Upsized: PDC Energy to Offer $262.7MM in Stock

Upsized - March 7, 2016

PDC Energy, Inc. announced that it has priced and upsized a public offering from 4,000,000 to 5,150,000 shares of its common stock for total gross proceeds (before underwriters' compensation and estimated expenses) of approximately $262.7 million. BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering and have offered the shares at prevailing market prices or otherwise from time to time through the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise.

The Company has granted the underwriters an option for 30 days to purchase up to an additional 772,500 shares of the Company's common stock to cover over-allotments, if any. The net proceeds from this offering will be used to repay the principal amounts owed upon the maturity of the Company's 3.25% convertible senior notes due in May 2016 and for general corporate purposes, which may include repaying amounts borrowed under the Company's revolving credit facility.  The offering is expected to close on or around March 11, 2016.

Initial Offering

PDC Energy, Inc. intends to offer for sale 4,000,000 shares of its common stock in an underwritten public offering.

The Company has granted the underwriters an option for 30 days to purchase up to an additional 600,000 shares of the Company's common stock to cover over-allotments, if any. The net proceeds from this offering will be used to repay the principal amounts owed upon the maturity of the Company's 3.25% convertible senior notes due in May 2016 and for general corporate purposes, which may include repaying amounts borrowed under the Company's revolving credit facility.

BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering.