PDC to restate financials

摘要

Bridgeport,W.Va.,(Nasdaq: PETD) reports that it will file amendments to its 2004 annual report and first-quarter 2005 quarterly report to amend financial statements for the years 2004 to 2000,for each of the quarters in 2004 and 2003,and for the first quarter of 2005.The issues to be addressed in the restatements are PDC's use of hedge accounting for derivative positions that did not qualify for hedge accounting and the company's oil and gas property accounting.