DELTA PETROLEUM CORPORATION

Aleron H. Larson, Jr., Chairman

Roger A. Parker, President and CEO

Kevin K. Nanke, CFO

475 17th Street, Suite 1400

Denver, Colorado 80202

For Immediate Release

DELTA PETROLEUM CORPORATION REPORTS FIRST QUARTER OPERATING RESULTS

REVENUE INCREASES 37%, NET INCOME UP 11-FOLD FROM PRIOR YEAR QUARTER

DENVER, Colorado (November 6, 2003) – Delta Petroleum Corporation (NASDAQ: DPTR) (FRANKFURT STOCK EXCHANGE: DPE), an independent energy exploration and development company, today reported its operating results for the first quarter of FY2004.

For the quarter ended September 30, 2003, Delta reported revenues of approximately $7.4 million, which represented an increase of 37% when compared with revenues of $5.4 million in the first quarter of the previous fiscal year. Net income increased to $1.36 million, or $0.05 per diluted share, in the most recent quarter, compared with net income of $117,000, or $0.01 per diluted share, in the quarter ended September 30, 2002. Cash flow from operations improved to $3,650,000 in the quarter ended September 30, 2003, versus $2,330,000 in the prior-year quarter. A reconciliation of the term “cash flow from operations” with GAAP measures is provided in the financial schedule accompanying this release.

“We are pleased to report net income in the first quarter of Fiscal 2004 that exceeded our Company’s earnings for the entire fiscal year ended June 30, 2003 (FY2003),” commented Roger A. Parker, President and Chief Executive Officer of Delta Petroleum Corporation. “While we continued to benefit from favorable oil and gas prices during the most recent quarter, higher production rates and contributions from recent acquisitions played important roles in Delta’s improved operating performance. We have been very pleased with our drilling activities during the past few months, particularly those in Fremont County, Wyoming, and the impact of these new wells should be clearly apparent in our production figures during the second and third quarters of Fiscal 2004.”

“Whereas the acquisition of producing properties and prospects played a key role in our corporate strategy last fiscal year, management’s emphasis during Fiscal 2004 will focus upon expanding our production and reserves through drilling activities,” continued Parker. “We have identified a number of attractive drilling prospects on geographically dispersed properties, and management believes that shareholder value can be efficiently enhanced through the development of currently owned properties. In addition to such development activities, we will continue our efforts to realize the value inherent in our ownership of the federal oil and gas leases in the Santa Barbara Channel that are currently the subject of litigation with the U.S. Government.”

Delta Petroleum Corporation is an oil and gas exploration and development company based in Denver, Colorado. The Company has producing properties in 14 states and interests in one producing federal unit and four undeveloped units located in federal waters offshore California near Santa Barbara. Its common stock is traded on NASDAQ under the symbol ``DPTR'' and on the Frankfurt Stock Exchange under the symbol ``DPE.''

Forward-looking statements in this announcement are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the costs of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns affecting the drilling of oil and natural gas wells, as well as general market conditions, competition and pricing. Please refer to the Company’s Securities and Exchange Commission filings for additional information.

For further information, contact the Company at (303) 293-9133 or via email at info@deltapetro.com

OR

RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or via email at info@rjfalkner.com

SOURCE: Delta Petroleum Corporation

DELTA PETROLEUM CORPORATION

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

September 30, June 30,

2003 2003

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ASSETS

Current Assets:

Cash and cash equivalents $ 1,498,000 $ 2,271,000

Marketable securities available for sale 538,000 662,000

Trade accounts receivable, net of

allowance for doubtful accounts of $50,000 at

September 30, 2003 and June 30, 2003 4,135,000 4,410,000

Prepaid assets 829,000 764,000

Other current assets 456,000 560,000

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Total current assets 7,456,000 8,667,000

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Property and Equipment:

Oil and gas properties, at cost (using

the successful efforts method

of accounting): 107,543,000 90,487,000

Less accumulated depreciation and depletion (14,345,000) (12,669,000)

----------------- ---------------

Net property and equipment 93,198,000 77,818,000

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Long term assets:

Deferred financing costs 84,000 117,000

Partnership net assets 111,000 245,000

----------------- ---------------

Total long term assets 195,000 362,000

----------------- ---------------

$100,849,000 $86,847,000

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LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

Current portion of long‑term debt 11,199,000 10,039,000

Accounts payable 5,543,000 3,604,000

Derivative instruments - 468,000

Current foreign tax payable 703,000 703,000

Other accrued liabilities 584,000 1,087,000

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Total current liabilities 18,029,000 15,901,000

---------------- ---------------

Long-term Liabilities:

Asset retirement obligation 1,047,000 868,000

Long-term debt, net 26,508,000 22,175,000

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Total long-term liabilities 27,555,000 23,043,000

Stockholders' Equity:

Preferred stock, $.10 par value;

authorized 3,000,000 shares, none issued

Common stock, $.01 par value; - -

authorized 300,000,000 shares, issued

23,418,000 shares at September 30, 2003

and 23,286,000 at June 30, 2003 244,000 233,000

Additional paid‑in capital 81,277,000 75,642,000

Accumulated other comprehensive loss (24,000) (376,000)

Accumulated deficit (26,232,000) (27,596,000)

---------------- ---------------

Total stockholders' equity 55,265,000 47,903,000

---------------- ---------------

Commitments $100,849,000 $86,847,000

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DELTA PETROLEUM CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

                September 30,         September 30,

2003 2002

----------------- -----------------

Revenue:

Oil and gas sales $7,756,000 $ 5,546,000

Realized loss on derivative instruments, net (312,000) (33,000)

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Total revenue 7,444,000 5,434,000

Operating expenses:

Lease operating expenses 2,326,000 2,069,000

Depreciation and depletion    1,692,000 1,685,000

Exploration expenses 130,000 7,000

Professional fees    304,000 177,000

General and administrative (includes stock

option expense of $105,000 and $11,000 for the three months ended

September 30, 2003 and 2002 respectively.)           1,139,000 862,000

   -------------- ----------------

Total operating expense                    5,591,000 4,800,000

Income from operations    1,853,000 634,000

Other income and (expense):

Other income 20,000 11,000

Interest and financing costs (509,000) (508,000)

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Total other expense (489,000) (497,000)

    -------------- ----------------

Income before cumulative effect of

Change in accounting principle      1,364,000 137,000

Cumulative effect of change in accounting principle - (20,000)

                     ------------- ---------------

Net income                      $1,364,000 $ 117,000

      ======== =========

Net income per common share:

Basic $ .06 $ 0.01

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Diluted    $ .05 $ *

======== =========

* less than $.01 per share

Delta Petroleum Corporation

Unaudited Reconciliation of Net Cash Provided by

Operating Activities to “Cash Flow From Operations”

Quarter Ended

September 30,

	2003	2002
Net cash provided by operating activities	$4,952,000	3,155,000
Changes in working capital items and other	(1,664,000)	(1,221,000)
Interest expense net of financing amortization	382,000	407,000
Other income	(20,000)	(11,000)
Cash flow from operations	$3,650,000	$ 2,330,000

The above schedule is presented in order to reconcile cash flow from operations before a non-GAAP measure to the most directly comparable GAAP measures in accordance with Section 401 (b) of the Sarbanes-Oxley Act.

“Cash flow from operations,” as used in this release, represents income from operations before depreciation and depletion expense, stock option expense, abandoned and impaired properties and gain or loss on sale of oil and gas properties. “Cash flow from operations” is not a measure of performance under accounting principles generally accepted in the United States of America and should not be considered in isolation or construed as a substitute for net income or other operations data or cash flow data prepared in accordance with accounting principles generally accepted in the U.S. for purposes of analyzing our profitability or liquidity. In addition, not all funds depicted by “cash flow from operations” are available for management’s discretionary use but are subject to contractual restrictions and functional requirements to pay debt service, fund necessary capital expenditures and meet other commitments as described in more detail in the Company’s Form 10-Q for the year ended September 30, 2003 as filed with the Securities and Exchange Commission. “Cash flow from operations” as calculated above may not be comparable to similarly titled measures reported by other companies.