WASHINGTON,
DC 20549
_______________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
report (Date of earliest event reported): February 15,
2008
Petroleum Development
Corporation
(Exact
Name of Registrant as Specified in Charter)
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Nevada
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0-7246
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95-2636730
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State
or Other Jurisdiction of Incorporation
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Commission
File Number
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IRS
Employer Identification No.
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120 Genesis Boulevard,
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)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
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[ ]
Written communications pursuant to Rule 425 under Securities Act (17 CFR
230.425)
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[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item
5.02. Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On
February 15, 2008, the Compensation Committee ("Committee") of the Board of
Directors of Petroleum Development Corporation ("Company") finalized the annual
base salaries (effective as of January 1, 2008) and the Short-Term Incentive
Program for 2008 for the Company's current executive officers 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 executive
officers:
|
Name
and Position
|
Year
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Base
Salary
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Steven
R. Williams
Chairman
and Chief
Executive
Officer
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2008
2007
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$400,000
$370,000
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Richard
W. McCullough
Vice
Chairman and Chief Financial Officer
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2008
2007
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$340,000
$235,000
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Eric
R. Stearns
Executive
Vice President
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2008
2007
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$305,000
$271,500
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Daniel
W. Amidon
General
Counsel and Secretary
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2008
2007
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$227,500
$210,000
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The
Committee also established the metrics for the Company's Short-Term Incentive
cash bonus program for 2008. These represent the threshold, target
and stretch amounts that an executive officer can achieve if he meets the
Committee's established performance criteria. The Committee has not
yet determined the particular performance criteria for 2008.
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Executive
Officer
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Threshold
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Target
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Stretch
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Steven
R. Williams
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0%
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90%
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180%
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Richard
W. McCullough
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0%
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90%
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180%
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Eric
R. Stearns
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0%
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62
½%
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125%
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Daniel
W. Amidon
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0%
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50%
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100%
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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
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Date
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February 22, 2008
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By
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/s/ Steven R. Williams
Steven
R. Williams
Chief
Executive Officer
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