CONFORMED COPY




                                            UNITED STATES
                                 SECURITIES AND EXCHANGE COMMISSION

                                       Washington, D.C. 20549

                                              FORM 10-Q
                                                             

                      [X] Quarterly Report Pursuant to Section 13 or 15(d) of 
                               the Securities and Exchange Act of 1934
                                 For the period ended March 31, 2000

                                                 OR

                      [ ] Transition Report Pursuant to Section 13 of 15(d) of 
                              the Securities and Exchange Act of  1934
                          For the transition period from         to        

                                    Commission file number 0-7246

                          I.R.S. Employer Identification Number 95-2636730

                                  PETROLEUM DEVELOPMENT CORPORATION
                                       (A Nevada Corporation)
                                        103 East Main Street
                                        Bridgeport, WV 26330
                                      Telephone: (304) 842-6256

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes  XX   No      

Indicate the number of shares outstanding of each of the issuers classes of
common stock, as of the latest practicable date: 15,982,376 shares of the
Company's Common Stock ($.01 par value) were outstanding as of March 31, 2000.
                         PETROLEUM DEVELOPMENT CORPORATION AND SUBSIDIARIES
                                                  
                                                INDEX




PART I - FINANCIAL INFORMATION                                         Page No.


  Item 1.  Financial Statements

             Independent Auditors' Review Report                          1

             Condensed Consolidated Balance Sheets -
             March 31, 2000 and December 31, 1999                         2

             Condensed Consolidated Statements of Income -
             Three Months Ended March 31, 2000 and 1999                   4

             Condensed Consolidated Statements of Cash Flows-Three
             Months Ended March 31, 2000 and 1999                         5

             Notes to Condensed Consolidated Financial Statements         6


 Item 2.     Management's Discussion and Analysis of Financial 
             Condition and Results of Operations                          8


PART II      OTHER INFORMATION


 Item 1.     Legal Proceedings                                           11


 Item 6.     Exhibits and Reports on Form 8-K                            11












                                   PART I - FINANCIAL INFORMATION


                                 Independent Auditors' Review Report




The Board of Directors
Petroleum Development Corporation:


             We have reviewed the accompanying condensed consolidated balance
sheet of Petroleum Development Corporation and subsidiaries as of March 31,
2000, and the related condensed consolidated statements of income and cash
flows for the three-month periods ended March 31, 2000 and 1999.  These
financial statements are the responsibility of the Company's management.

             We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical review
procedures to financial data and making inquiries of persons responsible for
financial and accounting matters.  It is substantially less in scope than an
audit conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole.  Accordingly, we do not express such an opinion.

             Based on our review, we are not aware of any material modifications
that should be made to the condensed consolidated financial statements
referred to above for them to be in conformity with generally accepted
accounting principles.

             We have previously audited, in accordance with generally accepted
auditing standards, the consolidated balance sheet of Petroleum Development
Corporation and subsidiaries as of December 31, 1999 and the related
consolidated statements of income, stockholders' equity, and cash flows for
the year then ended (not presented herein); and in our report dated March 6,
2000, we expressed an unqualified opinion on those consolidated financial
statements.  In our opinion, the information set forth in the accompanying
condensed consolidated balance sheet as of December 31, 1999 is fairly
presented, in all material respects, in relation to the consolidated balance
sheet from which it has been derived.



                                                               KPMG LLP



Pittsburgh, Pennsylvania
May 9, 2000


                         PETROLEUM DEVELOPMENT CORPORATION AND SUBSIDIARIES

                                Condensed Consolidated Balance Sheets
                                March 31, 2000 and December 31, 1999




<TABLE>
<C>                                                                  <C>                    <C>
             ASSETS

                                                                     2000                  1999  
                                                                 (Unaudited)

Current assets:
 Cash and cash equivalents                                      $ 13,838,100         $ 29,059,200
 Accounts and notes receivable                                    11,856,600           10,263,200
 Inventories                                                         364,700              577,600
 Prepaid expenses                                                  3,085,800            2,360,100

             Total current assets                                 29,145,200           42,260,100



Properties and equipment                                         120,456,900          118,349,100
 Less accumulated depreciation, depletion,
 and amortization                                                 32,694,800           31,207,300
                                                                  87,762,100           87,141,800

Other assets                                                       2,505,800            2,681,700

                                                                $119,413,100         $132,083,600




</TABLE>




                                                                         
                                                                   (Continued)




                                                 -2-

                         PETROLEUM DEVELOPMENT CORPORATION AND SUBSIDIARIES

                          Condensed Consolidated Balance Sheets, Continued
                                March 31, 2000 and December 31, 1999



<TABLE>
<C>                                                                  <C>                   <C>

               LIABILITIES AND
             STOCKHOLDERS' EQUITY
                                                                     2000                 1999   
                                                                 (Unaudited)

Current liabilities:
 Accounts payable and accrued expenses                          $ 18,322,400         $ 17,599,000
 Advances for future drilling contracts                            7,183,900           25,137,400
 Funds held for future distribution                                1,838,500            2,027,600

             Total current liabilities                            27,344,800           44,764,000


Long-term debt                                                    10,000,000            9,300,000
Other liabilities                                                  3,502,600            3,160,600
Deferred income taxes                                              4,382,300            4,134,100


Stockholders' equity:
 Common stock                                                        159,800              157,400
 Additional paid-in capital                                       32,285,700           32,071,000
 Retained earnings                                                41,737,900           38,496,500

             Total stockholders' equity                           74,183,400           70,724,900


                                                                $119,413,100         $132,083,600

</TABLE>






      See accompanying notes to condensed consolidated financial statements.

                                                 -3-

                         PETROLEUM DEVELOPMENT CORPORATION AND SUBSIDIARIES

                             Condensed Consolidated Statements of Income
                             Three Months ended March 31, 2000 and 1999
                                             (Unaudited)

<TABLE>
<C>                                                                  <C>                    <C>

                                                                    2000                  1999 

Revenues:
 Oil and gas well drilling operations                            $17,757,800           17,745,600
 Oil and gas sales                                                15,322,000            8,274,700
 Well operations and pipeline income                               1,287,800            1,156,100
 Other income                                                        136,800              489,900

                                                                  34,504,400           27,666,300

Costs and expenses:
 Cost of oil and gas well drilling operations                     14,403,700           14,871,400
 Oil and gas purchases and production costs                       13,707,500            8,030,400
 General and administrative expenses                                 679,200              464,400
 Depreciation, depletion, and amortization                         1,489,700              935,600
 Interest                                                             14,600                 -   

                                                                  30,294,700           24,301,800

             Income before income taxes                            4,209,700            3,364,500

Income taxes                                                         968,300              753,700

             Net income                                          $ 3,241,400            2,610,800
 
Basic earnings per common share                                      $  .20                $  .17

Diluted earnings per share                                           $  .20                $  .16

</TABLE>






         See accompanying notes to condensed consolidated financial statements

                                                 -4-

                         PETROLEUM DEVELOPMENT CORPORATION AND SUBSIDIARIES

                           Condensed Consolidated Statements of Cash Flows
                             Three Months Ended March 31, 2000 and 1999
                                             (Unaudited)

<TABLE>
<C>                                                                    <C>                <C>

                                                                      2000               1999
Cash flows from operating activities:
 Net income                                                     $ 3,241,400            2,610,800 
 Adjustments to net income to reconcile
     to cash used in operating activities:
     Deferred federal income taxes                                  248,200               97,000 
     Depreciation, depletion & amortization                       1,489,700              935,600 
     Leasehold acreage expired or surrendered                        71,100              192,000 
     Amortization of stock award                                      1,400                3,100 
     Gain on disposal of assets                                        -                  (8,300)
     (Increase) decrease in current assets                       (1,959,500)             823,600 
     Decrease (increase) in other assets                            242,300             (226,700)
     Decrease in current liabilities                            (17,419,200)         (19,661,500)
     Increase in other liabilities                                  342,000              419,400 

             Total adjustments                                  (16,984,000)         (17,425,800)

             Net cash used in operating activities              (13,742,600)         (14,815,000)

Cash flows from investing activities:
 Capital expenditures                                            (2,319,900)          (6,194,700)
 Proceeds from sale of leases                                       141,400              460,400 
 Proceeds from sale of assets                                          -                   8,300 

             Net cash used in investing activities               (2,178,500)          (5,726,000)

Cash flows from financing activities:
 Proceeds from long-term debt                                    10,000,000                 -    
 Retirement of debt                                              (9,300,000)                -    

             Net cash provided by financing activities              700,000                 -    

Net change in cash and cash equivalents                         (15,221,100)         (20,541,000)

Cash and cash equivalents, beginning of period                   29,059,200           34,894,600 

Cash and cash equivalents, end of period                       $ 13,838,100           14,353,600 


</TABLE>



        See accompanying notes to condensed consolidated financial statements.

                                                 -5-

                         PETROLEUM DEVELOPMENT CORPORATION AND SUBSIDIARIES


                        Notes to Condensed Consolidated Financial Statements
                                           March 31, 2000
                                             (Unaudited)


1.     Accounting Policies

       Reference is hereby made to the Company's Annual Report on Form 10-K
       for 1999, which contains a summary of significant accounting policies
       followed by the  Company in the preparation of its consolidated
       financial statements.  These  policies were also followed in preparing
       the quarterly report included herein.

2.     Basis of Presentation

       The Management of the Company believes that all adjustments (consisting
       of  only normal recurring accruals) necessary to a fair statement of
       the results of such periods have been made.  The results of operations
       for the three months ended March 31, 2000 are not necessarily
       indicative of the results to be expected for the full year.

3.     Oil and Gas Properties

       Oil and Gas Properties are reported on the successful efforts method.

4.     Earnings Per Share

       Computation of earnings per common and common equivalent share are as
       follows for the three months ended March 31,

<TABLE>
      <C>                                                             <C>              <C>
                                                                   2000               1999   

    Weighted average common shares outstanding                  15,966,250         15,722,659

    Weighted average common and 
     common equivalent shares outstanding                       16,276,659         16,216,020

    Net income                                                 $ 3,241,400        $ 2,610,800
    
    Basic earnings per common share                              $  .20              $  .17

    Diluted earnings per share                                   $  .20              $  .16

</TABLE>








                                                -6-

5. Business Segments (Thousands)

    PDC's operating activities can be divided into three major segments: 
    drilling and developement, natural gas sales, and well operations.  The
    Company drills natural gas wells for Company-sponsored drilling
    partnerships and retains an interest in each well.  The Company also
    engages in oil and gas sales to residential, commerical and industrial
    end-users.  The Company charges Company-sponsored partnerships and other
    third parties competitive industry rates for well operations and gas
    gathering.  Segment information for the three months ended March 31, 2000
    and 1999 is as follows:

<TABLE>
            <C>                                    <C>                <C>       
                                                  2000               1999   

    REVENUES
       Drilling and Development                  $17,758             17,746 
       Natural Gas Sales                          15,322              8,275 
       Well Operations                             1,288              1,156 
       Unallocated amounts (1)                       137                489 
    Total                                        $34,505             27,666 
</TABLE>


    (1) Includes interest on investments and partnership management fees which
    are not allocated in assessing segment performance.

<TABLE>
                                                    <C>                <C>
                                                   2000               1999   
    SEGMENT INCOME BEFORE INCOME TAXES
       Drilling and Development                   $3,354              2,874 
       Natural Gas Sales                           1,176                208 
       Well Operations                               276                293 
       Unallocated amounts (2)
             General and Administrative 
              expenses                              (679)              (464)
             Interest expense                        (15)               -   
             Other (1)                                98                454 
    Total                                        $ 4,210              3,365 
</TABLE>

    (2)  Items which are not allocated in assessing segment performance.

<TABLE>
             <C>                                     <C>               <C>
                                               March 31, 2000     December 31, 1999
    SEGMENT ASSETS
       Drilling and Development                  $10,252              23,957
       Natural Gas Sales                          96,232              93,073
       Well Operations                             5,911               7,977
       Unallocated amounts 
         Cash                                        182               1,967
         Other                                     6,836               5,110
             Total                              $119,413             132,084
</TABLE>






                                                   -7-

6.  Commitments and Contingencies

    The nature of the independent oil and gas industry involves a dependence on
    outside investor drilling capital and involves a concentration of gas sales
    to a few customers.  The Company sells natural gas to various public
    utilities and industrial customers.  

    Substantially all of the Company's drilling programs contain a repurchase
    provision where Investors may tender their partnership units for repurchase
    at any time beginning with the third anniversary of the first cash
    distribution.  The provision provides that the Company is obligated to
    purchase an aggregate of 10% of the initial subscriptions per calendar year
    (at a minimum price of four times the most recent 12 months' cash
    distributions), only if such units are tendered, subject to the Company's
    financial ability to do so.  The maximum annual 10% repurchase obligation,
    if tendered by the investors, is currently approximately $850,000.  The 
    Company has adequate capital to meet this obligation.

    The Company is not party to any legal action that would materially affect
    the Company's results of operations or financial condition.

7.  Subsequent Event

    On April 27, 2000 the Company entered into an agreement to purchase all of
    the working interest in 168 producing wells in Colorado for $5,650,000.  The
    transaction is effective April 1, 2000 and is scheduled to close on or 
    before May 31, 2000.  The wells have net remaining reserves of 560,000
    barrels of oil and 4.9 billion cubic feet of natural gas.

I
tem 2.     Management's Discussion and Analysis of Financial Condition and 
            Results of Operations

Results of Operations

Three Months Ended March 31, 2000 Compared With March 31, 1999

       Revenues.  Total revenues for the three months ended March 31, 2000 were
$34.5 million compared to $27.7 million for the three months ended March 31,
1999, an increase of approximately $6.8 million, or 24.5 percent.  Such increase
was primarily a result of increased oil and gas sales.  Drilling revenues for 
the three months ended March 31, 2000 were $17.7 million approximately the 
same as the three months ended March 31, 1999. Oil and gas sales for the 
three months ended March 31, 2000 were $15.3 million compared to $8.3 
million for the three months ended March 31, 1999, an increase of 
approximately $7.0 million, or 84.3 percent.  Such increase was due to the
natural gas marketing activities of Riley Natural Gas (RNG), the Company's
market subsidiary, and increased production from the Company's producing 
properties along with higher average sales prices of oil
and natural gas.  Well operations and pipeline income for the three months ended
March 31, 2000 was $1.3 million compared to $1.2 million for the three months
ended March 31, 1999 an increase of approximately $100,000, or 8.3 percent. 
Such increase resulted from an increase in the number of wells operated by the
Company.  Other income for the three months ended March 31, 2000 was $137,000
compared to $490,000 for the three months ended March 31, 1999, a decrease of
approximately $353,000, or 72.0 percent.  Such decrease resulted from less
interest earned on lower average cash balances.





                                                   -8-

       Costs and expenses.  Costs and expenses for the three months ended 
March 31, 2000 were $30.3 million compared to $24.3 million for the three 
months ended March 31, 1999, an increase of approximately $6.0 million or 
24.7 percent.  Oil and gas well drilling operations costs for the three 
months ended March 31, 2000 were $14.4 million compared to $14.9 million for
the three months ended March 31, 1999, a decrease of approximately $500,000,
or 3.4 percent.  Such decrease resulted from an improved gross profit margin
on the Company's drilling activity.  Oil and gas purchases and production 
costs for the three months ended March 31, 2000 were $13.7 million compared
to $8.0 million for the three months ended March 31, 1999, an increase of 
approximately $5.7 million, or 71.2 percent.  Such increase was primarily 
due to natural gas marketing activities of RNG along with production costs
associated with the increased production from the Company's producing 
properties. General and administrative expenses for the three months
ended March 31, 2000 increased to $679,000 compared with $464,000 for the three
months ended March 31, 1999, an increase of $215,000 or 46.3 percent.  Such
increase was due to higher personnel costs experienced during the quarter. 
Depreciation, depletion, and amortization costs for the three months ended March
31, 2000 were $1,489,000 compared to $936,000 for the three months ended March
31, 1999, an increase of $553,000 or 59.1 percent.  Such increase was due to the
increased amount of investment in oil and gas properties owned by the Company.
Interest costs were $15,000 for the three months ended March 31, 2000 as the
Company utilized its line-of-credit for the development of oil and gas
properties. 

       Net income.  Net income for the three months ended March 31, 2000 was 
$3.2 million compared to a net income of $2.6 million for the three months 
ended March 31, 1999, an increase of approximately $600,000 or 23.1 percent.  

Year 2000 Issue

       The Company experienced no known disruptions as a result of the year date
change and intends to continue monitoring its critical systems at various other
date changes during the Year 2000. 

       The Company expenditures for addressing Year 2000 issues were not 
material, nor does the Company expect to incur any significant costs 
addressing Year 2000 issues in the future.

Liquidity and Capital Resources

       The Company funds its operations through a combination of cash flow from
operations, capital raised through stock offerings and drilling partnerships,
and use of the Company's credit facility.  Operational cash flow is generated by
sales of natural gas from the Company's well interests, well drilling and
operating activities for the Company's investor partners, natural gas gathering
and transportation, and natural gas marketing.  Cash payments from Company-
sponsored partnerships are used to drill and complete wells for the 
partnerships, with operating cash flow accruing to the Company to the extent
payments exceed drilling costs.  The Company utilizes its revolving credit 
arrangement to meet the cash flow requirements of its operating and 
investment activities.









                                                   -9-
       Sales volumes of natural gas have continued to increase while natural
gas prices fluctuate monthly.  The Company's natural gas sales prices are 
subject to increase and decrease based on various market-sensitive indices.
A major factor in the variability of these indices is the seasonal variation 
of demand for the natural gas, which typically peaks during the winter
months.  The volumes of natural gas sales are expected to continue to 
increase as a result of continued drilling activities and additional 
investment by the Company in oil and gas properties.  The Company utilizes 
commodity-based derivative instruments (natural gas futures and option 
contracts traded on the NYMEX) as hedges to manage a portion of its exposure 
to this price volatility.  The futures contracts hedge committed and 
anticipated natural gas purchases and sales, generally forecasted
to occur within a three to twelve-month period.  

       The Company has a bank credit agreement with First National Bank of 
Chicago, which provides a borrowing base of $20.0 million, subject to 
adequate oil and natural gas reserves.  As of March 31, 2000, the outstanding
balance was $10.0 million. Interest accrues at prime, with LIBOR (London 
Interbank Market Rate) alternatives available at the discretion of the 
Company.  No principal payments are required until the credit agreement
expires on December 31, 2002.  

       The Company has commenced sales of units in its ninth partnership in its
registered PDC 2000 public drilling program which has four remaining 
partnerships which are scheduled to close during 2000. The ninth partnership 
is scheduled to close in late May, 2000, with drilling planned in the second 
and third quarters of 2000.  Additional programs are scheduled to close in 
September, November and December of 2000.  The Company generally invests, as
its equity contribution to each drilling partnership, an additional sum 
approximating 20% of the aggregate subscriptions received for that particular
drilling partnership.  As a result, the Company is subject to substantial 
cash commitments at the closing of each drilling partnership.  The funds 
received from these programs are restricted to use in future drilling 
operations.  No assurance can be made that the Company will continue to 
receive this level of funding from these or future programs.

       On April 27, 2000 the Company entered into an agreement to purchase 
all of the working interest in 168 producing wells in Colorado for $5,650,000. 
The transaction is effective April 1, 2000 and is scheduled to close on or 
before May 31, 2000.  The wells have net remaining reserves of 560,000 
barrels of oil and 4.9 billion cubic feet of natural gas.  The Company plans 
to utilize its bank credit agreement to finance this purchase.

       The Company continues to pursue capital investment opportunities in
producing natural gas properties as well as its plan to participate in its
sponsored natural gas drilling partnerships, while pursuing opportunities for
operating improvements and costs efficiencies.  Management believes that the
Company has adequate capital to meet its operating requirements.

New Accounting Standard

       Statement of Accounting Standards No. 133, Accounting for Derivative
Instruments and Hedging Activities (SFAS No. 133), was issued by the Financial
Accounting Standards Board in June, 1998.  SFAS No. 133 standardized the
accounting for derivative instruments, including certain derivative instruments
embedded in other contracts.  SFAS No. 133 is effective for years beginning 
after June 15, 2000; however, early adoption is permitted.  On adoption, the
provisions of SFAS No. 133 must be applied prospectively.  At the present 
time, the Company cannot determine the impact that SFAS No. 133 will have on
its financial statements upon adoption, as such impact will be based on the
extent of derivative instruments, such as natural gas futures and option 
contracts, outstanding at the date of adoption.



                                                  -10-

                                                              CONFORMED COPY



 
                                     PART II - OTHER INFORMATION 



Item 1.     Legal Proceedings

            The Company is not a party to any legal actions that would 
materially affect the Company's operations or financial statements.


Item 6.     Exhibits and Reports on Form 8-K

            (a) None.

            (b) No reports on Form 8-K have been filed during the quarter ended
March 31, 2000.




                                               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 thereunto duly authorized.


                                             Petroleum Development Corporation
                                                       (Registrant)




Date:        May 9, 2000                        /s/ Steven R. Williams         
                                                    Steven R. Williams
                                                       President


Date:        May 9, 2000                       /s/ Dale G. Rettinger          
                                                   Dale G. Rettinger
                                                   Executive Vice President
                                                   and Treasurer











                                                  -11-





<TABLE> <S> <C>

<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-2000
<PERIOD-END>                               MAR-31-2000
<CASH>                                      13,838,100
<SECURITIES>                                         0
<RECEIVABLES>                               11,856,600
<ALLOWANCES>                                   326,600
<INVENTORY>                                    364,700
<CURRENT-ASSETS>                            29,145,200
<PP&E>                                     120,456,900
<DEPRECIATION>                              32,694,800
<TOTAL-ASSETS>                             119,413,100
<CURRENT-LIABILITIES>                       27,344,800
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       159,800
<OTHER-SE>                                  74,023,600
<TOTAL-LIABILITY-AND-EQUITY>               119,413,100
<SALES>                                     15,322,000
<TOTAL-REVENUES>                            34,504,400
<CGS>                                       13,707,500
<TOTAL-COSTS>                               30,294,700
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                               270,000
<INTEREST-EXPENSE>                              14,600
<INCOME-PRETAX>                              4,209,700
<INCOME-TAX>                                   968,300
<INCOME-CONTINUING>                          3,241,400
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 3,241,400
<EPS-BASIC>                                      .20
<EPS-DILUTED>                                      .20
        


</TABLE>