Attached files
file | filename |
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8-K - FORM 8-K - PDC ENERGY, INC. | pdc8k_20091105.htm |
EX-99.2 - EX-99.2 - PDC ENERGY, INC. | ppt2009_1105.htm |
NEWS FROM
Petroleum
Development Corporation
FOR
IMMEDIATE RELEASE
November
4, 2009
Petroleum
Development Corporation Announces 2009 Third Quarter Results: Strong Cash Flow from Hedging
Activity; Liquidity Remains Strong
DENVER, CO, November 4, 2009:
Petroleum Development Corporation (“PDC”, “the Company”) (NASDAQ:PETD) today
reported its 2009 third quarter and first nine months operating and financial
results.
The
Company reported a net loss for the third quarter ended September 30, 2009 of
$24.5 million, or a $1.44 loss per diluted share, compared with a September 30,
2008 quarterly net income of $126.9 million, or $8.55 per diluted
share. The net loss for the third quarter 2009 was due to a $35.0
million net decrease in the non-cash mark to market value of the Company’s
derivative contracts. This unrealized loss was partially offset by a
realized gain of $23.2 million during the quarter, resulting in a net loss on
derivatives positions in the third quarter 2009 of $11.8 million, compared to a
net gain of $166.7 million in the same third quarter period of
2008. Adjusted net income (loss), a non-GAAP measure defined below
under Non-GAAP Financial Measures, for the third quarter of 2009 was a net loss
of $2.8 million, or a $0.16 loss per diluted share.
Third
quarter 2009 production increased 7.5% compared to the same period in 2008, to
10.9 Bcfe from 10.2 Bcfe, and was entirely organic from the development of
existing core operating areas. During the third quarter 2009 the
Company drilled 21.0 total net wells compared to 93.7 total net wells drilled in
the same 2008 period.
Adjusted
cash flow from operations, a non-GAAP measure defined below under Non-GAAP
Financial Measures, for the third quarter 2009 was $37.3 million, or $2.20 per
diluted share, compared to $59.1 million, or $3.98 per diluted share for the
third quarter of 2008. The decrease was primarily the result of a
commodity price decline of approximately 59% over the corresponding period of
2008.
During
the third quarter 2009, PDC issued common equity of approximately 4.3 million
shares for net proceeds of approximately $48.5 million. The proceeds
were used to reduce borrowings on the Company’s credit facility. The
offering provided the Company improved leverage and coverage metrics, greater
liquidity in the event of a prolonged depressed commodity price environment, and
financial flexibility to pursue strategic objectives.
Richard
W. McCullough, Chairman and Chief Executive Officer, stated, “Earlier this week
PDC announced the creation of an Appalachian joint venture (“JV”) with Lime Rock
Partners. The new strategic JV, named PDC Mountaineer, LLC, will be
principally focused on the development of the Marcellus Shale
play. The JV provides us an opportunity to accelerate the growth and
visibility of PDC’s Marcellus Shale position, and affords the opportunity for
significant economic scale and repeatability for long term
growth. Partnering with Lime Rock provides the growth capital
required to increase production, develop low cost reserves, and grow our acreage
position in the Marcellus fairway. The Company’s strong hedge
position in the third quarter continued to protect our cash flows and related
capital program and our quarterly results remained consistent with our
guidance. In late October we were able to take advantage of a brief
commodity price recovery by layering in hedges which will protect the pricing
realized on our core production. We entered into numerous gas and oil
commodity swaps and collar hedges which moved our hedged position for both
commodities to approximately 80% of projected current PDP production for the
period 2010-2011.”
Adjusted
net loss for the third quarter of 2009 was a net loss of $2.8 million, or a
$0.16 loss per diluted share, compared to net income of $20.8 million, or $1.40
per diluted share, in the third quarter 2008. The third quarter 2009 adjusted
net loss was impacted by lower commodity prices compared to the same quarter in
2008, higher general and administrative expenses, and higher DD&A expense
which were partially offset by lower lifting cost and production taxes, and
strong realized derivative gains.
Oil and
natural gas sales revenues from the Company's producing properties for the third
quarter 2009 were down 56% to $44.0 million, a decrease of $55.4 million from
$99.4 million for the same 2008 period. The average realized price of
oil and gas, including realized gains and losses on derivatives, decreased
approximately 37% to $6.02 per Mcfe in the third quarter 2009 compared to $9.49
in the third quarter 2008. The average sales price for oil and
natural gas, excluding realized gains and losses on derivatives, during this
year’s third quarter was $4.02 per Mcfe, a decrease of approximately 59% from
$9.76 per Mcfe for the same quarter 2008.
Oil and
gas production and well operations costs, including production taxes, decreased
33% to $15.2 million, or $1.39 per Mcfe for the third quarter 2009, compared to
$22.6 million, or $2.22 per Mcfe for the third quarter of 2008. The
reduction was primarily attributable to lower oil field service and equipment
costs in the Company’s producing basins, and lower production taxes during the
period. Production taxes, which fluctuate with oil and natural gas
revenues, decreased $4.5 million to $2.6 million for the third quarter 2009
compared to $7.1 million for the same period of 2008.
General
and administrative expenses increased to $9.6 million in the third quarter 2009
from $8.1 million in the same 2008 period. The third quarter 2009
expense increase was primarily related to costs associated with increased
staffing during the last half of 2008.
Depreciation,
depletion and amortization expense for oil and gas properties for the 2009 third
quarter increased to $30.3 million from $26.8 million in the respective quarter
2008. The Company’s total DD&A expense rate for oil and gas
properties increased from $2.56 per Mcfe in the 2008 third quarter to $2.74 per
Mcfe in the same quarter of 2009. This increase in oil and gas
properties DD&A expense, per Mcfe, is due primarily to the downward revision
of proved developed producing oil and gas reserves at year end 2008 that
resulted from lower commodity prices utilized in the reserve
valuation.
The
Company’s exploration expense decreased from $10.2 million in the third quarter
2008 to $6.6 million in the third quarter of 2009. The decrease was
due to $3.9 million of exploration dry hole costs recognized in the third
quarter 2008, partially offset by a $2.8 million impairment in the third quarter
2009.
Interest
expense increased to $9.2 million in the third quarter 2009, from $7.8 million
in the same period of 2008. The third quarter 2009 expense increase
was primarily the result of higher amortized borrowing costs on the Company’s
revolving credit facility that was amended and extended in the second quarter
2009.
PDC
offered its last sponsored drilling partnership in October
2007. Partnership well drilling and completion activities have been
completed and the Company currently does not have any plans in the foreseeable
future to sponsor a drilling partnership. The Company believed it was
appropriate to treat oil and gas well drilling activities as a discontinued
operation for all periods presented. Prior period financial
statements have been restated to present the activities of oil and gas well
drilling operations as discontinued. This restatement had no impact
on previously reported net earnings, earnings per share or shareholders’
equity.
The
following tables show the calculation of adjusted cash flow from operations,
adjusted net income (loss), and EBITDA (earnings before interest, taxes,
depreciation and amortization) (non-GAAP measures) (in thousands, except per
share data) for the third quarters of 2009 and 2008, and for the nine months
ended September 30, 2009 and 2008:
Adjusted
Cash Flow from Operations
|
||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
||||||
September
30,
|
September
30,
|
|||||||
2009
|
2008
|
2009
|
2008
|
|||||
Net
cash provided by operating activities
|
$ 39,312
|
$ 36,062
|
$ 99,971
|
$ 103,792
|
||||
Changes
in assets and liabilities related to operations
|
(2,012)
|
23,046
|
14,735
|
54,911
|
||||
Adjusted
cash flow from operations
|
$ 37,300
|
$ 59,108
|
$ 114,706
|
$ 158,703
|
||||
Weighted
average diluted shares outstanding
|
16,962
|
14,835
|
15,530
|
14,858
|
||||
Adjusted
cash flow from operations, per diluted share
|
$ 2.20
|
$ 3.98
|
$ 7.39
|
$ 10.68
|
||||
Adjusted
Net Income (Loss)
|
||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
||||||
September
30,
|
September
30,
|
|||||||
2009
|
2008
|
2009
|
2008
|
|||||
Net
income (loss)
|
$ (24,476)
|
$ 126,896
|
$ (63,258)
|
$ 72,256
|
||||
Unrealized
derivative loss (gain) (1)
|
34,973
|
(171,027)
|
95,735
|
(45,371)
|
||||
Provision
for underpayment of gas sales
|
-
|
(170)
|
2,581
|
4,025
|
||||
Tax
effect of above adjustments
|
(13,290)
|
65,054
|
(37,360)
|
15,711
|
||||
Adjusted
net income (loss)
|
$ (2,793)
|
$ 20,753
|
$ (2,302)
|
$ 46,621
|
||||
Weighted
average diluted shares outstanding
|
16,962
|
14,835
|
15,530
|
14,858
|
||||
Adjusted
diluted earnings (loss) per share
|
$ (0.16)
|
$ 1.40
|
$ (0.15)
|
$ 3.14
|
||||
(1) Includes natural gas marketing activities.
EBITDA
|
||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
||||||
September
30,
|
September
30,
|
|||||||
2009
|
2008
|
2009
|
2008
|
|||||
Net
income (loss)
|
$ (24,476)
|
$ 126,896
|
$ (63,258)
|
$ 72,256
|
||||
Interest,
net
|
9,013
|
7,666
|
26,784
|
18,646
|
||||
Income
taxes
|
(14,601)
|
68,233
|
(39,153)
|
37,222
|
||||
Depreciation,
depletion and amortization
|
32,277
|
28,645
|
100,465
|
71,881
|
||||
EBITDA
|
$ 2,213
|
$ 231,440
|
$ 24,838
|
$ 200,005
|
||||
Weighted
average diluted shares outstanding
|
16,962
|
14,835
|
15,530
|
14,858
|
||||
EBITDA
per diluted share
|
$ 0.13
|
$ 15.60
|
$ 1.60
|
$ 13.46
|
||||
Operations
Current
2009 drilling plans continue to be focused primarily in the Rocky Mountain
Region. Plans are to drill approximately 103 gross, 82 net, wells in
the Rocky Mountain Region and the Appalachian Basin. Exclusive of
exploratory wells, through September 30, 2009, the Company has drilled 68 gross
wells compared to 277 gross wells for the same 2008 period. One
drilling rig has been operating for most of the year in the Wattenberg
Field. PDC plans to continue to drill with the one rig in the oil
rich sections of the field to take advantage of the relatively favorable oil
prices along with high natural gas liquids and Btu content of these
wells. The JV is currently formulating an exploration plan for the
Marcellus Formation in the Appalachian Basin where PDC has been an operator for
over thirty years, and currently operates approximately 2,100 wells within the
Marcellus fairway. Seven vertical Marcellus wells have been drilled
in West Virginia year-to-date, with plans for one additional vertical test
planned this year in Pennsylvania. Ten square miles of 3D seismic
were recently shot. Data from this shoot will be used to determine
the location and drilling plan of the JV’s first horizontal Marcellus well,
scheduled for the first quarter of 2010.
Drilling
Activity
During
the third quarter of 2009 the Company drilled 23 gross wells representing a
decrease of 76% from the respective quarter of 2008.
Wells
Drilled
|
|||||||||||||||
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
||||||||||||||
2009
|
2008
|
2009
|
2008
|
||||||||||||
Gross
|
Net
|
Gross
|
Net
|
Gross
|
Net
|
Gross
|
Net
|
||||||||
Rocky
Mountain Region:
|
|||||||||||||||
Wattenberg
|
17
|
16.0
|
36
|
36.0
|
59
|
53.2
|
116
|
91.3
|
|||||||
Piceance
|
0
|
-
|
18
|
18.0
|
1
|
1.0
|
50
|
42.4
|
|||||||
NECO
|
2
|
1.0
|
21
|
19.6
|
7
|
3.5
|
88
|
78.2
|
|||||||
North
Dakota
|
0
|
-
|
1
|
0.3
|
1
|
0.5
|
2
|
0.5
|
|||||||
Total
Rocky Mountain Region
|
19
|
17.0
|
76
|
73.9
|
68
|
58.2
|
256
|
212.4
|
|||||||
Appalachian
Basin
|
4
|
4.0
|
18
|
18.0
|
7
|
7.0
|
37
|
37.0
|
|||||||
Michigan
|
0
|
-
|
1
|
0.8
|
0
|
0.0
|
2
|
1.6
|
|||||||
Fort
Worth Basin
|
0
|
-
|
1
|
1.0
|
0
|
-
|
3
|
3.0
|
|||||||
Total
Wells Drilled
|
23
|
21.0
|
96
|
93.7
|
75
|
65.2
|
298
|
254.0
|
|||||||
Average
Costs Related to Oil and Gas Operations (per Mcfe)
|
||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
||||||
September
30,
|
September
30,
|
|||||||
2009
|
2008
|
2009
|
2008
|
|||||
Average
lifting costs
|
$ 0.79
|
$ 0.94
|
$ 0.79
|
$ 1.07
|
||||
Exploration
expense
|
$ 0.27
|
$ 0.75
|
$ 0.32
|
$ 0.53
|
||||
(less
impairment and amortization)
|
||||||||
Depreciation,
depletion and amortization
|
$ 2.74
|
$ 2.56
|
$ 2.83
|
$ 2.42
|
||||
(oil
and gas properties only)
|
The following table summarizes production by area of operation, as well as the average sales price for the third quarter and nine months ended September 30, 2009 and 2008, excluding realized and unrealized derivative gains or losses.
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
||||||||||
2009
|
2008
|
%
Change
|
2009
|
2008
|
%
Change
|
||||||
Natural
Gas (Mcf)
|
|
|
|
|
|
|
|||||
Rocky
Mountain Region
|
7,700,028
|
6,916,539
|
11.3%
|
23,288,344
|
18,389,853
|
26.6%
|
|||||
Appalachian
Basin
|
968,494
|
931,150
|
4.0%
|
2,971,374
|
2,895,499
|
2.6%
|
|||||
Michigan
Basin
|
390,320
|
391,316
|
-0.3%
|
1,042,256
|
1,157,659
|
-10.0%
|
|||||
Total
|
9,058,842
|
8,239,005
|
10.0%
|
27,301,974
|
22,443,011
|
21.7%
|
|||||
Average
Sales Price
|
$ 2.76
|
$ 7.82
|
-64.7%
|
$ 2.82
|
$ 8.13
|
-65.3%
|
|||||
Oil
(Bbls)
|
|
|
|
|
|
|
|||||
Rocky
Mountain Region
|
308,512
|
318,722
|
-3.2%
|
989,780
|
826,303
|
19.8%
|
|||||
Appalachian
Basin
|
3,338
|
2,467
|
35.3%
|
7,241
|
5,105
|
41.8%
|
|||||
Michigan
Basin
|
697
|
944
|
-26.2%
|
2,275
|
2,775
|
-18.0%
|
|||||
Total
|
312,547
|
322,133
|
-3.0%
|
999,296
|
834,183
|
19.8%
|
|||||
Average
Sales Price
|
$ 60.93
|
$ 108.04
|
-43.6%
|
$ 50.95
|
$ 104.48
|
-51.2%
|
|||||
Natural
Gas Equivalents (Mcfe)*
|
|
|
|
|
|
|
|||||
Rocky
Mountain Region
|
9,551,100
|
8,828,871
|
8.2%
|
29,227,024
|
23,347,671
|
25.2%
|
|||||
Appalachian
Basin
|
988,522
|
945,952
|
4.5%
|
3,014,820
|
2,926,129
|
3.0%
|
|||||
Michigan
Basin
|
394,502
|
396,980
|
-0.6%
|
1,055,906
|
1,174,309
|
-10.1%
|
|||||
Total
|
10,934,124
|
10,171,803
|
7.5%
|
33,297,750
|
27,448,109
|
21.3%
|
|||||
Average
Sales Price
|
$ 4.02
|
$ 9.76
|
-58.8%
|
$ 3.84
|
$ 9.82
|
-60.9%
|
*One barrel of oil is equal to the energy equivalent of six Mcf of natural gas.
This
release refers to “Adjusted net income,” “Adjusted diluted earnings per share,”
"Adjusted cash flow from operations" and “EBITDA” all of which are non-GAAP
financial measures. “Adjusted Net Income” is a measure defined as Net
Income adjusted for unrealized gains and losses on derivatives, a provision for
underpayment of gas sales, and corresponding tax impacts. Adjusted net income
and adjusted diluted earnings per share exclude certain items that the Company
believes affect the comparability of producing companies. The Company
discloses these non-GAAP financial measures as a useful adjunct to GAAP earnings
because: the Company uses adjusted net income to evaluate its operational trends
and performance relative to other natural gas and oil producing companies;
adjusted net income is more comparable to earnings estimates provided by
securities analysts; items excluded generally are one-time items or items whose
timing or amount cannot be reasonably estimated, accordingly, any guidance
provided by the Company generally excludes information regarding these types of
items. Adjusted cash flow from operations is the cash flow earned or incurred
from operating activities without regard to the collection or payment of
associated receivables or payables. The Company believes it is important to
consider adjusted cash flow from operations separately, as the Company believes
it can often be a better way to discuss changes in operating trends in its
business caused by changes in production, prices, operating costs, and related
operational factors, without regard to whether the earned or incurred item was
collected or paid during that year. The Company also uses this
measure because the collection of its receivables or payment of its obligations
has not been a significant issue for the Company's business, but merely a timing
issue from one period to the next, with fluctuations generally caused by
significant changes in commodity prices. EBITDA is a non-GAAP measure calculated
by adding net income, interest (net), income taxes, and depreciation, depletion
and amortization for the period. Management believes EBITDA is relevant because
it is a measure of cash available to fund the Company’s capital expenditures and
service its debt, and is a widely used industry metric which allows
comparability of its results with its peers. Adjusted cash flow from
operations and EBITDA are not measures of financial performance under GAAP and
should be considered in addition to, not as a substitute for, cash flows from
operations, investing, or financing activities, nor as a liquidity measure or
indicator of cash flows reported in accordance with U.S. GAAP.
Condensed
Consolidated Statements of Operations
|
|||||||
(unaudited;
in thousands, except per share data)
|
|||||||
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
||||||
2009
|
2008
|
2009
|
2008
|
||||
Revenues:
|
|||||||
Oil
and gas sales
|
$ 44,006
|
$ 99,422
|
$ 125,306
|
$ 265,617
|
|||
Sales
from natural gas marketing
|
12,444
|
53,372
|
47,200
|
107,638
|
|||
Oil
and gas price risk management gain (loss), net
|
(13,813)
|
169,402
|
(13,414)
|
25,294
|
|||
Well
operations, pipeline income, and other
|
2,563
|
3,376
|
8,349
|
8,203
|
|||
Total
revenues
|
45,200
|
325,572
|
167,441
|
406,752
|
|||
Costs
and expenses:
|
|||||||
Oil
and gas production and well operations cost
|
15,218
|
22,582
|
45,623
|
62,115
|
|||
Cost
of natural gas marketing
|
11,556
|
54,372
|
45,426
|
106,610
|
|||
Exploration
expense
|
6,586
|
10,212
|
15,362
|
17,962
|
|||
General
and administrative expense
|
9,627
|
8,106
|
36,505
|
27,160
|
|||
Depreciation,
depletion and amortization
|
32,277
|
28,645
|
100,465
|
71,881
|
|||
Total
costs and expenses
|
75,264
|
123,917
|
243,381
|
285,728
|
|||
Gain
on sale of leaseholds
|
-
|
-
|
120
|
-
|
|||
Income
(loss) from operations
|
(30,064)
|
201,655
|
(75,820)
|
121,024
|
|||
Interest
income
|
208
|
151
|
240
|
497
|
|||
Interest
expense
|
(9,221)
|
(7,817)
|
(27,024)
|
(19,143)
|
|||
Income
(loss) from continuing operations before income taxes
|
(39,077)
|
193,989
|
(102,604)
|
102,378
|
|||
Provision
(benefit) for income taxes
|
(14,601)
|
67,834
|
(39,233)
|
34,647
|
|||
Income
(loss) from continuing operations
|
(24,476)
|
126,155
|
(63,371)
|
67,731
|
|||
Income
from discontinued operations, net of tax
|
-
|
741
|
113
|
4,525
|
|||
Net
income (loss)
|
$ (24,476)
|
$ 126,896
|
$ (63,258)
|
$ 72,256
|
|||
Net
income (loss) per diluted common share
|
$ (1.44)
|
$ 8.55
|
$ (4.07)
|
$ 4.86
|
|||
Third Quarter 2009 Earnings Conference Call
The
Company will host a conference call with investors to discuss third quarter 2009
results. The Company invites you to join Richard W. McCullough, Chairman and
Chief Executive Officer, Gysle R. Shellum, Chief Financial Officer, Barton R.
Brookman, Senior Vice President – Exploration and Production, and Lance A.
Lauck, Senior Vice president – Business Development for a conference call on
Thursday, November 5, 2009, for a discussion of the results.
What: Petroleum
Development Corporation 2009 Third Quarter Earnings Conference Call
When: Thursday,
November 5, 2009, at 1:00 p.m. Eastern Standard Time
How: Log
on to the web site at www.petd.com, or dial-in:
Domestic
(toll free) at 877/407-9210
International
at 201/689-8049
Replay
Numbers:
Domestic
(toll free) at 877/660-6853
International
at 201/612-7415
Account
#: 286, Conference ID #: 335135
A replay
of the call will be available through Friday, December 4, 2009.
About Petroleum Development
Corporation
Petroleum
Development Corporation (www.petd.com) is an independent energy company engaged
in the development, production and marketing of natural gas and oil. Its
operations are focused in the Rocky Mountains with additional operations in the
Appalachian Basin and Michigan. PDC is included in the S&P SmallCap 600
Index and the Russell 3000 Index of Companies.
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
press release contains “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 regarding our business, financial condition, results of
operations and prospects. All statements other than statements of historical
facts included in and incorporated by reference into this release are
forward-looking statements. Words such as expects, anticipates,
intends, plans, believes, seeks, estimates and similar expressions or variations
of such words are intended to identify forward-looking statements herein, which
include statements of estimated oil and natural gas production and reserves,
drilling plans, future cash flows, anticipated liquidity, anticipated capital
expenditures and our management’s strategies, plans and
objectives. However, these are not the exclusive means of identifying
forward-looking statements herein. Although forward-looking
statements contained in this release reflect our good faith judgment, such
statements can only be based on facts and factors currently known to
us. Consequently, forward-looking statements are inherently subject
to risks and uncertainties, including risks and uncertainties incidental to the
exploration for, and the acquisition, development, production and marketing of,
natural gas and oil, and actual outcomes may differ materially from the results
and outcomes discussed in the forward-looking statements. Important
factors that could cause actual results to differ materially from the forward
looking statements include, but are not limited to:
·
|
changes
in production volumes, worldwide and national demand, and commodity prices
for oil and natural gas;
|
·
|
the
timing and extent of our success in discovering, acquiring, developing and
producing natural gas and oil
reserves;
|
·
|
our
ability to acquire leases, drilling rigs, supplies and services at
reasonable prices;
|
·
|
the
availability and cost of capital to
us;
|
·
|
risks
incident to the drilling and operation of natural gas and oil
wells;
|
·
|
future
production and development costs;
|
·
|
the
availability of sufficient pipeline and other transportation facilities to
carry our production and the impact of these facilities on
price;
|
·
|
the
effect of existing and future laws, governmental regulations and the
political and economic climate of the United States of
America;
|
·
|
the
effect of natural gas and oil derivatives
activities;
|
·
|
conditions
in the capital markets; and
|
·
|
losses
possible from pending or future
litigation.
|
Further,
we urge you to carefully review and consider the cautionary statements made in
this release, our annual report on Form 10-K for the year ended December 31,
2008, and our other filings with the Securities and Exchange Commission (“SEC”)
and public disclosures. We caution you not to place undue reliance on
forward-looking statements, which speak only as of the date of this press
release. We
undertake no obligation to update any forward-looking statements in order to
reflect any event or circumstance occurring after the date of this report or
currently unknown facts or conditions.
CONTACT: Marti Dowling,
Manager – Investor Relations, 303/831-3926, ir@petd.com
###
1775
Sherman Street • Suite 3000 • Denver, Colorado • 80203-4341 • Phone:
303/860-5800
~ www.petd.com
~