For Immediate Release

DELTA PETROLEUM CORPORATION APPOINTS

JORDAN “DIGGER” SMITH TO ITS BOARD OF DIRECTORS

COMPANY PROVIDES UPDATE ON ACQUISITION AND HEDGING ACTIVITIES, ALONG WITH PRODUCTION GUIDANCE

DENVER, Colorado (September 29, 2004) -- Delta Petroleum Corporation (NASDAQ/NMS: DPTR); (FRANKFURT STOCK EXCHANGE: DPE), an independent energy exploration and development company with activities in 15 states, today announced that it has appointed Jordan “Digger” Smith to its Board as an independent director, thereby expanding its Board of Directors to eight members. The Company also provided an update on its acquisition and hedging activities, along with production guidance.

Jordan “Digger” Smith:

Jordan Smith is graduate of the University of Wyoming geological department. He has been active with various oil and gas companies for 47 years and is currently President of Ramshorn Investments Inc., a wholly owned subsidiary of Nabors Drilling USA LP, where he is responsible for drilling and development projects in a number of producing basins in the United States.

“We are very pleased to welcome Jordan Smith to our Board of Directors,” stated Roger Parker, President and Chief Executive Officer of Delta Petroleum Corporation. “Mr. Smith’s vast experience in the oil and gas industry should allow him to make a significant contribution to the future success of our Company.”

Mr. Smith will begin serving as a director on October 1, 2004 and will stand for re-election at the next Annual Shareholders’ Meeting.

Acquisition Activity:

On September 15, 2004, pursuant to a Purchase and Sale Agreement dated September 1, 2004, Delta acquired 100% of the working interest in seven wells in the Speary Field in Karnes County, Texas, from Patterson Energy of Texas, LLC and two of its affiliated individuals, for $5,000,000. Third party engineering estimates indicate that the acquisition includes approximately 10 billion cubic feet equivalent of proven reserves. The “effective date” of the transaction was August 1, 2004.

Hedging Activity:

The Company has entered into a costless collar West Texas Intermediate crude oil hedge for the period that begins October 1, 2004 and ends June 30, 2005. The hedge covers 40,000 barrels of oil per month, with a minimum price of $35.00 per barrel and a maximum price of $50.80 per barrel. In addition, the Company entered into a costless collar Henry Hub natural gas hedge for the period that begins January 1, 2005 and ends June 30, 2005. This hedge covers 10,000 million BTU’s (mmBtu) of gas per day, with a price range of $5.00 to $9.25 per mmBtu. Together, these hedges cover approximately 40% of the Company’s total daily production.

Costless collars provide for a minimum “floor” price, while allowing the Company to benefit from increased prices up to the stated “cap” price.

Production Guidance:

For the quarter ending September 30, 2004, Delta estimates that total production will approximate 3.4 – 3.7 billion cubic feet of gas equivalents (Bcfe). The Company also reaffirms its earlier production projections of 19.0 – 21.0 Bcfe for the fiscal year ending June 30, 2005, based upon its currently scheduled drilling activity.

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 the NASDAQ National Market System 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

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

SOURCE: Delta Petroleum Corporation