DPTR $0.45 with strategic soul searching after noe-core assets are sold.
\Delta Petroleum Announces the Closing of the Non-Core Asset Sale and the Initiation of a Strategic Alternatives Process
Date : 07/06/2011 @ 6:50AM
Source : PR Newswire
Stock : Delta Petroleum (DPTR)
Quote : 0.45 0.0 (0.00%) @ 7:22AM
Delta Petroleum Announces the Closing of the Non-Core Asset Sale and the Initiation of a Strategic Alternatives Process
Delta Petroleum (NASDAQ:DPTR)
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Today : Wednesday 6 July 2011
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Delta Petroleum Corporation (Delta or the Company) (NASDAQ Capital Market: DPTR), an independent oil and gas exploration and development company, announced today the initiation of a strategic alternatives process.
Carl Lakey, Delta's President and CEO stated, "With the June 28 closing of the $43.2 million sale of non-core, non-operated assets located in Texas and the DJ Basin, Delta has now completed the transformation to become essentially a pure Piceance Basin company. Initial production results from the 2C well are expected in the near future, and further information will likely be obtained throughout the strategic alternatives process. These developments and continued expansion of the shale analogs from offset competitor activity coupled with geologic confirmation information expected from the currently drilling 12B-6-14D well, make this the right time to initiate a strategic alternatives process for the transformed Delta to explore the value of our approximately 22,000 net acres of Williams Fork and deeper shale resource."
The Delta Board of Directors has engaged Macquarie Capital (USA) Inc. and Evercore Group, L.L.C. to act as advisors to the Company in conducting a strategic alternatives process that will be aimed at maximizing shareholder value and dealing with 2012 debt maturities. Through this process, the Board of Directors intends to evaluate all opportunities available, including a potential sale of the Company.
ABOUT DELTA PETROLEUM
Delta Petroleum Corporation is an oil and gas exploration and development company based in Denver, Colorado. The Company's core area of operation is the Piceance Basin of Colorado, which comprises the majority of its proved reserves, production and long-term growth prospects. Its common stock is listed on the NASDAQ Capital Market System under the symbol "DPTR."
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