BRIDGEPORT, W.Va.—Petroleum Development Corp. President Thomas E. Riley has resigned, effective March 9, the company said Tuesday.
The Bridgeport-based natural gas and oil producer initially disclosed Riley’s resignation last month in a filing with the Securities and Exchange Commission.
Petroleum Development will pay Riley a cash lump sum of nearly $1.9 million, along with retirement benefits. Petroleum Development also agreed to buy 50,000 shares of common stock from Riley for $67.92 per share, the stock’s closing price on Feb. 8, according to the SEC filing.
Riley also is to receive 3,078 shares of the company’s common stock awarded to him under a 2007 incentive program, according to the filing.
Shares of Petroleum Development rose $6.60, or 9.9 percent, to $73.11 Tuesday.
Petroleum Development has operations in Colorado, Kansas, Michigan, North Dakota, Pennsylvania, Tennessee, West Virginia and Wyoming.
