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
July
15, 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
Item 1.01
Entry into a Material Definitive Agreement.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
As
of July 15, 2008, Petroleum Development Corporation (the "Company") entered
into a Third Amendment (the “Third Amendment") to its Credit Facility with
JPMorgan Chase Bank, N.A. and BNP Paribas, dated as of November 4, 2005, and
previously amended by First Amendment dated August 9, 2007, and Second Amendment
dated October 16, 2007 (the “Credit Facility"). The Third Amendment
increases the available amount from $234.1 Million to $300
Million. The Third Amendment also amends certain covenants,
including reducing the required leverage ratio required from 3.7 to 3.0, and
changing interest rates to track current market rates.
Effective
July 18, 2008, the Company also entered a Fourth Amendment (the “Fourth
Amendment”) to the Credit Facility. The Fourth Amendment adds certain
financial institutions to the bank group and reallocates the loan amount
accordingly.
The above
descriptions are qualified entirely by reference to the copy of the Third
Amendment, which is attached as Exhibit 10.1 and incorporated by reference
herein, and to the copy of the Fourth Amendment, which is attached as Exhibit
10.2 and incorporated by reference herein.
EXHIBIT
INDEX
Item
9.01. Financial Statements and Exhibits.
Exhibits.
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Exhibit
No.
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Description
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10.1
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Third
Amendment to Amended and Restated Credit Agreement dated as of July 15,
2007, by and among the Company, certain of its subsidiaries, JPMorgan
Chase Bank, N.A., BNP Paribas and various other banks.
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10.2
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Fourth
Amendment to Amended and Restated Credit Agreement dated as of July 18,
2008, by and among the Company, certain of its subsidiaries, JPMorgan
Chase Bank, N.A., BNP Paribas and various other
banks.
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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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July
21, 2007
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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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