Petroleum Development Blames Price Hedges For $14M Loss

BRIDGEPORT, W.Va. (AP) - Oil and natural gas producer Petroleum
Development lost nearly $14 million in the first quarter on bad
price bets.

Petroleum Development's latest quarterly report to the
Securities and Exchange Commission says it lost $13.92 million, or
95 cents per share, in the first three months of the year. The
Bridgeport-based company earned $2.5 million, or 17 cents per
share, in the same period last year.

Revenue rose to $58 million in the quarter from $57.9 million in
first-quarter 2007.

Analysts polled by Thomson Financial had expected a profit of 91
cents a share on revenue of $98.77 million.

Petroleum Development is blaming unrealized losses of $39.9
million on hedges against big oil and gas price movements for the
poor first quarter.

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