US-based independent oil and gas company Petroleum Development Corporation has announced that its estimated capital expenditures for projects initiated in 2007 has been increased to $265 million.

The increase over earlier estimates is primarily due to incremental capital expenditure on additional drilling projects during the year, the company said.

Steven Williams, chairman and CEO, said: We are pleased with the results of our investment program this year in a generally favorable pricing environment. The expected imminent opening of the Rockies Express pipeline and the related expected increase in Colorado gas prices makes this a very positive development.