DELTA PETROLEUM CORPORATION
Roger A. Parker, Chairman and CEO
John R. Wallace, President and COO
Kevin K. Nanke, Treasurer and CFO
370 Seventeenth Street, Suite 4300
Denver, Colorado 80202
DENVER, Colorado (December 17, 2007) – Delta Petroleum Corporation (NASDAQ Global Market: DPTR), an independent energy exploration and development company (“Delta” or the "Company”), today provided the following information on the Greentown Federal 28-11 well.
Greentown Project, Paradox Basin, UT, 70% WI – The Federal 28-11 well began flowing from the bottom interval of the 16 clastic intervals through a separator at 6:00 a.m. on Friday, December 14, 2007. Over the first 24 hours, the well produced 4.32 million cubic feet of natural gas (Mmcf) and 794 barrels of 60 gravity oil on a 28/64” choke. Over the first 48 hours, the well produced 7.5 Mmcf of natural gas and 1,379 barrels of oil. During the last 24 hours the production stabilized. This is an un-stimulated “open hole” test. When drilling the well, Delta was unable to penetrate completely through this interval due to the very high pressures that were encountered. The Company plans to recommence drilling to access the remainder of this interval and additional deeper zones. This is the same clastic interval that experienced the surface blow-out in the Greentown State 36-11 discovery well, and the pressures encountered in the Federal 28-11 well are very consistent with pressures seen in both the Greentown State 36-11 and 32-42 wells, which are located six miles to the north and 1.5 miles to the south, respectively. The Federal 28-11 has 15 additional oil- and gas-bearing clastic intervals that contain approximately 900’ of potentially productive zone that the Company plans to test and complete in the future.
The Company has approximately 46,000 gross acres (31,000 net acres) in the Greentown field and plans to maintain a continuous drilling program initially utilizing two drilling rigs.
About Delta Petroleum Corporation
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. The Company has a significant drilling inventory that consists of proved and unproved locations, the majority of which are located in its Rocky Mountain development projects. Its common stock is traded on the NASDAQ Global Market under the symbol “DPTR”.
Forward-looking statements in this announcement are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based on management’s present expectations, estimates and projections, but involve risks and uncertainty, including without limitation, uncertainties in the projection of future rates of production, unanticipated recovery or production problems, unanticipated results from wells being drilled or completed, the effects of delays in completion of gas gathering systems, pipelines and processing facilities, as well as general market conditions, competition and pricing. Please refer to the Company’s report on Form 10-K for the fiscal year ended December 31, 2006 and subsequent reports on Forms 10-Q and 8-K as filed with the Securities and Exchange Commission for additional information. The Company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
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
SOURCE: Delta Petroleum Corporation