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PDC Energy To Sell Non-Core Colorado Natural Gas Assets For Approximately $200 Million; Positions Company To Accelerate Development Of Its Liquid-Rich Horizontal Programs In Core Wattenberg And Utica Shale

Stocks in this article: PDCE

2012 Year-End SEC Proved Reserves – Pro Forma

Total proved reserves as of December 31, 2012 pro forma for the sale are estimated to be 1.07 trillion cubic feet equivalent or 179 million barrels of oil equivalent with the Company's pro forma proved reserve liquid mix increasing from 48% to 52% as a result of the planned natural gas asset divestiture. Proved developed reserves pro forma for the sale will be reduced to approximately 37% of total proved reserves as the assets planned for sale are 100% proved developed producing reserves. As stated in PDC's reserves press release issued earlier today, the Company's 2012 year-end proved reserves do not include anticipated future contributions from PDC's emerging liquid-rich Utica Shale position.

Total Proved Reserves
     Total Proved Reserves (1P)
  2012 Year-End 2012 Pro Forma
Wattenberg 894 893
Appalachia 179 179
Piceance 66  ---
NECO 18  ---
Total Reserves (Bcfe): 1,157 1,072
         

About PDC Energy, Inc.

PDC Energy is a domestic independent energy company engaged in the exploration, development and production of crude oil, NGLs and natural gas. Its operations are focused primarily in the liquids-rich Wattenberg Field of Colorado, including the horizontal Niobrara and Codell plays, the Utica Shale in Ohio and the Marcellus Shale development in West Virginia. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.

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