Replies to post #1497 on The Floridian Boys

[joey13]

Delta Petroleum Closes 172.5 Million Share Common Stock Offering





DENVER, May 13 /PRNewswire-FirstCall/ -- Delta Petroleum Corporation (NASDAQ:DPTR), an independent oil and gas exploration and development company, today announced the closing of its underwritten registered public offering of common stock.

Delta sold 172.5 million shares of its common stock at a public offering price of $1.50 per share, including 22.5 million shares purchased by the underwriters upon the exercise of their over-allotment option. J.P. Morgan Securities Inc., BMO Capital Markets Corp. and Deutsche Bank Securities Inc. acted as joint book-running managers for the offering. Several of Delta's existing stockholders, including Tracinda Corporation, participated in the offering.

The offering resulted in aggregate net proceeds to Delta of approximately $247.3 million. Delta intends to use at least $70.0 million of the net proceeds to reduce amounts outstanding under its credit agreement, and the balance for working capital, primarily for reduction of accounts payable. With the closing of the offering, Delta has satisfied the capital raising requirements under its credit agreement and related forbearance agreement, and therefore will not pursue the previously announced stockholder rights offering.

A written prospectus and prospectus supplement relating to the common stock being offered may be obtained from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attn: Chase Distribution and Support Service Northeast Statement Processing, telephone: [phone], fax: [phone], BMO Capital Markets Corp., 3 Times Square, 27th Floor, New York, NY 10036, Attn: Lori Begley, telephone: [phone], fax: [phone], or Deutsche Bank Securities Inc., 100 Plaza One, Jersey City, NJ 07311, Attn: Prospectus Department, telephone: [phone] or e-mail at . You may also get these documents for free by visiting the SEC website at http://www.sec.gov/. Before you invest, you should read the prospectus and the prospectus supplement, the registration statement and other documents that Delta has filed with the Securities and Exchange Commission for more complete information about Delta and this offering.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of the shares of common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such states. A registration statement relating to these securities has been filed and is effective.

About Delta

Delta Petroleum Corporation is an oil and gas exploration and development company based in Denver, Colorado. Delta's core areas of operations are the Rocky Mountain and Gulf Coast Regions, which comprise the majority of its proved reserves, production and long-term growth prospects.

Forward-Looking Statements

Forward-looking statements in this announcement are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, Delta's expectations and estimates about future events, and the intended use of the proceeds of the offering. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual events or results may differ materially from those contained in the forward-looking statements due to a variety of factors, including without limitation, changes in economic and market conditions, declines in natural gas and crude oil market prices, changes in the price at which shares of Delta's common stock trade, unanticipated recovery or production problems, and failure to alleviate liquidity constraints. Other risk factors are discussed in the registration statement, prospectus supplement and Delta's other filings with the Securities and Exchange Commission ("SEC"), including Delta's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and Delta's Quarterly Report on Form 10-Q for the three months ended March 31, 2009 (in each case, which may be viewed on the SEC's website at http://www.sec.gov/). These documents contain and identify important factors that could cause the actual results for Delta to differ materially from those contained in Delta's forward-looking statements. Although Delta believes that the expectations reflected in the forward-looking statements are reasonable, Delta cannot guarantee future results, levels of activity, performance or achievements. Delta is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

For further information contact the Company at [phone] or via email at or RJ Falkner & Company, Inc., Investor Relations Counsel, at [phone] or via email at

DATASOURCE: Delta Petroleum Corporation