SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
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FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
AND EXCHANGE ACT OF 1934
Date
of
report (Date of earliest event reported): August 9, 2007
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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Written
communications pursuant to Rule 425 under Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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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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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
August 9, 2007, Petroleum Development Corporation (the "Company") entered into
an amendment ("Amendment") to its Credit Facility with JPMorgan Chase Bank,
N.A.
and BNP Paribas, dated as of November 4, 2005 (Credit Facility"), to modify
the
working capital covenant thereby waiving the covenant until the earlier of
(i) a
debt or equity transaction resulting in net proceeds to the Company of at least
$200 million or (ii) July 1, 2008. The Amendment increased the ABR by
0.375% as long as the waiver of the Company's non-compliance with the working
capital covenant is in effect. In addition, a third lender, Wachovia
Bank, N.A., was added to the credit line and the Company's aggregate commitment
was increased from $150 million to $200 million.
The
above
descriptions are qualified entirely by reference the copy of the Amendment
to
the Credit Facility, which is attached as Exhibit 10.1 and incorporated by
reference herein.
Item
9.01 Financial Statements and Exhibits.
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(d) Exhibits.
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Exhibit
No.
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Description
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10.1
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First
Amendment to Amended and Restated Credit Agreement, dated as of August
9,
2007, by and among the Company, certain of its subsidiaries, JPMorgan
Chase Bank, N.A., BNP Paribas and Wachovia Bank,
N.A.
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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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August
15, 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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Chief
Financial Officer
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