Petroleum Development Corporation reported 2011 key operating results including production and year-end reserves, and provided 2012 capital budget details and production estimates.

2011 Reserves

The Company's independent reserve engineers completed their estimate of PDC's year-end 2011 proved reserves in accordance with SEC guidelines. Total proved reserves as of December 31, 2011 increased 18% to slightly over one trillion cubic feet equivalent ("Tcfe"), from 861 billion cubic feet equivalent ("Bcfe") reported as of December 31, 2010. Reserve replacement from all sources was 435% of 2011 production. Proved developed (PD) reserves increased ...