DENVER, July 12, 2011 /PRNewswire/ -- Delta Petroleum
Corporation (Delta or the Company) (NASDAQ Capital Market: DPTR),
an independent oil and gas exploration and development company,
announced today that its shareholders have approved an amendment of
the Company's certificate of incorporation to effect a reverse
stock split at an exchange ratio of 1-for-10, 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, 2011.
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.
When the reverse stock split becomes effective, every ten shares
of issued and outstanding common stock will automatically be
combined into one share of issued and outstanding common stock
without any change in the par value per share. Stockholders
will not receive fractional post-reverse stock split shares in
connection with the reverse stock split. The Company's Transfer
Agent is instructed to aggregate all fractional shares and arrange
for them to be sold in sales conducted in an orderly fashion at a
reasonable pace as soon as practicable after the effective time of
the reverse stock split at the then prevailing prices on the open
market on behalf of those stockholders who would otherwise be
entitled to receive a fractional share. After completing the sales,
the Transfer Agent is instructed to send payment to each of the
affected stockholders in an amount equal to the stockholder's pro
rata share of the total net proceeds of these sales.
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
Piceance Basin of Colorado, which
comprises the majority of its proved reserves, production and
long-term growth prospects. Its common stock is listed on the
NASDAQ Capital Market System under the symbol "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 consummation,
effectiveness and completion of the reverse stock split and the
timing thereof, the estimated number of shares of Delta
common stock outstanding after the effectiveness of the reverse
stock split and the satisfaction of NASDAQ's continued listing
requirements. 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 ability to
successfully consummate and complete the reverse stock split,
including the required stock exchange and related notices and
requirements, trading activity and pricing of the common stock
after giving effect to the reverse stock split, 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
