DENVER, July 25, 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 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
