PDC Energy announced 2010 year-end results; Production down 9.6%; Plan to invest $233 million in 2011

PDC’s annual 2010 production from continuing operations was 37.6 Bcfe down 9.6% compared to 41.6 Bcfe of production from continuing operations in 2009. The company reported 861 Bcfe of proved reserves, up 20% over 2009. PDC’s CAPEX budget for 2011 is expected to be approximately $233 million, including $206 million of development CAPEX, which represents a 46% increase over the 2010 development CAPEX of $141 million. The 2011 CAPEX budget does not include the previously announced offer to repurchase the Company’s three 2005 partnerships for $36.4 million


Keypoints:

861 Bcfe of 1P reserves, up 20% for the year, or 585% on a reserve replacement basis

Estimated 2011 production growth from 37.6 Bcfe to 44.9 Bcfe, 19% over 2010; with 2005 partnership buyback, growth over 20%

CAPEX budget for 2011 is expected to be approximately $233 million