DELTA PETROLEUM CORPORATION
Roger A. Parker, Chairman and CEO
Kevin K. Nanke, Treasurer and CFO
Dave Donegan, VP Corporate Communications
370 Seventeenth Street, Suite 4300
Denver, Colorado 80202
DENVER, Colorado (June 19, 2006) -- Delta Petroleum Corporation (NASDAQ: DPTR), an independent energy exploration and development company (“Delta” or the “Company”), today announced that it has received a subpoena from the U.S. Attorney for the Southern District of New York requesting records from 1996 to the present relating to the Company's granting of stock options. The Company believes that this inquiry is the result of having been identified in a third party report dated May 16, 2006 as statistically being at risk for possibly backdating option grants to executive officers.
On May 22, 2006, in response to the third party report, the Board of Directors created a special committee comprised of independent directors to conduct an independent review of the Company's historical stock option practices and related accounting. The special committee is being assisted by independent legal counsel and advisors.
Delta Petroleum Corporation is an oil and gas exploration and development company based in Denver, Colorado. The Company’s core areas of operations are the Gulf Coast and Rocky Mountain regions, which comprise the majority of its proved reserves, production and long-term growth prospects. Its common stock is traded on the NASDAQ Stock Market under the symbol “DPTR.”
For further information contact the Company at (303) 293-9133 or via email at info@deltapetro.com
OR
RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or via email at info@rjfalkner.com
SOURCE: Delta Petroleum Corporation