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
Date of report (Date of earliest event reported) February 10, 2005
Petroleum Development Corporation
(Exact Name of Registrant as Specified in Charter)
Nevada 0-7246 95-2636730
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
103 East Main Street; 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
Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On January 18, 2005, the Compensation Committee of the Board of Directors of Petroleum Development Corporation (the "Company") approved and the Board ratified the annual base salaries (effective as of January 1, 2005) of the Company's executive officers (which officers were determined by reference to the Company's proxy statement, dated May 12, 2004, for the Company's June 11, 2004 annual meeting of stockholders) after a review of performance and competitive market data. The following table sets forth the previous and new annual base salary levels of the Company's Named Executive Officers:
|
NAME AND POSITION |
YEAR |
BASE SALARY |
|
Steven R. Williams Chairman and Chief Executive Officer |
2005 2004 |
$318,000 $300,000 |
|
Thomas E. Riley President |
2005 2004 |
$252,000 $240,000 |
|
Eric R. Stearns Executive Vice President |
2005 2004 |
$231,000 $220,000 |
|
Darwin L. Stump Chief Financial Officer |
2005 2004 |
$210,000 $200,000 |
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 February 10, 2005
By /s/ Darwin L. Stump
Darwin L. Stump
Chief Financial Officer