NASDAQ Panel Grants Petroleum Development Continued Listing
Petroleum Development Corp. announced that the NASDAQ Listing Qualifications Panel granted the Company's request for continued listing on the NASDAQ Global Select Market in a letter dated June 15, 2007.
The Panel granted the Company's request for continued listing subject to the requirement that the Company file its Quarterly Report on Form 10-Q for the Quarter ended March 31, 2007 by no later than June 29, 2007. The Company believes that it will be able to meet this deadline; however, there can be no assurances that it will do so or that the Panel will grant an additional extension of time should the Company fail to make the filing by the June 29, 2007 deadline. Failure to file by the Panel's deadline or obtain an additional extension could result in the delisting of the Company's securities from The NASDAQ Global Select Market.
The Company was originally cited for failing to satisfy the NASDAQ requirement that it remain current in all its Securities and Exchange Commission filings, as set forth in Marketplace Rule 4310(c)(14), when the Company was unable to timely file the Form 10-K for the fiscal year ended December 31, 2006. The Company filed its Form 10-K on May 23, 2007 and now remains delinquent only in the filing of the first quarter Form 10-Q.
Petroleum Development Corp. is an independent energy company engaged in the development, production and marketing of natural gas and oil. The Company operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. During the third quarter of 2004, the Company was added to the S&P SmallCap 600 Index. Additionally, PDC was added to the Russell 3000 Index of companies in 2003.
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