CONFORMED COPY

QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] Quarterly Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

For the period ended September 30, 2003

[ ] Transition Report Pursuant to Section 13 of 15(d) of

the Securities Exchange Act of 1934

For the transition period from to

Commission file number 000-49674

I.R.S. Employer Identification Number 55-0779832

PDC 2001-B LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

103 East Main Street

Bridgeport, WV 26330

Telephone: (304) 842-6256

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes XX No

Indicate by check mark whether the registrant is an accelerated filer (as definition in Rule 12b-2 of the Exchange Act.) Yes No XX

PDC 2001-B LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

INDEX

PART I - FINANCIAL INFORMATION		Page No.
Item 1.	Financial Statements
	Balance Sheets - September 30, 2003 (unaudited) and December 31, 2002	1

	Statements of Operations - Three and Nine Months Ended September 30, 2003 and 2002 (unaudited)	2

	Statement of Partners' Equity - Nine Months Ended September 30, 2003 (unaudited)	3

	Statements of Cash Flows- Nine Months Ended September 30, 2003 and 2002 (unaudited)	4

	Notes to Financial Statements	5

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	6

Item 3.	Quantitative and Qualitative Disclosure About Market Rate Risk	7

Item 4.	Controls and Procedures	8

PART II OTHER INFORMATION

Item 1.	Legal Proceedings	9

Item 6.	Exhibits and Reports on Form 8-K	9

PDC 2001-B LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Balance Sheets

September 30, 2003 and December 31, 2002


Assets
	2003	2002
	(Unaudited)

Current assets:
Cash	$ 2,026	4,136
Accounts receivable - oil and gas revenues	457,484	444,049
Total current assets	459,510	448,185

Oil and gas properties, successful efforts method	13,795,467	13,787,953
Less accumulated depreciation, depletion
and amortization	2,945,771	2,081,912
	10,849,696	11,706,041

	$11,309,206	12,154,226

Current Liabilities and Partners' Equity

Current liabilities:
Accrued expenses	$ -	12,706
Total current liabilities	-	12,706

Asset retirement obligation	8,084	-

Partners' Equity	11,301,122	12,141,520


	$11,309,206	12,154,226

See accompanying notes to financial statements.

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PDC 2001-B LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Statements of Operations

Three and Nine Months ended September 30, 2003 and 2002

(Unaudited)

	Three Months ended September 30,		Nine Months ended September 30,
	2003	2002	2003	2002
Revenues:
Sales of oil and gas	$483,491	639,503	1,909,092	1,881,082
Interest income	227	392	946	443
	483,718	639,895	1,910,038	1,881,525
Expenses:
Lifting cost	108,264	129,296	426,297	338,794
Direct administration cost	187	-	322	604
Income tax preparation	1,563	-	1,563	1,330
Independent engineering fee	-	-	-	(686)
Depreciation, depletion, and amortization	219,578	765,014	862,724	1,707,590
	329,592	894,310	1,290,906	2,047,632

Income (loss) before cumulative effect of accounting change	154,126	(254,415)	619,132	(166,107)

Cumulative effect of accounting change	-	-	(1,586 )	-

Net income (loss) after cumulative effect of accounting change	$154,126	(254,415 )	617,546	(166,107 )

Net income (loss) per limited and additional general partner unit	$ 194	(321 )	779	(210 )

See accompanying notes to financial statements.

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PDC 2001-B LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Statement of Partners' Equity

Nine Months ended September 30, 2003

(Unaudited)

	Limited and Additional General Partners	Managing General Partner	Accumulated Other Comprehensive Income	Total

Balance, December 31, 2002	$9,706,046	2,426,514	8,960	12,141,520

Distributions to partners	(1,159,359)	(289,839)	-	(1,449,198)

Comprehensive income:
Net income	494,037	123,509	-	617,546
Change in fair value of outstanding hedging positions			(3,896)
Less reclassification adjustments for settled contracts included in net income			(4,850 )
Other comprehensive loss			(8,746)	(8,746 )
Comprehensive income				608,800

Balance, September 30, 2003	$9,040,724	2,260,184	214	11,301,122

See accompanying notes to financial statements.

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PDC 2001-B LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Statements of Cash Flows

Nine Months ended September 30, 2003 and 2002

(Unaudited)

	2003	2002
Cash flows from operating activities:
Net income	$617,546	(166,107)
Adjustments to reconcile net income to net cash
provided from operating activities:
Depreciation, depletion and amortization	862,724	1,707,590
Cumulative effect of accounting change	1,586	-
Accretion of asset retirement obligation	119	-
Changes in operating assets and liabilities:
Increase in accounts receivable - oil and gas revenues	(22,181)	(325,219)
Decrease in accounts payable	(12,706 )	(12,025)
Net cash provided from operating activities	1,447,088	1,204,239

Cash flows from financing activities:
Distributions to partners	(1,449,198 )	(1,217,069 )
Net cash used by financing activities	(1,449,198 )	(1,217,069)

Net decrease in cash	(2,110)	(12,830)
Cash at beginning of period	4,136	16,445
Cash at end of period	$ 2,026	3,615

See accompanying notes to financial statements.

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PDC 2001-B LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Notes to Financial Statements

(Unaudited)

1. Accounting Policies

Reference is hereby made to the Partnership's Annual Report on Form 10-K for 2002, which contains a summary of significant accounting policies followed by the Partnership in the preparation of its financial statements. These policies were also followed in preparing the quarterly report included herein except as noted below.

2. Basis of Presentation

The Management of the Partnership believes that all adjustments (consisting of only normal recurring accruals) necessary to a fair statement of the results of such periods have been made. The results of operations for the nine months ended September 30, 2003 are not necessarily indicative of the results to be expected for the full year.

3. Oil and Gas Properties

The Partnership follows the successful efforts method of accounting for the cost of exploring for and developing oil and gas reserves. Under this method, costs of development wells, including equipment and intangible drilling costs related to both producing wells and developmental dry holes, and successful exploratory wells are capitalized and amortized on an annual basis to operations by the units-of-production method using estimated proved developed reserves which will be determined at year end by the Managing General Partner's petroleum engineer. If a determination is made that an exploratory well has not discovered economically producible reserves, then its costs are expensed as dry hole costs.

4. Revenue Recognition

Sales of oil and natural gas are recognized when the rights and responsibilities of ownership passes to the purchasers and are net of royalties.

5. Derivative Instruments and Hedging Activities

The Managing General Partner utilizes commodity based derivative instruments as hedges to manage a portion of the Partnership's exposure to price volatility stemming from natural gas production. These instruments consist of costless collars and option contracts traded on the New York Mercantile Exchange. The costless collars and option contracts hedge committed and anticipated natural gas sales generally forecasted to occur within a 12 month period. The Managing General Partner does not hold or issue derivatives for trading or speculative purposes.

6. Change in Accounting Principle

In June 2001, the Financial Accounting Standard Board issued SFAS No. 143, "Accounting for Asset Retirement Obligations" that requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. This statement is effective for fiscal years beginning after June 15, 2002. The Partnership adopted SFAS No. 143 on January 1, 2003 and recorded a net asset of $6,379 and a related liability of $7,965 (using a 6% discount rate) and a cumulative effect on change in accounting principle on prior years of $1,586.

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PDC 2001-B LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Notes to Financial Statements

(Unaudited)

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

The Partnership was funded on September 5, 2001 with initial Limited and Additional General Partner contributions of $12,678,577 and the Managing General Partner's cash contribution of $2,757,591 in accordance with the Agreement. After payment of syndication costs of $1,331,251 and a one-time management fee of $316,964 the Partnership had available cash of $13,787,953 for Partnership activities.

The Partnership began exploration and development activities subsequent to the funding of the Partnership and completed well drilling activities by June 30, 2002. Nineteen wells have been drilled of which eighteen have been completed as producing wells.

The Partnership had net working capital at September 30, 2003 of $459,510.

Operations are expected to be conducted with available funds and revenues generated from oil and gas activities. No bank borrowings are anticipated.

Results of Operations

Three months ended September 30, 2003 compared with September 30, 2002

Oil and gas sales for the three months ended September 30, 2003 were $483,491 compared to $639,503 for the three months ended September 30, 2002, a decrease of $156,012 or 24.4%. The volume of natural gas sold for the three months ended September 30, 2003, was 109,483 Mcf at an average sales price of $3.48 per Mcf compared to 319,700 Mcf at an average sales price of $1.41 per Mcf for the three months ended September 30, 2002. Oil sales were 3,547 barrels at an average sales price of $28.90 per barrel for the three months ended September 30, 2003 compared to 5,841 barrels at an average sales price of $32.43 per barrel for the three months ended September 30, 2002. The Lifting cost for the three months ended September 30, 2003 was $0.83 per Mcfe compared to $0.36 per Mcfe for the three months ended September 30, 2002. While the Partnership experienced a net income of $154,126, depreciation, depletion and amortization is a non-cash expense and therefore the Partnership distributed $445,952 to the partners during the three months ending September 30, 2003.

Nine months ended September 30, 2003 compared with September 30, 2002

Oil and gas sales for the nine months ended September 30, 2003 were $1,909,092 compared to $1,881,082 for the nine months ended September 30, 2002, an increase of $28,010 or 1.5%. The volume of natural gas sold for the nine months ended September 30, 2003, was 440,896 Mcf at an average sales price of $3.49 per Mcf compared to 632,398 Mcf at an average sales price of $1.84 per Mcf for the nine months ended September 30, 2002. Oil sales were 12,147 barrels at an average sales price of $30.57 per barrel for the nine months ended September 30, 2003 compared to 26,572 barrels at an average sales price of $26.90 per barrel for the nine months ended September 30, 2002. The Lifting cost for the nine months ended September 30, 2003 was $0.83 per Mcfe compared to $0.48 per Mcfe for the nine months ended September 30, 2002. While the Partnership experienced a net income of $617,546, depreciation, depletion and amortization is a non-cash expense and therefore the Partnership distributed $1,449,198 to the partners during the nine months ending September 30, 2003.

The Partnership's revenues from oil and gas will be affected by changes in prices. As a result of changes in federal regulations, gas prices are highly dependent on the balance between supply and demand. The Partnership's gas sales prices are subject to increase and decrease based on various market sensitive indices.

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PDC 2001-B LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Notes to Financial Statements

(Unaudited)

Critical Accounting Policies

Certain accounting policies are very important to the portrayal of Partnership's financial condition and results of operations and require management's most subjective or complex judgments. The policies are as follows:

Revenue Recognition

. Sales of oil and natural gas are recognized when the rights and responsibilities of ownership passes to the purchasers and are net of royalties.

Impairment of Long-Lived Assets

. The Partnership assesses impairment of capitalized costs of proved oil and gas properties by comparing net capitalized costs to undiscounted future cash flows on a field-by-field basis using expected prices. Prices utilized in each year's calculation for measurement purposes and expected costs are held constant throughout the life of the properties. If net capitalized costs exceed undiscounted future net cash flow, the measurement of impairment is based on estimated fair value which would consider future discounted cash flows.

The judgment used in applying the above policies are based on management's evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from those estimates. See additional discussions in this Management's Discussion and Analysis.

Item 3. Quantitative and Qualititive Disclosure About Market Rate Risk

Market-Sensitive Instruments and Risk Management

The Partnership's primary market risk exposure is commodity price risk. This exposure is discussed in detail below:

Commodity Price Risk

Natural gas and oil prices have been unusually volatile for the past few years, and the Partnership anticipates continued volatility in the future. Currently, the NYMEX futures reflect a market expectation of gas prices at Henry Hub close to or above record prices per million Btu's (Mmbtu). These prices look strong for the remainder of the year although natural gas storage levels are near normal levels following a period when storage levels had been at a five-year low. The Managing General Partner believes this situation creates the possibility of both periods of low prices and continued high prices.

In 2001, 2002 and earlier this year Colorado gas prices were adversely affected by an increase in the negative "basis" between NYMEX and Colorado prices. Pipeline capacity from the area to major markets in California and the Midwest was not adequate to move the new supplies developed over the past several years by oil and gas companies when local demand was at low summer levels. The result was lower prices and some limited curtailment during the summer months. Higher winter demand by local Rocky Mountain markets improved gas prices during the first three quarters of 2003, and the recent start-up of the Kern River Pipeline expansion project has reduced the price discount to historical levels. Several other pipeline projects are underway and in planning stages that will improve capacity over the next several years. There remains a possibility of greater volatility in Colorado than some other producing areas, but we expect the situation to continue to be better for the remainder of 2003 than it was in 2002.

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PDC 2001-B LIMITED PARTNERSHIP

(A West Virginia Limited Partnership)

Notes to Financial Statements

(Unaudited)

Because of the uncertainty surrounding gas prices the Managing General Partner used hedging agreements to manage some of the impact of fluctuations in prices for the Managing General Partner and its various limited partnership's share of production. Through March of 2004 the Partnership has in place a series of costless collars and option contracts. Under the collar arrangements, if the applicable index rises above the ceiling price, the Partnership pays the counterparty, however if the index drops below the floor the counterparty pays the Partnership. For the period through October 2003, the Partnership has floors in place at $2.50 on 9,623 Mmbtu of monthly production and ceilings in place at $3.13 on 2,406 Mmbtu of monthly production. For the period November 2003 through March 2004, the Partnership has floors in place at $3.50 on 5,774 Mmbtu of monthly production and ceilings in place at $5.26 on 5,774 Mmbtu of monthly production. Oil prices have softened from earlier in the year. While oil prices are influenced by supply and demand, global geopolitics may be the single most important determinant. The Partnership also has in place at September 30, 2003, hedges on 617 barrels a month for its Wattenberg Field oil production for the period from July 2003 through December 2003 at a price of $30.00 per barrel.

As of September 30, 2003 the Partnership had option contracts for the sale of 31,275 Mmbtu of natural gas with an average ceiling price of $5.09 and for the sale of 38,492 Mmbtu of natural gas with an average floor price of $3.25. The Partnership also has hedging contracts for the sale of 1,850 barrels of oil at $30.00 per barrel. The fair value of all floors, ceilings and hedges as of September 30, 2003 is $214.

Disclosure of Limitations

As the information above incorporates only those exposures that exist at September 30, 2003, it does not consider those exposures or positions which could arise after that date. As a result, the Partnership's ultimate realized gain or loss with respect to commodity price fluctuations will depend on the exposures that arise during the period, the Partnership's hedging strategies at the time and commodity prices at the time.

Item 4. Controls and Procedures

Under the supervision and with the participation of the Managing General Partner's management, including the Managing General Partner's Chief Executive Officer and Chief Financial Officer, the Partnership has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Exchange Act Rule 13a-14(c)) as of the end of this fiscal quarter, and, based on their evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective in all material respects, including those to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Commission's rules and forms, and is accumulated and communicated to management, including the Managing General Partner's Chief Executive Officer and Chief Financial Officer, as appropriate to allow for timely disclosure. There have been no significant changes in our internal control or in other factors that have materially affected or are reasonably likely to materially affect these controls that occurred during the Partnership's last fiscal quarter.

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CONFORMED COPY

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 6. Exhibits and Reports on Form 8-K

(a) Exhibits

Exhibit Name	Exhibit Number

Rule 13a-14(a)/15d-14(a) Certifications by Chief Executive Officer	31
Rule 13a-14(a)/15d-14(a)Certifications by Chief Financial Officer	31
Section 1350 Certifications by Chief Executive Officer	32

Section 1350 Certifications by Chief Financial Officer	32

(b) No reports on Form 8-K have been filed during the quarter ended

September, 2003.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PDC 2001-B Limited Partnership (Registrant) By its Managing General Partner Petroleum Development Corporation


Date: November 12, 2003	/s/ James N. Ryan James N. Ryan Chief Executive Officer

Date: November 12, 2003	/s/ Steven R. Williams Steven R. Williams President


Date: November 12, 2003	/s/ Darwin L. Stump Darwin L. Stump Chief Financial Officer

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PDC 2001 B LP 10-Q