PDC Energy Updates Operational Activities In The Utica Shale

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act") and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act") regarding PDC's business, financial condition, results of operations and prospects. All statements other than statements of historical facts included in and incorporated by reference into this report are forward-looking statements. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein, which include statements regarding the Company's development plans, future capital projects and expenditures, the availability of capital resources to fund those projects and expenditures, the timing of the drilling, completion and testing of wells, the availability of gathering, processing and marketing arrangements for production from those wells, the timing of sales from those wells, future acquisition activity, and management's strategies, plans and objectives. However, these are not the exclusive means of identifying forward-looking statements herein. Although forward-looking statements contained in this report reflect the Company's good faith judgment, such statements can only be based on facts and factors currently known to PDC. Consequently, forward-looking statements are inherently subject to risks and uncertainties, including risks and uncertainties incidental to the exploration for, and the acquisition, development, production and marketing of natural gas and oil, and actual outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to:

• changes in production volumes, worldwide demand and commodity prices for natural gas and oil;
• the availability of sufficient pipeline and other transportation facilities and related gathering, processing and marketing arrangements and the impact of these facilities and arrangements on price;
• changes in estimates of proved reserves;
• declines in the values of PDC's natural gas and oil properties resulting in impairments;
• the timing and extent of the Company's success in discovering, acquiring, developing and producing natural gas and oil reserves;
• PDC's ability to acquire leases, drilling rigs, supplies and services at reasonable prices;
• reductions in the borrowing base under the Company's credit facility or other limitations on the anticipated availability of capital;
• risks incident to the drilling and operation of natural gas and oil wells;
• the discovery of unanticipated title problems;
• future production and development costs;
• the effect of existing and future laws, governmental regulations and the political and economic climate of the United States of America;
• changes in environmental laws and the regulations and enforcement related to those laws;
• the identification of and severity of environmental events and governmental responses to the events;
• the effect of natural gas and oil derivative activities;
• conditions in the capital markets; and
• losses possible from pending or future litigation.

Further, PDC urges you to carefully review and consider the cautionary statements made in this press release, the Item 1-A Risk Factors in the 2011 Annual Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission ("SEC") on March 1, 2012, and other subsequent filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. PDC undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward looking statements are qualified in their entirety by this cautionary statement.

CONTACT: Ron Wirth
         Director Investor Relations
         303-860-5830
         [e-mail]
         
         Marti Dowling
         Investor Relations Manager
         303-831-3926
         [e-mail]

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