Exhibit 99.1








April 5, 2012


PDC Energy


120 Genesis Boulevard


Bridgeport, West Virginia  26330





Gentlemen:





At your request , we have prepared an estimate of the reserves, future production, and income


attributable to certain leasehold and royalty interests of Merit Energy Company (Merit) as of March 31,


2012 . The subject properties are located in the state of Colorado . The reserves and income data were


estimated based on the definitions and disclosure guidelines of the United States Securities and


Exchange Commission (SEC) contained in Title 17, Code of Federal Regulations, Modernization of Oil


and Gas Reporting, Final Rule released January 14, 2009 in the Federal Register (SEC regulations) .


Our third party study completed on April 5, 2012 and presented herein, was prepared for public


disclosure by PDC in filings made with the SEC in accordance with the disclosure requirements set


forth in the SEC regulations.





The estimated reserves and future net income amounts presented in this report, as of March 31,


2012 are related to hydrocarbon prices. The hydrocarbon prices used in the preparation of this report


are based on the average prices during the 12-month period prior to December 31, 2011, determined


as the unweighted arithmetic averages of the prices in effect on the first-day-of-the-month for each


month within such period, unless prices were defined by contractual arrangements, as required by the


SEC regulations . Actual future prices may vary significantly from the prices required by SEC


regulations; therefore, volumes of reserves actually recovered and the amounts of income actually


received may differ significantly from the estimated quantities presented in this report. The results of


this study are summarized below .


12/31/2011 SEC PARAMETERS


Estimated Net Reserves and Income Data


Certain Leasehold and Royalty Interests of


Merit Energy Company


As of March 31, 2012ProvedDevelopedTotalProducingNon-ProducingUndevelopedProvedNet Remaining ReservesOil/Condensate - Barrels1,762,1251,688,6526,249,0689,699,845Plant Products - Barrels2,651,3731,743,6552,855,0757,250,103Gas - MMCF28,50619,05326,16673,725Income Data M$Future Gross Revenue$357,143$283,503$749,436$1,390,082Deductions170,390119,637415,979706,006Future Net Income (FNI)$186,753$163,866$333,457$684,076Discounted FNI @ 10%$120,860$61,279$105,260$287,399





Liquid hydrocarbons are expressed in standard 42 gallon barrels . All gas volumes are reported


on an "as sold basis" expressed in millions of cubic feet (MMCF) at the official temperature and


pressure bases of the areas in which the gas reserves are located. In this report , the revenues,


deductions, and income data are expressed as thousands of U.S. dollars (M$).


1100 LOUISIANA, SUITE 3800    HOUSTON, TEXAS 77002-5218    TEL (713) 651-9191        FAX (713) 651-0849
 1200, 530-8TH AVENUE, S.W.    CALGARY, ALBERTA T2P 358    TEL (403) 262-2799        FAX (403) 262-2790


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Exhibit 99.1








The estimates of the reserves, future production, and income attributable to properties in this


report were prepared using the economic software package Aries TM System Petroleum Economic


Evaluation Software, a copyrighted program of Halliburton. The program was used solely at the


request of PDC Energy (PDC). Ryder Scott has found this program to be generally acceptable, but


notes that certain summaries and calculations may vary due to rounding and may not exactly match the


sum of the properties being summarized. Furthermore, one line economic summaries may vary slightly


from the more detailed cash flow projections of the same properties, also due to rounding . The


rounding differences are not material.





The future gross revenue is after the deduction of production taxes. The deductions incorporate


the normal direct costs of operating the wells, ad valorem taxes, recompletion costs, development


costs, and certain abandonment costs net of salvage. The future net income is before the deduction of


state and federal income taxes and general administrative overhead, and has not been adjusted for


outstanding loans that may exist nor does it include any adjustment for cash on hand or undistributed


income. Liquid hydrocarbon reserves account for approximately 80 percent and gas reserves account


for the remaining 20 percent of total future gross revenue from proved reserves .





The discounted future net income shown above was calculated using a discount rate of 10


percent per annum compounded monthly. Future net income was discounted at four other discount


rates which were also compounded monthly. These results are shown in summary form as follows.





Discounted Future Net Income - M$As of March 31, 2012Discount Rate Percent12$248,89215$203,04120$148,31125$110,847








The results shown above are presented for your information and should not be construed as our


estimate of fair market value.





Reserves Included in This Report





The proved reserves included herein conform to the definition as set forth in the Securities and


Exchange Commission's Regulations Part 210.4-10(a) . An abridged version of the SEC reserves


definitions from 210.4-10(a) entitled "Petroleum Reserves Definitions" is included as an attachment to


this report.





The various proved reserve status categories are defined under the attachment entitled


"Petroleum Reserves Definitions" in this report. The proved developed non-producing reserves


included herein consist of the refrac behind pipe category .





No attempt was made to quantify or otherwise account for any accumulated gas production


imbalances that may exist. The proved gas volumes included herein do not attribute gas consumed in


operations as reserves .





1100 LOUISIANA, SUITE 3800    HOUSTON, TEXAS 77002-5218    TEL (713) 651-9191        FAX (713) 651-0849
 1200, 530-8TH AVENUE, S.W.    CALGARY, ALBERTA T2P 358    TEL (403) 262-2799        FAX (403) 262-2790


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PDC Energy
 April 5, 2012
 Page 3


Reserves are "estimated remaining quantities of oil and gas and related substances anticipated


to be economically producible, as of a given date, by application of development projects to known


accumulations." All reserve estimates involve an assessment of the uncertainty relating the likelihood


that the actual remaining quantities recovered will be greater or less than the estimated quantities


determined as of the date the estimate is made. The uncertainty depends chiefly on the amount of


reliable geologic and engineering data available at the time of the estimate and the interpretation of


these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two


principal classifications, either proved or unproved . Unproved reserves are less certain to be recovered


than proved reserves, and may be further sub - classified as probable and possible reserves to denote


progressively increasing uncertainty in their recoverability. At PDC's request, this report addresses


only the proved reserves attributable to the properties evaluated herein .





Proved oil and gas reserves are those quantities of oil and gas which , by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward. The proved reserves included herein were estimated using deterministic methods . If deterministic methods are used, the S E C has defined reasonable certainty for proved reserves as a "high degree of confidence that the quantities will be recovered."





Proved reserve estimates will generally be revised only as additional geologic or engineering


data become available or as economic conditions change. For proved reserves, the SEC states that


"as changes due to increased availability of geoscience (geological, geophysical, and geochemical),


engineering, and economic data are made to the estimated ultimate recovery (EUR) with time,


reasonably certain EUR is much more likely to increase or remain constant than to decrease."


Moreover, estimates of proved reserves may be revised as a result of future operations, effects of


regulation by governmental agencies or geopolitical or economic risks. Therefore, the proved reserves


included in this report are estimates only and should not be construed as being exact quantities, and if


recovered, the revenues therefrom, and the actual costs related thereto, could be more or less than the


estimated amounts.





PDC's operations may be subject to various levels of governmental controls and regulations .


These controls and regulations may include, but may not be limited to, matters relating to land tenure


and leasing, the legal rights to produce hydrocarbons, drilling and production practices , environmental


protection , marketing and pricing policies, royalties, various taxes and levies including income tax and


are subject to change from time to time . Such changes in governmental regulations and policies may


cause volumes of proved reserves actually recovered and amounts of proved income actually received


to differ significantly from the estimated quantities.





The estimates of proved reserves presented herein were based upon a detailed study of the


properties in which Merit owns an interest; however, we have not made any field examination of the


properties . No consideration was given in this report to potential environmental liabilities that may exist


nor were any costs included for potential liabilities to restore and clean up damages, if any, caused by


past operating practices.





Estimates of Reserves





The estimation of reserves involves two distinct determinations. The first determination results


in the estimation of the quantities of recoverable oil and gas and the second determination results in the


estimation of the uncertainty associated with those estimated quantities in accordance with the


definitions set forth by the Securities and Exchange Commission's Regulations Part 210.4 - 10(a). The


process of estimating the quantities of recoverable oil and gas reserves relies on the use of certain


generally accepted analytical procedures . These analytical procedures fall into three broad categories





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PDC Energy
 April 5, 2012
 Page 4


or methods: (1) performance-based methods, (2) volumetric-based methods and (3) analogy . These


methods may be used singularly or in combination by the reserve evaluator in the process of estimating


PDC Energy the quantities of reserves. The reserve evaluator must select the method or combination of methods which in their professional judgment is most appropriate given the nature and amount of reliable


geoscience and engineering data available at the time of the estimate, the established or anticipated


performance characteristics of the reservoir being evaluated and the stage of development or


producing maturity of the property.





In many cases, the analysis of the available geoscience and engineering data and the


subsequent interpretation of this data may indicate a range of possible outcomes in an estimate,


irrespective of the method selected by the evaluator. When a range in the quantity of reserves is


identified, the evaluator must determine the uncertainty associated with the incremental quantities of


the reserves. If the reserve quantities are estimated using the deterministic incremental approach, the


uncertainty for each discrete incremental quantity of the reserves is addressed by the reserve category


assigned by the evaluator. Therefore, it is the categorization of reserve quantities as proved, probable


and/or possible that addresses the inherent uncertainty in the estimated quantities reported. For


proved reserves, uncertainty is defined by the SEC as reasonable certainty wherein the "quantities


actually recovered are much more likely than not to be achieved." The SEC states that "probable


reserves are those additional reserves that are less certain to be recovered than proved reserves but


which, together with proved reserves, are as likely as not to be recovered." The SEC states that


"possible reserves are those additional reserves that are less certain to be recovered than probable


reserves and the total quantities ultimately recovered from a project have a low probability of exceeding


proved plus probable plus possible reserves." All quantities of reserves within the same reserve


category must meet the SEC definitions as noted above.





Estimates of reserves quantities and their associated reserve categories may be revised in the


future as additional geoscience or engineering data become available. Furthermore, estimates of


reserves quantities and their associated reserve categories may also be revised due to other factors


such as changes in economic conditions, results of future operations , effects of regulation by


governmental agencies or geopolitical or economic risks as previously noted herein.





The proved reserves for the properties included herein were estimated by performance


methods, analogy, or a combination of methods. One hundred percent of the proved producing


reserves attributable to producing wells were estimated by performance methods. The performance


method utilized was decline curve analysis which utilized extrapolations of historical production data.


The data utilized in this analysis were supplied to Ryder Scott by PDC or obtained from public data


sources and were considered sufficient for the purpose thereof.





One hundred percent of the proved non-producing and undeveloped reserves included herein


were estimated by the analogy methods. The data utilized from the existing producing wells to develop


analogues were considered sufficient for the purpose thereof.





To estimate economically recoverable proved oil and gas reserves and related future net cash


flows, we consider many factors and assumptions including, but not limited to, the use of reservoir


parameters derived from geological, geophysical and engineering data which cannot be measured


directly, economic criteria based on current costs and SEC pricing requirements, and forecasts of future


production rates. Under the SEC regulations 210.4-10(a)(22)(v) and (26), proved reserves must be


anticipated to be economically producible from a given date forward based on existing economic


conditions including the prices and costs at which economic producibility from a reservoir is to be


determined. While it may reasonably be anticipated that the future prices received for the sale of


production and the operating costs and other costs relating to such production may increase or





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PDC Energy
 April 5, 2012
 Page 5


decrease from those under existing economic conditions, such changes were, in accordance with rules


adopted by the SEC, omitted from consideration in making this evaluation.





PDC has informed us that they have furnished us all of the material accounts, records,


geological and engineering data, and reports and other data required for this investigation. In preparing


our forecast of future proved production and income, we have relied upon data furnished by PDC with


respect to property interests owned, production and well tests from examined wells, normal direct costs


of operating the wells or leases, other costs such as transportation and/or processing fees, ad valorem


and production taxes, recompletion and development costs, abandonment costs after salvage, product


prices based on the year end 2011 SEC pricing, adjustments or differentials to product prices, well logs,


and pressure measurements. Ryder Scott reviewed such factual data for its reasonableness; however,


we have not conducted an independent verification of the data supplied by PDC . We consider the


factual data used in this report appropriate and sufficient for the purpose of preparing the estimates of


reserves and future net revenues herein.





In summary, we consider the assumptions, data, methods and analytical procedures used in


this report appropriate for the purpose hereof, and we have used all such methods and procedures that


we consider necessary and appropriate to prepare the estimates of reserves herein. The proved


reserves included herein were determined in conformance with the United States Securities and


Exchange Commission (SEC) Modernization of Oil and Gas Reporting ; Final Rule, including all


references to Regulation S-X and Regulation S-K, referred to herein collectively as the "SEC


Regulations." In our opinion , the proved reserves presented in this report comply with the definitions,


guidelines and disclosure requirements as required by the SEC regulations .





Future Production Rates





For wells currently on production, our forecasts of future production rates are based on historical


performance data. If no production decline trend has been established, future production rates were


held constant, or adjusted for the effects of curtailment where appropriate, until a decline in ability to


produce was anticipated. An estimated rate of decline was then applied to depletion of the reserves. If


a decline trend has been established, this trend was used as the basis for estimating future production


rates.





Test data and other related information were used to estimate the anticipated initial production


rates for those wells or locations that are not currently producing. For reserves not yet on production,


sales were estimated to commence at an anticipated date furnished by PDC.  Wells or locations that


are not currently producing may start producing earlier or later than anticipated in our estimates due to


unforeseen factors causing a change in the timing to initiate production. Such factors may include


delays due to weather, the availability of rigs , the sequence of drilling, completing and/or recompleting


wells and/or constraints set by regulatory bodies.





The future production rates from wells currently on production or wells or locations that are not


currently producing may be more or less than estimated because of changes including, but not limited


to, reservoir performance, operating conditions related to surface facilities, compression and artificial


lift, pipeline capacity and/or operating conditions, producing market demand and/or allowables or other


constraints set by regulatory bodies.





Hydrocarbon Prices





The hydrocarbon prices used herein are based on SEC price parameters using the average


prices during the 12-month period prior to December 31, 2011 as the unweighted arithmetic averages





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PDC Energy
 April 5, 2012
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of the prices in effect on the first-day-of-the-month for each month within such period, unless prices


were defined by contractual arrangements. For hydrocarbon products sold under contract, the contract prices, including fixed and determinable escalations, exclusive of inflation adjustments, were used until


expiration of the contract. Upon contract expiration, the prices were adjusted to the 12-month


unweighted arithmetic average as previously described .





PDC furnished us with the above mentioned average prices in effect on March 31 , 2012. These


initial SEC hydrocarbon prices were determined using the 12 - month average first - day-of-the-month


benchmark prices appropriate to the geographic area where the hydrocarbons are sold. These


benchmark prices are prior to the adjustments for differentials as described herein . The table below


summarizes the "benchmark prices " and "price reference" used for the geographic area included in the


report . In certain geographic areas, the price reference and benchmark prices may be defined by


contractual arrangements .





The product prices which were actually used to determine the future gross revenue for each


property reflect adjustments to the benchmark prices for gravity, quality, local conditions, gathering and


transportation fees and/or distance from market, referred to herein as "differentials." The differentials


used in the preparation of this report were furnished to us by PDC. The differentials furnished to us


were accepted as factual data and reviewed by us for their reasonableness; however, we have not


conducted an independent verification of the data used by PDC to determine these differentials.





In addition, the table below summarizes the net volume weighted benchmark prices adjusted for


differentials and referred to herein as the "average realized prices." The average realized prices shown


in the table below were determined from the total future gross revenue before production taxes and the


total net reserves for the geographic area and presented in accordance with SEC disclosure


requirements for each of the geographic areas included in the report.





GeographicAreaProductPriceReferenceAvg BenchmarkPricesAvg RealizedPricesUnited StatesOil/CondensateWTI Cushing$96.19/Bbl$88.22/BblNGLsWTI Cushing$96.19/Bbl$35.17/BblGasHenry HubNYMEX$4.12/MMBTU$3.87/MCF





The effects of derivative instruments designated as price hedges of oil and gas quantities are


not reflected in our individual property evaluations .





Costs





Operating costs for the leases and wells in this report are based on the operating expense


reports of PDC and include only those costs directly applicable to the leases or wells. The operating


costs include a portion of general and administrative costs allocated directly to the leases and wells .


The operating costs for non-operated properties include the COPAS overhead costs that are allocated


directly to the leases and wells under terms of operating agreements . The operating costs furnished to


us were accepted as factual data and reviewed by us for their reasonableness; however, we have not


conducted an independent verification of the operating cost data used by PDC . No deduction was


made for loan repayments, interest expenses, or exploration and development prepayments that were


not charged directly to the leases or wells.








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PDC Energy
 April 5, 2012
 Page 7


Development costs were furnished to us by PDC and are based on authorizations for


expenditure for the proposed work or actual costs for similar projects. The development costs furnished


to us were accepted as factual data and reviewed by us for their reasonableness; however, we have not conducted an independent verification of these costs. The estimated net cost of abandonment after


salvage was included for properties where abandonment costs net of salvage were significant. The


estimates of the net abandonment costs furnished by PDC were accepted without independent


verification.





The proved non-producing and undeveloped reserves in this report have been incorporated


herein in accordance with PDC's plans to develop these reserves as of March 31, 2012. The


implementation of PDC's development plans as presented to us and incorporated herein is subject to


the approval process adopted by PDC's management. As the result of our inquires during the course


of preparing this report, PDC has informed us that the development activities included herein have


been subjected to and received the internal approvals required by PDC's management at the


appropriate local, regional and/or corporate level. In addition to the internal approvals as noted, certain


development activities may still be subject to specific partner AFE processes , Joint Operating


Agreement (JOA) requirements or other administrative approvals external to PDC.  Additionally , PDC


has informed us that they are not aware of any legal, regulatory , political or economic obstacles that


would significantly alter their plans.





Current costs used by PDC were held constant throughout the life of the properties .





Standards of Independence and Professional Qualification





Ryder Scott is an independent petroleum engineering consulting firm that has been providing


petroleum consulting services throughout the world for over seventy years . Ryder Scott i s employee-owned and maintains offices in Houston, Texas ; Denver, Colorado; and Calgary, Alberta, Canada. We have over eighty engineers and geoscientists on our permanent staff. By virtue of the size of our firm and the large number of clients for which we provide services, no single client or job represents a material portion of our annual revenue . We do not serve as officers or directors of any publicly-traded oil and gas company and are separate and independent from the operating and investment decision-making process of our clients. This allows us to bring the highest level of independence and objectivity to each engagement for our services .





Ryder Scott actively participates in industry-related professional societies and organizes an


annual public forum focused on the subject of reserves evaluations and SEC regulations . Many of our


staff have authored or co - authored technical papers on the subject of reserves related topics. We


encourage our staff to maintain and enhance their professional skills by actively participating in ongoing


continuing education .





Prior to becoming an officer of the Company, Ryder Scott requires that staff engineers and


geoscientists have received professional accreditation in the form of a registered or certified


professional engineer's license or a registered or certified professional geoscientist's license, or the


equivalent thereof , from an appropriate governmental authority or a recognized self-regulating


professional organization .





We are independent petroleum engineers with respect to PDC.  Neither we nor any of our


employees have any interest in the subject properties and neither the employment to do this work nor


the compensation is contingent on our estimates of reserves for the properties which were reviewed .





The results of this study, presented herein, are based on technical analysis conducted by teams





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PDC Energy
 April 5, 2012
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of geoscientists and engineers from Ryder Scott. The professional qualifications of the undersigned ,


the technical person primarily responsible for overseeing the evaluation of the reserves information


discussed in this report, are included as an attachment to this letter.





Terms of Usage





This report was prepared for the exclusive use and sole benefit of PDC and may not be put to


other use without our prior written consent for such use . The data and work papers used in the


preparation of this report are available for examination by authorized parties in our offices . Please


contact us if we can be of further service.





We have provided PDC with a digital version of the original signed copy of this report letter . In


the event there are any differences between the digital version included in filings made by PDC and the


original signed report letter, the original signed report letter shall control and supersede the digital


version.





The data and work papers used in the preparation of this report are available for examination by


authorized parties in our offices. Please contact us if we can be of further service.

















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Exhibit 99.1


Professional Qualifications of Primary Technical Person





The conclusions presented in this report are the result of technical analysis conducted by teams of


geoscientists and engineers from Ryder Scott Company, L.P . Richard J. Marshall was the primary


technical person responsible for overseeing the estimate of the future net reserves and income.





Marshall, an employee of Ryder Scott Company L.P. (Ryder Scott) beginning in 1981, is a Vice


President responsible for coordinating and supervising staff and consulting engineers of the company in


ongoing reservoir evaluation studies. Before joining Ryder Scott, Marshall served in a number of


engineering positions with Texaco, Phillips Petroleum, and others. For more information regarding Mr .


Marshall's geographic and job specific experience, please refer to the Ryder Scott Company website at


www . ryderscott.com/Experience/Employees.





Marshall earned a B . S . in Geology from the University of Missouri in 1974 and a M.S. in Geological


Engineering from the University of Missouri at Rolla in 1976 . Marshall is a registered Professional


Engineer in the State of Colorado. He is a member of the Society of Petroleum Engineers, Wyoming


Geological Association, Rocky Mountain Association of Geologists and the Society of Petroleum


Evaluation Engineers.





Based on Marshall's educational background, professional training and more than 30 years of practical


experience in the estimation and evaluation of petroleum reserves, Marshall has attained the


professional qualifications as a Reserves Estimator and Reserves Auditor as set forth in Article III of the


"Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information "


promulgated by the Society of Petroleum Engineers as of February 19, 2007.