Independent oil and gas producer Petroleum Development Corp. said Monday its production and reserves grew in 2006, as the company continued to focus efforts on the Rocky Mountain region.

The company said its production volumes last year grew 24 percent to 16.9 billion cubic feet equivalent from 13.7 billion cubic feet equivalent in 2005. Petroleum Development’s fourth-quarter production increased 34 percent to 4.8 billion cubic feet equivalent from 3.6 billion cubic feet equivalent during the same period a year earlier.

The company attributed the increases to gains in the Rocky Mountain region, where its drilling, production and acquisition activities have been focused over the past several years. The company also operates in Michigan and Appalachia, where quarterly and annual production slowed in 2006.

Petroleum Development also said its year-end proved reserves grew 17 percent to 323 billion cubic feet equivalent from 275 billion cubic feet equivalent at the close of 2005.

Shares of Petroleum Development fell 79 cents to $49.09 in midday trading on the Nasdaq Stock Exchange.

AP

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