For Immediate Release

DELTA PETROLEUM CORPORATION TO PURCHASE

ALPINE RESOURCES, INC. PROPERTIES

DENVER, Colorado (June 16, 2004) -- Delta Petroleum Corporation (NASDAQ: DPTR); (FRANKFURT STOCK EXCHANGE: DPE), an independent energy exploration and development company, today announced an agreement to purchase all of the proved reserves owned by Alpine Resources, Inc. Alpine is represented in the transaction by Petroleum Place Energy Advisors. The effective date of the transaction is June 1, 2004, and it is expected to close on or before June 30, 2004. Specific terms of the transaction were not disclosed, but Delta estimates that it is paying approximately $1.40 per MCF equivalent (MCFE) for Alpine’s proved reserves.

Alpine’s properties currently produce approximately 20 million cubic feet of gas-equivalents (MMCFE) per day, and Alpine is the operator of properties that account for approximately 95% of its proved reserves. Delta estimates that Alpine’s total proved reserves exceed 90 billion cubic feet of gas-equivalents (BCFE), with total reserves* in excess of 140 BCFE. Approximately 50% of current daily production is comprised of oil and 50% of natural gas, with oil representing approximately 55% of total proved reserves. Delta is in the process of completing its due diligence review of the properties and finalizing its financing arrangements for the transaction. Financing arrangements are currently expected to include an increase in bank debt and possible sales of non-core properties. Other alternatives are also being explored.

“We are very pleased to announce this agreement with Alpine Resources, which upon completion will increase Delta’s daily production by approximately 65%,” stated Roger Parker, President and Chief Executive Officer of Delta Petroleum Corporation. “There is significant undeveloped potential in the properties, including 37 ‘behind pipe’ and 65 proved undeveloped opportunities. Additional probable locations have also been identified. We expect to begin developing the asset in the near future and believe it is possible to increase daily output from the Alpine properties by 25% or more in the upcoming fiscal year.”

Delta Petroleum Corporation is an independent 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 effecting 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.

* CAUTIONARY NOTE TO U.S. INVESTORS -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. In this press release the term “total reserves” is used, which is intended to include an aggregate of proved reserves, probable reserves and possible reserves. SEC guidelines strictly prohibit publicly traded companies from including probable reserves and possible reserves in their filings with the SEC. U.S. investors are urged to consider closely the disclosures in Delta Petroleum's Form10-K for the fiscal year ended June 30, 2003.

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

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

SOURCE: Delta Petroleum Corporation