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

Press Release Source: Delta Petroleum Corporation

Delta Petroleum Corporation Completes Purchase

of Alpine Resources Properties

Company’s Common Stock Added to Russell 3000® Index

DENVER, Colorado -- June 29, 2004 -- Delta Petroleum Corporation (Nasdaq National Market: DPTR) (Frankfurt Stock Exchange: DPE), an independent energy exploration and development company, today announced that it has completed the purchase of the proved oil and gas reserves owned by Alpine Resources, Inc. for approximately $122.5 million in cash.

The Company also announced that its bank credit facility has been increased from $50 million to $100 million, and its borrowing base has been increased to $70 million. Proceeds from the increased borrowing base and last week’s $72 million private placement of common stock with institutional investors were used to complete the purchase of the Alpine Resources properties.

As noted in a press release dated June 16, 2004, Delta management estimates that it paid approximately $1.40 per thousand cubic feet of gas-equivalents (MCFE) for Alpine’s proved reserves. The properties purchased currently produce approximately 20 million cubic feet of gas-equivalents (MMCFE) per day, and Delta will be the operator of properties that account for approximately 95% of the proved reserves acquired from Alpine. Delta estimates that the acquisition included proved reserves totaling more than 90 billion cubic feet of gas-equivalents (BCFE) and 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 the total proved reserves acquired from Alpine.

“We are pleased to announce completion of the purchase of the Alpine properties, which will increase Delta’s daily production by approximately 65%,” stated Roger A. Parker, President and Chief Executive Officer of Delta Petroleum Corporation. “On a per-share basis, the transaction should be accretive to reserves, operating cash flows, and earnings for our fiscal year that begins July 1, 2004. We expect to begin immediate development of some of the Alpine fields in order to further increase production and proven reserves.”

The Company also announced that the Frank Russell Company has added Delta’s common stock to the Russell 3000Ò Index effective June 25, 2004. Index membership will remain in place for one year. Delta’s membership in the Russell 3000Ò means automatic inclusion in the small-cap Russell 2000Ò Index.

Membership in Russell’s 21 U.S. equity indexes is determined primarily by market capitalization rankings and style attributes. Russell indexes are widely used by managers of index funds and as benchmarks for both passive and active investment strategies. About $250 billion is invested in index funds based on Russell’s indexes, and an additional $850 billion is benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to each company’s weighting in the particular index.

Annual reconstitution of the Russell indexes captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000Ò. The largest 1,000 companies in the ranking comprise the Russell 1000Ò Index, while the remaining 2,000 companies become the widely used Russell 2000Ò Index.

Frank Russell Company, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages US$107 billion in assets and advises clients worldwide representing US$1.8 trillion. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Washington, with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo. Additional information can be accessed on the Internet at www.russell.com.

About Delta Petroleum Corporation

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 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.

*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 and possible reserves in their filings with the SEC. U.S. investors are urged to consider closely the disclosures in Delta Petroleum’s Form 10-K for the fiscal year ended June 30, 2003.

CONTACTS:

Roger Parker, President and CEO, Delta Petroleum Corporation (303) 293-9133

Kevin Nanke, CFO / kevin@deltapetro.com

DPTR / (303) 293-9133

Source: Delta Petroleum Corporation