PDC Energy Announces Full Exercise of Over-Allotment Options in Common Stock and Convertible Senior Notes Offerings

DENVER, Sept. 12, 2016 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) today announced the underwriters in its recent public offerings of common stock (the “common stock offering”) and convertible senior notes (the “notes offering”) exercised their over-allotment option to purchase an additional (i) 1,185,000 shares of common stock in the case of the common stock offering, bringing the total shares to be purchased in that offering to 9,085,000, and (ii) an additional $25 million principal amount of additional notes in the case of the notes offering, bringing the total aggregate principal amount of that offering to $200 million. The total gross proceeds (before underwriters’ compensation and estimated expenses) of the common stock offering, including the exercise of the over-allotment option, is approximately $574.6 million. The total gross proceeds (before underwriters’ compensation and estimated expenses) of the notes offering, including the exercise of the over-allotment option, is approximately $200 million. J.P. Morgan, BofA Merrill Lynch, BMO Capital Markets and Wells Fargo Securities are serving as joint book-running managers for each of the common stock offering and the notes offering.

The common stock offering and the notes offering were made pursuant to an effective shelf registration statement. Each offering was made by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


PDC Energy Announces Proposed Private Debt Offering

DENVER, Sept. 12, 2016 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) today announced that, subject to market conditions, the Company is planning a private offering of $400 million in aggregate principal amount of its senior unsecured notes due 2024 (the “notes”). PDC intends to use the net proceeds from the offering to fund a portion of the cash consideration payable in the previously announced acquisition (the “Acquisition”) of two privately held companies managed by Kimmeridge Energy Management Company, to pay related fees and expenses and for general corporate purposes. The indenture governing the notes will contain a special mandatory redemption feature requiring PDC to redeem the notes at a redemption price equal to the aggregate principal amount of the notes, plus accrued and unpaid interest to, but not including, the redemption date if the Acquisition is terminated or not consummated on or prior to December 31, 2016 (or in some circumstances, January 15, 2017).

About PDC Energy, Inc.

PDC Energy, Inc. is a domestic independent exploration and production company that produces, develops, acquires and explores for crude oil, natural gas and NGLs with operations in the Wattenberg Field in Colorado and in the Utica Shale in southeastern Ohio. Its operations are focused on the liquid-rich horizontal Niobrara and Codell plays in the Wattenberg Field and the condensate and wet gas portion of the Utica Shale play.


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