DELTA PETROLEUM CORPORATION
Aleron H. Larson, Jr., Chairman
Roger A. Parker, President and CEO
Kevin K. Nanke, CFO
For Immediate Release
Press Release Source: Delta Petroleum Corporation
Delta Petroleum
Corporation Announces Sales of Properties
DENVER,
Colorado -- August 5, 2004 -- Delta Petroleum Corporation (Nasdaq National
Market: DPTR) (Frankfurt Stock Exchange: DPE), an independent energy
exploration and development company, today announced that it has entered into a
formal Purchase and Sale Agreement with Whiting Petroleum Corporation (NYSE:
WLL) to sell its interests in five fields in Louisiana and South Texas for a
total price of $19.3 million. The
effective date of the sale will be July 1, 2004, and closing should occur on or
before August 16, 2004. Delta estimates
that the sale will include approximately 10 - 12 billion cubic feet equivalent
(BCFE) in net proved reserves.
About Delta
Petroleum Corporation
Delta Petroleum Corporation is an independent oil and
gas exploration and development company based in
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:
DPTR
/ (303) 293-9133
Source: Delta Petroleum Corporation
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