**SECURITIES        AND EXCHANGE COMMISSION**

**FORM        8-K**

**October        16, 2007**

*Date        of report (Date of earliest event reported)*

**Petroleum        Development Corporation**

*Exact        Name of Registrant as Specified in Charter*

| **Nevada**                                                                        | **0-7246**                                 | **95-2636730**                                                          |
|-----------------------------------------------------------------------------------|--------------------------------------------|-------------------------------------------------------------------------|
| *State                  or Other Jurisdiction**of                  Incorporation* | *Commission**File                  Number* | *IRS                  Employer**Identification                  Number* |

**120        Genesis Boulevard, Bridgeport, WV  26330**

*Address        of Principal Executive Offices*

**304-842-3597**

*Registrant's        telephone number, including area code*

| [                      ]    | Written                  communications pursuant to Rule 425 under Securities Act (17 CFR                  230.425)                                       |
|-----------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                      |
| [                      ]    | Soliciting                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR                  240.14a-12)                                  |
|                                                      |
| [                      ]    | Pre-commencement                  communications pursuant to Rule 14d-2(b) under the Exchange Act                  (17 CFR                  240.14d-2(b)) |
|                                                      |
| [                      ]    | Pre-commencement                  communications pursuant to Rule 13e-4(c) under the Exchange Act                  (17 CFR                  240.13e-4(c)) |

**No        Change**

*Former        Name or Former Address, if Changed Since Last Report*

----

**Item 1.01        Entry into a Material Definitive Agreement.**

**Item        2.03 Creation of a Direct Financial Obligation or an Obligation under an        Off-Balance Sheet Arrangement of a Registrant.**

| (1)   | increases                  the aggregate commitment from $200 million to $275 million with                  a maximum                  possible facility amount  of $400 million if the bank commitment                  is further increased in the future, |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | includes                  three additional lenders: Guaranty Bank, FSB, Bank of Oklahoma                  and Morgan                  Stanley Bank, |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | modifies                  the waiver of the Company's non-compliance with the working capital                  covenant to extend the latest waiver date to October 1, 2008,                  and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | modifies                  the required security to require aggregated security to a value                  no less                  than 80% of the value of the direct interests included in the borrowing                  base properties.  |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**EXHIBIT        INDEX**

**Item        9.01.  Financial Statements and Exhibits.**

| **Exhibit****No.** |   | **Description**                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1               |   | Second                  Amendment to Amended and Restated Credit Agreement, dated as of                  October                  16, 2007, by and among the Company, certain of its subsidiaries,                  JPMorgan                  Chase Bank, N.A., BNP Paribas, Wachovia Bank, N.A., Guaranty Bank,                  FSB,                  Bank of Oklahoma and Morgan Stanley                  Bank. |

**SIGNATURES**

**PETROLEUM        DEVELOPMENT CORPORATION**

| Date:  |  October                  22, 2007        |
|--------|------------------------------------------------|
|   |                                           |
| By:    | /s/                  Richard W. McCullough     |
|   |  Richard                  W. McCullough   |
|   |  Chief                  Financial Officer |