PDC Energy Announces Increases in 2013 Capital Budget and Estimated Net Production, and Signing of Midstream Agreement in the

PDC Energy Announces Increases in 2013 Capital Budget and Estimated Net
Production, and Signing of Midstream Agreement in the Utica Shale

DENVER, March 18, 2013 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the
"Company") (Nasdaq:PDCE) today announced an increase in the Company's capital
budget and estimated net production for 2013. The Company also announced the
signing of an agreement for the provision of midstream services in the Utica
Shale.

PDC's capital budget increased from $365 million to $443 million, 85% of which
is allocated to accelerate development of liquid-rich projects in the
Wattenberg Field and Utica Shale. The Wattenberg Field budget increased $26
million to $280 million to accommodate the projected start-up of a third rig
in May, 2013. For the year, the Company expects to drill a total of 69
horizontal wells in the liquid-rich Niobrara and Codell formations.

The Company also increased its budget for the Utica Shale from $53 million to
$96 million to maintain a one-rig drilling program throughout 2013 and drill a
total of 11 horizontal wells. The Utica budget includes approximately $7
million for leasehold acquisitions. The full-year drilling program was
facilitated by the execution of long-term agreements with a subsidiary of
MarkWest Energy Partners, LP (NYSE:MWE) ("MarkWest") to provide midstream
services, including gas gathering, processing, fractionation, and marketing to
support PDC's Utica operations in Guernsey County in southeast Ohio. PDC
expects MarkWest to begin gathering its Guernsey County gas by the end of the
second quarter of 2013 and marketing its residue gas and natural gas liquids
at the tailgate of the MarkWest processing facilities.

The remaining $9 million increase is related to the Company's joint venture
("PDCM") in the Marcellus Shale to reflect the startup of its 2013 horizontal
drilling program in January rather than March as originally budgeted. PDCM's
capital budget is expected to be funded largely by the joint venture's cash
flow and borrowings under the joint venture's revolving credit facility.

Guidance for 2013 net production, pro forma for the sale of non-core Colorado
assets, has been adjusted to a range of 7.0 to 7.5 million barrels of oil
equivalent (MMboe) as a result of the increase in the capital budget and the
drilling of 13 additional horizontal wells. Net production volumes for 2013
are expected to be comprised of approximately 54% liquids and 46% natural gas.
The benefit of additional production from the accelerated drilling program is
expected to be realized beginning in the fourth quarter of 2013 and into 2014.

James Trimble, Chief Executive Officer and President, commented, "We are very
excited to accelerate our liquid-rich development with the addition of a third
horizontal rig in the prolific core Wattenberg Field and extending our one-rig
drilling program in the Utica Shale for the full year 2013. These two plays
are expected to drive the Company's organic growth for many years as we
continue to increase the liquids percentage of our production and reserves and
establish a more balanced portfolio of oil and natural gas."

Upcoming Investor Presentations and Analyst Day

PDC management is scheduled to present at the Howard Weil Energy Conference in
New Orleans, Louisiana, on Wednesday, March 20, 2013. PDC management also
plans to host an Analyst Day in New York on Thursday, April 4, 2013. Please
see the Company's website at www.pdce.com for full details and webcast
information. The related slide presentations are expected to be available on
the Company's website immediately prior to the events.

About PDC Energy, Inc.

PDC Energy is a domestic independent energy company engaged in the
exploration, development and production of crude oil, NGLs and natural gas.
Its operations are focused primarily in the liquid-rich Wattenberg Field of
Colorado, including the horizontal Niobrara and Codell plays, the Utica Shale
in Ohio and the Marcellus Shale in West Virginia. PDC is included in the S&P
SmallCap 600 Index and the Russell 3000 Index of Companies.

                  NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 regarding PDC's business, financial condition, results of
operations and prospects. All statements other than statements of historical
facts included in and incorporated by reference into this report are
forward-looking statements. Words such as expects, anticipates, intends,
plans, believes, seeks, estimates and similar expressions or variations of
such words are intended to identify forward-looking statements herein, which
include statements regarding PDC's 2013 capital expenditure plans, including
drilling plans in the Utica, Marcellus and the Wattenberg Field in 2013 and
plans for the additional drilling rigs, future financial and operational
results, future production (including the components of such production),
future growth, the timing and nature of gathering and marketing activities
under the MarkWest contract, PDCM's 2013 capital expenditure plans, and
sources of funding for those plans, and management's strategies, plans and
objectives. However, these are not the exclusive means of identifying
forward-looking statements herein. Although forward-looking statements
contained in this report reflect the Company's good faith judgment, such
statements can only be based on facts and factors currently known to PDC.
Consequently, forward-looking statements are inherently subject to risks and
uncertainties, including risks and uncertainties incidental to the exploration
for, and the acquisition, development, production and marketing of natural gas
and oil, and actual outcomes may differ materially from the results and
outcomes discussed in the forward-looking statements. Important factors that
could cause actual results to differ materially from the forward-looking
statements include, but are not limited to:

changes in production volumes, demand and commodity prices for natural gas,
oil and NGLs;

the availability of sufficient pipeline, gathering and other transportation
facilities and related infrastructure to process and transport PDC's
production, particularly in the Wattenberg Field and Utica Shale; the impact
of these facilities and infrastructure on price and possible impediments to
anticipated increases in midstream capacity;

  *changes in estimates of proved reserves;
  *the availability of sufficient pipeline, gathering and other
    transportation facilities and related infrastructure to process and
    transport PDC's production, particularly in the Wattenberg Field and Utica
    Shale; the impact of these facilities and infrastructure on price and
    possible impediments to anticipated increases in midstream capacity;
  *changes in estimates of proved reserves;
  *declines in the values of PDC's natural gas and oil properties resulting
    in impairments;
  *the timing and extent of the Company's success in discovering, acquiring,
    developing and producing natural gas and oil reserves;
  *PDC's ability to acquire leases, drilling rigs, supplies and services at
    reasonable prices;
  *reductions in the borrowing base under the Company's credit facility or
    other adverse changes to the Company's liquidity;
  *risks incident to the drilling and operation of natural gas and oil wells;
  *future production and development costs;
  *the effect of existing and future laws, governmental regulations and the
    political and economic climate of the United States of America;
  *changes in environmental laws and the regulations and enforcement related
    to those laws and the timely receipt of permits under those laws;
  *the identification of and severity of environmental events and
    governmental responses to the events;
  *the effect of natural gas and oil derivative activities;
  *potential obstacles to completing PDC's pending asset disposition or other
    transactions in a timely manner or at all, and purchase price or other
    adjustments relating to those transactions that may be unfavorable to PDC;
  *conditions in the capital markets; and
  *losses possible from pending or future litigation.

Further, PDC urges you to carefully review and consider the cautionary
statements made in this press release, the Item 1-A Risk Factors in the 2012
Annual Report on Form 10-K for the year ended December 31, 2012, filed with
the Securities and Exchange Commission ("SEC") on February 27, 2013, and other
filings with the SEC for further information on risks and uncertainties that
could affect the Company's business, financial condition and results of
operations, which are incorporated by this reference as though fully set forth
herein. The Company cautions you not to place undue reliance on
forward-looking statements, which speak only as of the date made. PDC
undertakes no obligation to update any forward-looking statements in order to
reflect any event or circumstance occurring after the date of this release or
currently unknown facts or conditions or the occurrence of unanticipated
events. All forward looking statements are qualified in their entirety by this
cautionary statement.Estimates of non-proved reserves are subject to
significantly greater risk of not being produced than proved reserves.Initial
and test results from a well are not necessarily indicative of the well's
long-term performance.

CONTACT: Ron Wirth
         Vice President Finance and Treasurer
         303-860-5830
         ron.wirth@pdce.com
        
         Marti Dowling
         Investor Relations Manager
         303-831-3926
         marti.dowling@pdce.com

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