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PDC Energy Announces 2013 Second Quarter Results; Production From Continuing Operations Up 34%; Production Mix 54% Liquids; Wattenberg Production Increased 40%

DENVER, Aug. 1, 2013 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today reported its 2013 second quarter financial and operating results from continuing operations.

Second Quarter 2013 Highlights:
  • Net Income of $20 million
  • Production up 34% from Q2 2012 to 18,100 barrels of oil equivalent per day ("Boe/d")
  • Closed sale of non-core Colorado natural gas assets; net proceeds of ~$178 million
  • Product mix of 54% liquids
  • Wattenberg production and liquids increased 40% from Q2 2012
  • Third horizontal rig began drilling in Wattenberg
  • TD'd the Garvin & Neill wells in southern Utica (Washington County); completions expected in August

James Trimble, Chief Executive Officer and President, commented, "We had a very solid second quarter for 2013 with production levels consistent with our forecast, which anticipated high line-pressures in the Wattenberg Field. Through the first six months of the year, we exceeded our production forecast. Drilling in all three basins is progressing well and we are on pace for a strong production increase in the second half of the year. We expect initial production from our Washington County Utica Shale wells and down-spaced Wattenberg Field drilling to occur late in the third quarter of this year."

Second Quarter 2013 Results

Net income for the second quarter of 2013 was $20 million, or $0.64 per diluted share, compared to net income of $12 million, or $0.46 per diluted share, in the second quarter of 2012. Adjusted net income, a non-GAAP financial measure defined below, was $7 million for the second quarter of 2013 compared to an adjusted net loss of $2 million for the same 2012 period. Net cash used in operating activities was $2 million for the second quarter of 2013, compared to net cash from operating activities of $25 million for the same 2012 period. Adjusted cash flows from operations, a non-GAAP financial measure that excludes changes in assets and liabilities, were $46 million for the second quarter of 2013, compared to $30 million in the same 2012 period.

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