San Diego, Dec. 14, 2011 (Shareholders Foundation) -- An investigation on behalf of investors in shares of Petroleum Development Corporation (NASDAQ: PETD) over possible Violations of Federal Securities Laws was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Petroleum Development (NASDAQ:PETD) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements regarding Petroleum Developments business, its prospects and its operations were potentially materially false and misleading at the time they were made.

Petroleum Development Corporation reported that its annual Revenue rose from $230.88million for 09 to $347.65million in 2010 and its Net Income increased from a Net Loss of $79.28million in 2009 to a Net Income of $6.21million in 2010. Its third quarter Net Income rose from $86.82million last year to $144.98million this year and its third quarter Net Income increased from $2.90million last year to $32.56million this year.
However, before the increase from 2009 to 2010 Petroleum Development annual Revenue fell from $572.50million in 2008 with a Net Income of $113.31million for 08.

Shares of Petroleum Development Corporation (Public, NASDAQ:PETD) grew from as low as slightly above $10 per share in March 09 to as high as $48.41 per share in March 2011. However since March NASDAQ PETD shares fell to as low as $16.66 per share on October 3, 2011 and PETD shares traded in May 2008 as high as $78.35 per share.