Petroleum Development Corporation Files To Raise Cash (PETD)

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Petroleum Development Corporation (NASDAQ: PETD) has just filed a mixed shelf registration with the SEC to allow it to sell securities to raise capital.  The securities listed are any combination of debt securities, common stock, preferred stock, depositary shares, warrants, purchase contracts, and units. 

The filing will allow the company to sell up to $500 million insecurities.  No terms nor any underwriters were mentioned in thisfiling.

Shares closed up 14.8% at $18.74 in fairly light trading volume.  Its52-week trading range is $11.50 to $79.09 and its current market cap islisted as $278.5 million.  After a big pop like we saw today, it is oflittle surprise that shares are down almost 5% at $17.82 in after-hourstrading after this filing.

Jon C. Ogg
November 26, 2008