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
November
28, 2007
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.
Petroleum
Development Corporation (the "Company") previously entered into a Credit
Facility with JPMorgan Chase Bank, N.A. and BNP Paribas, dated as of November
4,
2005, as subsequently amended (the “Credit Facility"). On November 21, 2007, the
Company entered into a Limited Consent and Waiver, Borrowing Base Increase
and
Aggregate Revolving Commitment Increase with the banks which are party to the
Credit Facility. The primary purpose of such document was to increase the
aggregate commitment under the Credit Facility from $275 million to $300
million. A limited waiver was also granted, waiving the mortgage
requirement until the earlier of a Capital Markets Event (as defined therein)
or
December 31, 2007; without such waiver the Company would have been out of
compliance with the mortgage requirement of the Credit Facility as a result
of
the increase in the credit commitment.
The
above
descriptions are qualified entirely by reference the copy of the Limited Consent
and Waiver, Borrowing Base Increase and Aggregate Revolving Commitment Increase
which is attached as Exhibit 10.1 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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Limited
Consent and Waiver, Borrowing Base Increase and Aggregate Revolving
Commitment Increase dated November 21,
2007.
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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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November
28, 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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