Delta Petroleum Corp., Denver, (Nasdaq: DPTR) has transferred its ownership in approximately 427,000 gross acres (64,000 net) of nonoperated interests in the Columbia River Basin to its wholly owned subsidiary, CRB Partners LLC. Delta has also entered into agreements with a small group of investors to sell a portion of its ownership interest in CRB Partners for $75 million. Delta plans to use the proceeds from the sale to reduce borrowings under its senior secured debt facility and to accelerate its rate of development drilling. Delta will retain the majority ownership in, and will be the manager of, CRB Parnters. This sale does not involve any of Delta's 100% operated leasehold of approximately 337,000 net acres in the Columbia River Basin. Petrie Parkman & Co. was financial advisor to Delta.
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