SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
AND EXCHANGE ACT OF 1934
June 24,
2008
Date
of report (Date of earliest event reported)
Petroleum
Development Corporation
Exact
Name of Registrant as Specified in Charter
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Nevada
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0-7246
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95-2636730
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State
or Other Jurisdiction
of
Incorporation
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Commission
File
Number
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IRS
Employer
Identification
Number
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120
Genesis Boulevard, Bridgeport, WV 26330
Address
of Principal Executive Offices
304-842-3597
Registrant's
telephone number, including area code
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing
obligation
of the registrant under any of the following provisions (see General Instruction
A.2. below):
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[
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Written
communications pursuant to Rule 425 under Securities Act (17 CFR
230.425)
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[
]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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No
Change
Former
Name or Former Address, if Changed Since Last Report
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers
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Item
8.01.
Other Events
The
following is furnished pursuant to both Item 5.02 and Item 8.01:
On June
23, 2008, the Board of Directors of Petroleum Development Corporation completed
the CEO transition plan which was initially announced in December 2007, and upon
the retirement of Steven R Williams as Chief Executive Officer at the meeting of
the Board of Directors following the Company’s Annual Meeting of Shareholders,
named Richard McCullough Chief Executive Officer effective immediately. At that
meeting, the Board also appointed Kimberly Wakim as Chair of the Compensation
Committee and Anthony Crisafio as the Chairman of the Audit
Committee.
On
Tuesday, June 24, 2008, Petroleum Development Corporation issued a Press Release
announcing the re-election of Directors, the completed CEO transition, and the
results of the 2008 Annual Meeting of Shareholders.
The Press
Release is attached by reference as Exhibit 99.1
EXHIBIT
INDEX
Item
9.01(c). Financial Statements and Exhibits.
Exhibit.
99.1 PRESS RELEASE:
Petroleum
Development Corporation Shareholders Elect Directors and Approve Company
Proposals; Board Completes CEO Transition and Names Richard W. McCullough as
Chief Executive Officer; Former CEO Steven R. Williams Will Continue as
Chairman of the Board
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
PETROLEUM
DEVELOPMENT CORPORATION
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Date:
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June
26, 2008
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By:
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/s/ Richard W.
McCullough
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Richard
W. McCullough
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Vice
Chairman & Chief Executive
Officer
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