Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PAR PACIFIC HOLDINGS, INC. | d83788e8vk.htm |
Exhibit 99.1
DELTA PETROLEUM CORPORATION
Daniel Taylor, Chairman
Carl Lakey, President and CEO
Kevin Nanke, Treasurer and CFO
Broc Richardson, V.P. Corporate Development and IR
370 17th Street, Suite 4300
Denver, Colorado 80202
Daniel Taylor, Chairman
Carl Lakey, President and CEO
Kevin Nanke, Treasurer and CFO
Broc Richardson, V.P. Corporate Development and IR
370 17th Street, Suite 4300
Denver, Colorado 80202
For Immediate Release
DELTA PETROLEUM CORPORATION REPORTS STRONG INITIAL RESULTS FROM THE 2C WELL AND ALSO INVITES
STAKEHOLDERS TO SECOND QUARTER EARNINGS CALL
STAKEHOLDERS TO SECOND QUARTER EARNINGS CALL
DENVER, Colorado (July 25, 2011) — 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.
ABOUT DELTA PETROLEUM
Delta Petroleum Corporation is an oil and gas exploration and development company based in
Denver, Colorado. The Company’s core area of operation is the Rocky Mountain Region, where the
majority of its proved reserves, production and long-term growth prospects are located. Its common
stock is listed on the NASDAQ Capital Market System under the symbol “DPTRD” until on or around
August 10, 2011, when the symbol will return to “DPTR.”
FORWARD-LOOKING STATEMENTS
Forward-looking statements in this announcement are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements include, without limitation, the resource potential of the Niobrara, Mancos and Frontier
shales, the economics of wells, including the 2C well, potential EURS, and future hydrocarbon flow
rates. 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, the highly variable nature of exploration drilling results, costs of finding and
development, technical challenges in drilling shale plays in the Piceance Basin, Delta’s results of
operations and financial condition, uncertainties in commodities prices, future drilling results,
future production, regulations that might be adopted in the
future that could, among other things,
significantly limit or curtail hydraulic fracturing techniques used in the Piceance Basin, as well
as general economic conditions, market conditions and competition. Please refer to the Company’s
report on Form 10-K for the year ended December 31, 2010 and subsequent reports on Forms 10-Q and
8-K as filed with the Securities and Exchange Commission for additional risks and uncertainties
affecting the Company. 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
investorrelations@deltapetro.com
| SOURCE: | Delta Petroleum Corporation |