Delta Petroleum Corp. (MM) (DPTRD) News

Not too hot of a Monday.


In trading on Monday, oil & gas refining & marketing shares were relative laggards, down on the day by about 1.3%. Helping drag down the group were shares of Gevo , down about 10.4% and shares of Alon Usa Energy off about 7.1% on the day.

Also lagging the market Monday are oil & gas exploration & production shares, down on the day by about 1.2% as a group, led down by Delta Petroleum ( DPTR - news - people ) , trading lower by about 7.8% and Triangle Petroleum , trading lower by about 7%.

OPERATIONS UPDATE

Current production of the Company approximates 28 million cubic feet equivalent per day (MMcfe/d) net.

2011 CAPITAL EXPENDITURES AND PRODUCTION GUIDANCE

Delta will focus its current available capital for the remainder of 2011 on drilling and completing the 12B well and completing the remaining two previously drilled Williams Fork wells. The completions of the remaining two previously drilled wells have been postponed to the fourth quarter of 2011; however, these plans could be altered depending on shale well results, with capital potentially being reallocated to additional shale activity. Developments related to the strategic alternatives process may also affect current capital spending plans.

Production for the third quarter 2011 is expected to be between 2.6 Bcfe and 2.7 Bcfe.

Carl Lakey, Delta's CEO and President stated, "We are pleased to provide our shareholders with another solid operating quarter coupled with the accomplishment of some very important strategic steps. We sold our remaining non-core assets, which reduced our leverage and provided sufficient liquidity to continue our deep shale evaluation and development in the Vega Area. While the strategic alternatives process, the 2C well results, and the Netherland Sewell report were all announced subsequent to the end of the quarter, much of the efforts that went into those steps occurred in the second quarter. The 2B and 2C well results and Netherland Sewell's report are very important contributions that support Delta's intrinsic value and aid our strategic alternatives process."

VEGA AREA SHALE EVALUATION UPDATE

As previously announced, the Delta 2C well began producing hydrocarbons on Wednesday, July 20, at a rate of 5.4 million cubic feet of gas per day (MMcf/d), which was choke-restricted with a 7/64 of an inch choke and 8,360 psi of flowing tubing pressure. Gas sales from the well began on Thursday, July 21 from the Niobrara and Frontier formations only. The well is currently producing between 2.5 - 3.5 MMcf/d with 6,100 psi of flowing tubing pressure. The well choke is currently set at 9/64 of an inch. The Mancos shale, Corcoran and Williams Fork formations remain uncompleted.

The Delta 2B well in the Vega Area of the Piceance Basin drilled through a portion of the Mancos formation and reached total depth of 10,700 feet. Below the Williams Fork the well was completed in 1,200 feet of shale in the Corcoran and the upper portion of the Mancos formation. Gas production began on April 24 and sales commenced on April 29. As announced on May 10, the 2B well experienced sustained production of 3.3 MMcf/d from only the Mancos and Corcoran formations. The well is currently producing 0.6 MMcf/d. The information available indicates that the natural fractures in the 2B well may have prematurely closed by the high flow rate (6 MMcf/d) during initial flowback activities, which has subsequently hindered production. The Company is currently evaluating refracturing the well in the Mancos and Corcoran formations to reestablish higher production levels in the well.

The Company is currently drilling the 12B well. The current depth is approximately 8,500 feet with a target depth of 13,000 feet. It is expected that the target depth will reach the Frontier formation. Total depth is expected to be reached during September. Once completed, this well will hold the acreage of the federal Sheep Creek Unit and bring the Company's Vega leasehold up to 95% held by production

Kirk Kerkorian Taylor Lakey Nanke Freedman LOOKS LIKE CROOKS ACTING LIKE CROOKS ARE CROOKS 1-Aug-11 01:14 pm
Kirk Kerkorian Taylor Lakey Nanke Freedman you have NO REASONABLE NOR LOGICAL EXPLANATION only STUPIDITY THAT DELTA FALL TO $ 0.44 3 year low

YOU ALL MUST GO TO JAIL FOR FRAUD

Kirk Kerkorian Taylor Lakey Nanke Freedman dump 800,000 shares :10=80000 1 minute ago
16:05 $ 4.1634 80,000 LOWER PRICE SELL 33% for today trading

16:03 $ 4.1927 700

http://www.nasdaq.com/aspxcontent/Extend...

10 BUSINESS DAY'S TRADE ABOVE 1.00 THEN WE CAN SEE SHARES UP 40% soon 27-Jul-11 11:27 am
NASDAQ NATIONAL MARKET LISTING ISSUE WAS FINALIZED 10 BUSINESS DAY'S DELTA TRADE ABOVE 1.00 THEN WE CAN SEE SHARES UP 40% soon


STRONG BUY

DPTR bouncing at the bottom?

With earning results coming up on Aug 4, we should see some nice momentum.

Looking at the chart, the stock has always showed good strength going into the announcement.

This could be the time to load up.

Delta Petroleum Corporation Reports Strong Initial Results From the 2C Well and Also Invites Stakeholders to Second Quarter Earnings Call
6 hours 50 minutes ago - PR Newswire via Comtex
PR Newswire
Delta Petroleum Corporation (Delta or the Company) (NASDAQ Capital Market: DPTR), an independent oil and gas exploration and development company, announced today that the 2C-433D well began producing hydrocarbons on Wednesday, July 20, at a choke-restricted rate of 5.4 million cubic feet of gas per day (MMcf/d) with 8360 psi of flowing tubing pressure. Gas sales from the well began on Thursday, July 21. The well continues to produce at a choke restricted rate of between 3.5 and 5 MMcf/d with a stable flowing tubing pressure of 8160 psi. The well has also just started to produce some condensate with 20 bpd measured.

Carl Lakey, Delta's President and CEO stated, "We are pleased to announce the initial results of the 2C well. We believe that this well's result combined with other Delta operated shale wells and similar wells from other operators in the Piceance Basin, validate the resource potential of the Niobrara and Mancos shales in the basin. It is important to note that the 2C well is producing from the only 1300' of pay in the Niobrara and Frontier. Roughly 2700' of gross potential hydrocarbon bearing pay remain uncompleted in the Mancos Shale and Corcoran formations. The Williams Fork also remains uncompleted here. It is still too early to provide an estimate of total EUR of the well. However, we are very encouraged by the measured rates to date, and remain optimistic that the Niobrara and Mancos shales will be highly economic. Delta holds approximately 22,400 net acres of leasehold in the Vega area, including deep rights to substantially all of that acreage. Early indications are that the entire position is prospective for shale development in the Mancos, Niobrara and Frontier. We invite our stakeholders to listen to our upcoming Second Quarter earnings call where we expect to provide an additional update to the 2C well and other operational developments. We will update sooner if it is appropriate. We are excited by the results obtained to date, and more importantly by the potential size and scope of the resource that we are now testing."

Delta will be holding the second quarter earnings conference call on Thursday, August 4 at 10:00 AM Mountain Time. The conference call specifics will be released in a separate press release.

Delta Petroleum (NASDAQ:DPTRD) announced that its shareholders have approved an amendment of the company's certificate of incorporation to affect a reverse stock split at an exchange ratio of one-for-ten, and to reduce the number of authorized shares of common stock from 600 million to 200 million.


The reverse stock split will be effective at the opening of trading on July 13. Upon effect of the reverse stock split, the stock will trade with a "D" next to the symbol "DPTR" for 30 calendar days to signify the reverse stock split has occurred. With the effect of the reverse stock split, the company expects to satisfy NASDAQ's continued listing requirements.

Delta Petroleum Corporation acquires, explores, develops, and produces oil and gas properties. The Company has interests in gross productive wells, undeveloped properties, federal units, and an off-shore lease in California. The Company operates in the United States.