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
1, 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 5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
Election
of Directors
Effective
October 26, 2007, the board of directors (the “Board”) of Petroleum Development
Corporation (the “Company”) increased the number of members of the Board of
Directors from seven to nine, and selected Joseph E. Casabona and Larry F.
Mazza
to serve as members of the Company’s Board for a term that extends until the
2008 annual meeting of the shareholders. No committee assignments have
been indicated at this time.
Mr.
Casabona served as Executive Vice President and member of the Board of Directors
of Denver based Energy Corporation of America (“ECA”) from 1985 to his
retirement earlier this year. ECA combines Appalachian Basin natural gas
development, deep exploration, marketing, and pipeline gathering and
transportation to industrial end users, utility purchasers and other customers
with higher risk, higher reward exploratory drilling in Texas and
internationally.
Mr.
Mazza
has served as CEO of MVB Bank Harrison, Inc., in Bridgeport, West Virginia
since
March 2005. Prior to the formation of MVB Bank Harrison, Mr. Mazza
served as Senior Vice President Retail Banking Manager for BB&T in West
Virginia, where he was employed from June 1986 to March 2005.
The
selection of Mr. Casabona and Mr. Mazza was not pursuant to any arrangement
or
understanding between Mr. Casabona, Mr. Mazza or any third party.
As
of the
date of this report, neither Mr. Casabona nor Mr. Mazza nor any member of either
gentlemen's immediate families is a party, either directly or indirectly, to
any
transaction that the Company is aware of that is required to be reported
pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act
of
1934.
No
new
compensation arrangements were entered into in connection with the appointment
to the Board of Mr. Casabona and Mr. Mazza. Both gentlemen will receive
the Company’s standard compensation arrangements applicable to a director who is
not an employee of the Company.
The
Board
has determined that both Mr. Casabona and Mr. Mazza qualify as “independent”
under the guidelines promulgated by the Nasdaq Stock Market, Inc. and the
applicable Securities and Exchange Commission rules.
The
appointment of Mr. Casabona and Mr. Mazza was announced in the press release
attached hereto as Exhibit 99.1 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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99.1
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Press
Release, dated November 1, 2007 regarding the election of a new
director.
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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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November
1, 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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