Delta Petroleum Corporation News
Delta Petroleum Corporation Announces Shareholder Approval for Strategic Investment by Tracinda Corporation
DENVER, Feb. 19 PRNewswire-FirstCall — Delta Petroleum Corporation (Nasdaq: DPTR), an independent energy exploration and development company ("Delta" or the "Company"), today announced that, at its special shareholder meeting approval was granted on the transaction between the Company and Tracinda Corporation ("Tracinda"). As previously announced, Tracinda has agreed to purchase 36 million shares of the Company's common stock for $684 million.
Following the tabulation of votes, both the sale of the shares to Tracinda and the increase in the size of the Board of Directors of Delta from 11 to 15 were approved by an overwhelming majority. The Company's common stock outstanding following the transaction will total approximately 102 million shares. Closing is scheduled for February 20, 2008.
Conference Call
As a reminder, the Company will host an investor conference call on Thursday, February 28, 2008 at 12:00 noon Eastern time to discuss operating results for the fourth quarter and full year 2007. The Company will report its 2007 operating results earlier the same day.
Shareholders and other interested parties may participate in the conference call by dialing 888-713-4209 (international participants dial 617-213-4863) and referencing the ID code 86892752 a few minutes before 12:00 noon Eastern time on February 28, 2008. The call will also be broadcast live and can be accessed through the Company's website at http://www.deltapetro.com/eventscalendar.html. A replay of the conference call will be available two hours after the completion of the conference call from February 28, 2008 until March 6, 2008 by dialing 888-286-8010 (international participants dial 617-801-6888) and entering the conference ID 70186831. Telephonic participants can reduce pre-call hold time by registering for the conference in advance through the following link: https://www.theconferencingservice.com/prereg/key.process?key=PHPCTY4QL
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."
About Tracinda Corporation
Tracinda is a privately held Nevada corporation wholly-owned by Mr. Kirk Kerkorian. Tracinda's principal business is buying, selling and holding selected equity securities. Mr. Kerkorian has served as Chief Executive Officer, President and sole director and stockholder of Tracinda for more than the past five years.
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, satisfaction of conditions to the completion of the Tracinda transaction and the ability to grow reserves, production and cash flow. Please refer to the Company's report on Form 10-K for the 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.
Contacts For Delta Petroleum:
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 (830) 693-4400 or via email at info@rjfalkner.com
For Tracinda Corporation: Tom Johnson / Winnie Lerner Abernathy MacGregor Group (212) 371-5999
SOURCE Delta Petroleum Corporation
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