Press Release

Source: Delta Petroleum Corporation

Delta Petroleum Completes $32 Million Common Stock Private Placement

DENVER, Colorado – February 25, 2004 – Delta Petroleum Corporation (NASDAQ: DPTR) today announced that it has completed the sale of 4,000,000 shares of its common stock to certain institutional investors at a price of $8.00 per share in a private placement that raised approximately $30.0 million in net proceeds to the Company. Of that amount, approximately $26.5 million will be used to finance additional drilling and the remainder will be used to pay debt and for general corporate purposes. The Company engaged Sterne, Agee & Leach, Inc. as placement agent for the transaction.

"We are pleased with the attention and support Delta Petroleum received from a variety of new institutional investors in this private placement,” stated Roger Parker, President and Chief Executive Officer of Delta Petroleum Corporation. “This additional capital positions the Company to more effectively execute its growth strategy through an acceleration in drilling activities.”

The shares sold in the private placement were not registered under the Securities Act of 1933, as amended, and may not be reoffered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements. The Company has agreed to file a registration statement with the SEC covering resales of the shares sold in the private placement. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Delta Petroleum Corporation is an oil and gas exploration and development company based in Denver, Colorado. The Company has producing properties in 15 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.

CONTACTS:

Roger Parker, President & CEO, Delta Petroleum Corporation 303-293-9133

Kevin Nanke, CFO / kevin@deltapetro.com

DPTR / 303-293-9133

Source: Delta Petroleum Corporation