SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
April 24,
2009
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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1775
Sherman Street, Suite 3000, Denver, CO 80203
Address
of Principal Executive Offices
303-860-5800
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.
On April
24, 2009 Steven R. Williams informed the Company that he would not stand for
reelection to the Board of Directors at the 2009 Annual Shareholders meeting.
Mr. Williams believes it is best practice for the prior CEO to leave the Board
of Directors after a transition period. Mr. Williams noted that he was pleased
with the CEO transition process.
The
transition process began when Mr. Williams announced his intention to retire as
CEO in July 2007. In June 2008 Mr. Williams retired as CEO and Mr. McCullough,
CFO of the Company at that time, assumed the title of CEO. In
November 2008, Mr. Williams further resigned his duties as Chairman of the
Board. Mr. Williams now will be leaving the Board of Directors as a
member. The size of the Board will be reduced from nine members to
eight members as of the date of the 2009 Annual Meeting of Shareholders until
such time, if any, which the Board chooses to expand the size of the Board and a
new director, is appointed by the Board or elected by the shareholders the
Board.
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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April
24, 2009
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By:
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/s/
Richard W. McCullough
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Richard
W. McCullough
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Chairman
and CEO
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