2014 Utica Shale Capital Overview

Approximately $162 million is expected to be invested in the Utica Shale in southeast Ohio to spud 18 horizontal wells, including 8 wells in the Company's northern acreage and 10 wells in its southern acreage. A second drilling rig is expected to be deployed in the second half of 2014. The Utica capital budget includes approximately $30 million to acquire additional contiguous leasehold.

2014 PDC Mountaineer JV ("PDCM") Capital Overview

PDC has budgeted approximately $16 million for its 50 percent share of PDCM in the Marcellus Shale to finalize drilling and completion operations on the remaining four horizontal wells and for midstream infrastructure. PDCM recently elected to suspend 2014 drilling in the Marcellus Shale play due to the natural gas price environment.

Operations Update – Wattenberg Field

The remaining eight wells on the Waste Management Section were brought online by November 12, 2013. The Waste Management Section is the Company's 16 horizontal wells per section test. The six Codell wells are tracking above the Company's Codell type curve with an average peak 24-hour rate of 500 Boe/d per well and the ten Niobrara wells completed in the B and C Benches are performing solidly between the Company's Niobrara type curves for the outer and middle core areas, with an average peak 24-hour rate of 560 Boe/d per well. To date, the peak, one-day production rate for the entire 16-well section is approximately 7,600 Boe/d with 88% crude oil. In addition to the Waste Management wells, the Company expects to bring approximately 15 wells online by the end of fourth quarter of 2013 for a strong exit rate from the Field.

Operations Update – Utica Shale

The Company recently turned its eighth, ninth and tenth Utica Shale horizontal wells to sales. One additional well is expected to be turned to sales before year-end 2013. The Company expects gross production from its 11 wells by the end of December 2013 to be approximately 5,200 Boe/d which assumes full ethane recovery with approximately 70% liquids. To optimize ultimate recoveries (EURs) for wells located in the retrograde condensate window, the Company plans to continue maintaining high reservoir pressures by restricting flow rates. Well performance has been very strong on the relatively small chokes with significant casing pressures supporting greater long-term production rates and higher EURs.

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