Oil/gas producer Petroleum Development (PETD) gains 2.6% after agreeing to sell its assets in...


Oil/gas producer Petroleum Development (PETD) gains 2.6% after agreeing to sell its assets in Texas' Permian Basin to Concho Resources (CXO) for $188M. The company plans to use the proceeds from the deal to "retire debt on the Company's revolving credit facility and provide liquidity to fund the Company's 2012 capital budget," which it estimates will be $284M.

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