bWe are maintaining our Buy recommendation on PETD shares and raising our NAV-based price objective to reflect the company s reserve base and our updated commodity-price deck. Petroleum Development continues to rely on its detailed inventory of Rockies-focused development drilling opportunities to add reserves and volumes. Production and proved reserves increased 65% and 112% last year, driven by a combination of a ramped up drilling program and acquisitions. We estimate double digit reserve and production growth
over the next three years driven entirely by existing development projects.acks
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