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Petroleum Development boosts capital budget
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BRIDGEPORT, W.Va. - Petroleum Development Corp. said Friday that its board has approved a $40 million increase to the oil and gas company's 2008 capital budget, boosting the revised budget to $295 million.
Petroleum Development said the 15.7 budget increase will allow the company to operate an additional rig to increase drilling in its Grand Valley field in the Rocky Mountain region.
Petroleum Development shares gained 90 cents to $74 in afternoon trading.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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