Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 8 Key Information 8 Company Overview 8 PDC Energy, Inc., Valuation and Financial Data 9 PDC Energy, Inc., Share Price Performance 9 Share Price Performance, Q4, 2014-Q4, 2015 9 PDC Energy, Inc., Key Valuation Metrics 10 Key Valuation Metrics, Q4, 2014-Q4, 2015 10 PDC Energy, Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12 PDC Energy, Inc., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 PDC Energy, Inc., Quarterly Production Trends 14 PDC Energy, Inc., Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15 PDC Energy, Inc., Crude Oil Production 16 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17 PDC Energy, Inc., Natural Gas Production 18 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19 PDC Energy, Inc., Valuation and Financial Data, 2011-2015 20 PDC Energy, Inc., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 PDC Energy, Inc., Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 PDC Energy, Inc., E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 PDC Energy, Inc., Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 PDC Energy, Inc., Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 PDC Energy, Inc., Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 74 Exploration and Development Wells Drilled, By Country/Region, 2011-2015 75 Recent Developments 76 PDC Energy, Inc. - Recent Developments 76 Feb 22, 2016: PDC Energy Announces 2015 Year-end And Fourth Quarter Operating And Financial Results; Well Cost Savings Reduce 2016 Capital Forecast To $420 To $450 Million 76 Jan 20, 2016: PDC Energy Announces Year-End 2015 Proved Reserves Of Approximately 273 MMBoe And Full-Year 2015 Production Increase Of 65% To 15.4 MMBoe 78 Dec 07, 2015: PDC Energy Announces 2016 Capital Budget Of $450 To $500 Million; Anticipates 35% To 40% Annual Production Growth With Projected Year-End 2016 Debt To EBITDA Of Approximately 1.4x 79 Nov 05, 2015: PDC Energy Reports 2015 Third Quarter Financial And Operating Results And Production Increase Of 84% To 4.3 Million Barrels Of Oil Equivalent 81 Oct 26, 2015: PDC Energy Announces CFO Gysle Shellum To Retire In 2016 83 Oct 01, 2015: PDC Energy Extends Maturity Of Its Revolving Credit Facility To 2020 With Re-Affirmed Borrowing Base Of $700 Million 84 Aug 10, 2015: PDC Energy Reports 2015 Second Quarter Operating And Financial Results And Updates 2015 Guidance; Increases 2015 Production Range To 14.7 To 15.0 Million Barrels Of Oil Equivalent 84 May 07, 2015: PDC Energy Reports 2015 First Quarter Operating And Financial Results; Production Increased 41% To 2.9 Million Barrels Of Oil Equivalent 86 Feb 19, 2015: PDC Energy Announces 2014 Year-End And Fourth Quarter Results, Reduces 2015 Capital Program to $473 Million And Maintains 50% Production Growth Guidance 88 Jan 29, 2015: PDC Energy Announces Year-End 2014 Proved Reserves Of 250 MMBoe; Meets 2014 Production Guidance With 9.3 MMBoe From Continuing Operations 91 Appendix 93 Methodology 93 Coverage 93 Secondary Research 93 Primary Research 93 Data Information Sources 94 Company Source 94 SEC/Other Regulatory Filings 94 Other Sources 94 Expert Panel Validation 94 Data Definition 94 Oil and Gas Reserves 94 Units of Measure 95 About GlobalData 95 Disclosure 95 Disclaimer 95

List of Tables Table 1: PDC Energy, Inc., Key Facts 8 Table 2: PDC Energy, Inc., Share Price Performance, Q4, 2014-Q4, 2015 9 Table 3: PDC Energy, Inc., Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Table 4: PDC Energy, Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Table 5: PDC Energy, Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12 Table 6: PDC Energy, Inc., Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Table 7: PDC Energy, Inc., Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14 Table 8: PDC Energy, Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Table 9: PDC Energy, Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Table 10: PDC Energy, Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Table 11: PDC Energy, Inc., Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Table 12: PDC Energy, Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Table 13: PDC Energy, Inc., Share Price Performance, 2011-2015 20 Table 14: PDC Energy, Inc., Key Valuation Metrics, 2011-2015 21 Table 15: PDC Energy, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: PDC Energy, Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: PDC Energy, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: PDC Energy, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: PDC Energy, Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: PDC Energy, Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: PDC Energy, Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: PDC Energy, Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: PDC Energy, Inc., Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: PDC Energy, Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: PDC Energy, Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: PDC Energy, Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: PDC Energy, Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: PDC Energy, Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: PDC Energy, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Table 30: PDC Energy, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: PDC Energy, Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Table 32: PDC Energy, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: PDC Energy, Inc., Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: PDC Energy, Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: PDC Energy, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: PDC Energy, Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: PDC Energy, Inc., Oil and Gas Performance Metrics, 2011-2015 64 Table 38: PDC Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: PDC Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: PDC Energy, Inc., Producible Oil and Gas Wells, 2011-2015 69 Table 41: PDC Energy, Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 73 Table 42: PDC Energy, Inc., Exploratory and Developed Wells, 2011-2015 74 Table 43: PDC Energy, Inc., Exploratory and Developed Wells, By Country/Region, 2011-2015 75 List of Figures Figure 1: PDC Energy, Inc., Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 9 Figure 2: PDC Energy, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10 Figure 3: PDC Energy, Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Figure 4: PDC Energy, Inc., Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13 Figure 5: PDC Energy, Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14 Figure 6: PDC Energy, Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Figure 7: PDC Energy, Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Figure 8: PDC Energy, Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Figure 9: PDC Energy, Inc., Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Figure 10: PDC Energy, Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Figure 11: PDC Energy, Inc., Share Price Performance, USD/Share, 2011-2015 20 Figure 12: PDC Energy, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: PDC Energy, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: PDC Energy, Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: PDC Energy, Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: PDC Energy, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: PDC Energy, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: PDC Energy, Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: PDC Energy, Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: PDC Energy, Inc., Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: PDC Energy, Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: PDC Energy, Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: PDC Energy, Inc., Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: PDC Energy, Inc., Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: PDC Energy, Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: PDC Energy, Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: PDC Energy, Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: PDC Energy, Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: PDC Energy, Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: PDC Energy, Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: PDC Energy, Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: PDC Energy, Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: PDC Energy, Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: PDC Energy, Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: PDC Energy, Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: PDC Energy, Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: PDC Energy, Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: PDC Energy, Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: PDC Energy, Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: PDC Energy, Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: PDC Energy, Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: PDC Energy, Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: PDC Energy, Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: PDC Energy, Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: PDC Energy, Inc., Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: PDC Energy, Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: PDC Energy, Inc., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 54 Figure 48: PDC Energy, Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: PDC Energy, Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 50: PDC Energy, Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 56 Figure 51: PDC Energy, Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 52: PDC Energy, Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 57 Figure 53: PDC Energy, Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 54: PDC Energy, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 55: PDC Energy, Inc., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: PDC Energy, Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 57: PDC Energy, Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: PDC Energy, Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 59: PDC Energy, Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: PDC Energy, Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 61: PDC Energy, Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 63 Figure 62: PDC Energy, Inc., Oil and Gas Performance Metrics, 2011-2015 64 Figure 63: PDC Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 64: PDC Energy, Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 65: PDC Energy, Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 66: PDC Energy, Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 67: PDC Energy, Inc., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 68: PDC Energy, Inc., Producible Oil and Gas Wells, 2011-2015 69 Figure 69: PDC Energy, Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 70: PDC Energy, Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 71: PDC Energy, Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 72: PDC Energy, Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 73: PDC Energy, Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 74: PDC Energy, Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 75: PDC Energy, Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 76: PDC Energy, Inc., Exploratory and Developed Wells, 2011-2015 74