Petroleum Development Corp. (PETD) Bulks Up in the Marcellus Shale
Petroleum Development Corp. is an oil and gas exploration and production company headquartered in Colorado. The company operates in four segments: Oil and Gas Sales, Drilling and Development, Well Operations and Natural Gas Marketing through its Riley Natural Gas subsidiary. The company’s most attractive asset on the exploration and production side of its business is its undeveloped acreage in the Marcellus Shale in Appalachia. This unconventional shale gas play has attracted the attention of the industry over the last year. Petroleum Development Corp. has 52,900 acres of land under net lease that are prospective for the Marcellus Shale in both…