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
December
20, 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 No.
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120
Genesis Boulevard, Bridgeport, WV 26330
(Address
of Principal Executive Offices)
Registrant's
telephone number, including area
code 304-842-3597
no
change
(Former
Name or Former Address, if Changed Since Last Report)
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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Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain
Officers.
On
December 20, 2007 the Board of Directors selected Chief Financial Officer
Richard W. McCullough as the successor to current Chief Executive Officer
Steven
R. Williams. Mr. Williams, who has served as CEO and Chairman since
January 2004, will remain as CEO until his retirement in 2008, as the Company
announced earlier this year. The Company has instituted a transition
period of approximately eight months to allow Mr. McCullough to complete
various
initiatives in the financial area. The Company anticipates that Mr.
Williams will retire as CEO at the end of the transition period and will
continue to serve as Chairman through at least the end of 2008.
The
Board
of Directors also voted to increase the size of the Board of Directors from
nine
to ten and added Mr. McCullough as a member of the Board and appointed him
as
Vice Chairman of the Board effective immediately. There have been no
Board committee assignments made for Mr. McCullough at this time and there
have
been no modifications to his compensation at this time. The selection of
Mr.
McCullough as a director was not pursuant to any arrangement or understanding
between Mr. McCullough and any third party. As of the date of this
report neither Mr. McCullough nor any member of his immediate family is a
party,
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. We incorporate by reference herein
the biographical description of Mr. McCullough's business experience set
forth
in Item 10 of the Company's Form 10-K for its fiscal year ended December
31,
2007.
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits.
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99.1
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Press
Release dated December 20, 2007, "Petroleum Development Corporation
Announces CEO Succession Plans Richard W. McCullough Named Successor
and
Appointed Vice Chairman" (filed
herewith)
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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
Date December
21, 2007
By /s/
Steven R. Williams
Steven
R. Williams
Chief
Executive Officer