99 | $2.53 |

|                                  | 2007   | 2006   | 2005   |
|---------------------------------------|--------|--------|--------|
| Acquisition      of Properties        |   |   |   |
| Proved      Properties                | $257.3 | $0.8   | $1.6   |
| Unproved      Properties              | 13.7   | 11.9   | 16.9   |
| Development      Costs                | 194.0  | 114.5  | 68.6   |
| Exploration      Costs                |   |   |   |
| Exploratory      Drilling             | 13.0   | 18.7   | 12.9   |
| Geological      & Geophysical     | 6.3    | 2.2    | 0.0    |
| Total      Costs Incurred             | $484.3 | $148.1 | $100.0 |
| *      Additions to Reserves          | 396.3  | 66.9   | 80.3   |
| F&D      Cost/Mcfe                | $1.22  | $2.21  | $1.25  |
| 3      Year Average F&D Cost/Mcfe | $1.35  |   |   |

| Oil      and Gas Price Risk Management gain (loss), net |
|---------------------------------------------------------|
|                                                    | FourthQuarter | Year      EndedDecember      31, |
|                                                    | 2006 | 2007 | 2006 | 2007 |
| Unrealized                                              |  $(0.3) |  $(5.8) |  $7.3 |  $(4.4) |
| Realized                                                |  $0.4 |  $4.1 |  $1.9 |  $7.2 |

| o   | As      PDC’s production and the percentage of the overall production increases      relative to Partnership volumes, our total hedged volumes have      increased. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | Because      prices have risen during early 2008 and volumes hedged have      increased, |
|---------------|------------------------------------------------------------------------------------------|

| o   | Higher      quarterly realized and unrealized losses from derivatives may      result |
|---------------|---------------------------------------------------------------------------------------|

| o   | We      will realize prices in 2008 that may be higher than initial      guidance |
|---------------|-----------------------------------------------------------------------------------|

| o   | PDC      has |
|---------------|--------------|

| o   | Large      inventory of low-risk, high quality development prospects in      Colorado |
|---------------|---------------------------------------------------------------------------------------|

| o   | Staff      and expertise to predictably execute the development  plan |
|---------------|-----------------------------------------------------------------------|

| o   | Capital      to fund development at aggressive 2007 levels through  2010 |
|---------------|--------------------------------------------------------------------------|

| o   | The      Company is positioned for significant value creation in 2008 and beyond      without any additions to its prospectinventory |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------|

| o   | Acquisitions,      exploration or exploitation success in the Barnett or Marcellus shale or      other new areas will add to anticipated future reserves and production      levels |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| EBITDA             | 2005    | 2006     | 2007     |
|--------------------|---------|----------|----------|
| Net      Income    | $41,452 | $237,772 | $33,209  |
| Interest,      net | (681)   | (5,607)  | 6,617    |
| Income      Taxes  | 24,676  | 149,637  | 20,981   |
| Depreciation       | 21,116  | 33,735   | 70,844   |
| EBITDA             | $86,563 | $415,537 | $131,651 |

| Adjusted      Cash Flow Operations                     | 2006     | 1Q07     | 2Q07     | 3Q07     | 4Q07     | 2007    |
|--------------------------------------------------------|----------|----------|----------|----------|----------|---------|
| Net      Cash Provided (Used in) Operating Activities  | $67,390  | (32,738) | (43,647) | $43,585  | $93,104  | $60,304 |
| Changes      in Assets & Liabilities to Operations | (37,621) | 52,532   | 60,418   | (11,947) | (65,681) | 35,322  |
| Adjusted      Cash Flow from Operations                | 29,769   | 19,794   | 16,771   | 32,638   | 27,423   | 95,626  |