The company reported a net loss attributable to shareholders for the year ended December 31, 2009, of $79.3 million, or $4.82 per share, compared to a net gain of $113.3 million, or $7.63 per diluted share, for the same prior year period. The company's adjusted net loss attributable to shareholders for the year ended 2009 was $2.9 million, or .18 per share, compared to adjusted net income of $39.7 million, or $2.67 per diluted share, for the year ended 2008.
The net loss attributable to shareholders in the fourth-quarter 2009 was $16.0 million, or .84 per share, while net income for the same period ended December 31, 2008 was $41.1 million, or $2.78 per diluted share. The adjusted net loss for the fourth-quarter was .7 million or .04 per share compared to an adjusted net loss for the same period in 2008 of $4.3 million or .29 per share.
Annual production for the year ended December 31, 2009 increased 11.8% to 43.3 Bcfe, compared to 38.7 Bcfe in 2008. Production growth in 2009 was 100% organic from the development of existing core operating areas. Fourth-quarter 2009 production decreased 8.3% to 10 Bcfe compared to third-quarter 2009 production of 10.9 Bcfe, and decreased 11.4% compared to the fourth-quarter 2008 production of 11.3 Bcfe. The decrease was a result of the Company's capital expenditure reduction in 2009. During 2009, the Company drilled 79.2 total net wells compared to 333.4 total net wells drilled in 2008. The 2009 total was comprised of 71.2 net development wells drilled and 8.0 net exploratory wells drilled.
Adjusted cash flow from operations, a non-GAAP measure defined below, decreased to $170.2 million for the year ended 2009 compared to $199.9 million in 2008, a decrease of 14.9%. Adjusted cash flow from operations for the fourth-quarter 2009 was $55.5 million, compared to the same period in 2008 of $41.2 million, an increase of 34.7%.
Total proved reserves as of December 31, 2009 were 717 Bcfe compared to 753 Bcfe of total proved reserves reported at the end of 2008. New SEC reserve guidelines stipulate the adoption of several changes to the methodology utilized to quantify year-end reported reserves. The change in pricing from a year-end spot price to a 12-month average price had the most significant impact on the year-over-year reduction in the company's year-end 2009 reported reserves. Reserve values in 2009 were based on an average natural gas price of $3.17/Mcf and an average oil price of $54.64/Bbl, versus an average year-end spot natural gas price of $4.98/Mcf and a year-end spot average oil price of $37.85/Bbl in 2008. Using year-end spot pricing methodology, as was used at year-end 2008, reserve values would have been valued at $5.51/Mcf for natural gas and $72.91/Bbl for oil on December 31, 2009, and reported reserves would have been 811 Bcfe. At year-end 2009, natural gas and oil represented approximately 84.9% and 15.1% of proved reserves, respectively. Additionally, approximately 41.2% of the proved reserve total was developed and approximately 58.8% was undeveloped.
Petroleum Development Corporation (www.petd.com ) is an independent energy company engaged in the development, production and marketing of natural gas and oil. Its operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.
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