Petroleum Development (PPD) Announces 3.75M Share Offering

Petroleum Development Corporation (Nasdaq: PETD) announced an underwritten public offering of 3,750,000 shares of common stock. The underwriters for the offering will also have a 30-day option to purchase up to 562,500 additional shares of common stock to cover any over-allotments. Petroleum Development Corporation intends to use the net proceeds from the offering to repay borrowings under its credit facility.

J.P. Morgan Securities Inc. is acting as sole book-running manager for the common stock offering.