New York, September 12, 2016 -- Moody's Investors Service, ("Moody's") assigned a B2 rating to PDC Energy's (PDC) $400 million senior unsecured notes that are due 2024. The note proceeds will be used in conjunction with the proceeds from the $200 million convertible notes due 2021 issued last Thursday along with approximately $575 million of common equity (upsized from $500 million), and the previously announced $590 million private placement of PDC's equity to the sellers of the two acquired companies in the Permian Basin to partially fund the acquisition of those companies for $1.5 billion. The ratings of the existing $500 million 7.75% senior unsecured notes due 2022 and the new convertible notes are unchanged at B2. The outlook remains stable.

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