Petroleum Development Corp (PETD)

[OilStockReport]

Petroleum Development Corp recently announced development capital spending of between $205 million and $240 million in 2011. Most of this will be spent on developing the Niobrara Shale in the Wattenberg Field and the Wolfberry formation in the Permian Basin. In 2010, Petroleum Development Corp allocated $141 million in development spending. The 2011 capital budget will increase production by 20% to 25% in 2011 over 2010.