Delta Petroleum Corp.

Delta Petroleum Corp. has retained Tristone Capital to sell its Austin Chalk properties in Polk and Tyler counties, Texas. The package includes 59% working interest (44% net revenue interest) in 12,479 gross acres (7,200 net) plus 939 term acres. The development is in the Upper Austin chalk involving the Double A wells in N Field, including 10 producing wells with 15 laterals. Nine out of 12 units are operated. Net production is 6.1 million cubic feet of gas and 456 barrels of oil per day, or 8.8 million cubic feet equivalent per day (69% gas; 98% operated). Net monthly cash flow is $3.9 million. Upside includes proven horizontal drilling locations of four wells with five laterals directly off-setting production with one well currently drilling and one well to spud in the third quarter. Additional opportunities exist in the Midcox, Woodbine, Austin chalk and Lower Cretaceous trends. Ralph E. Davis Associates Inc. has been retained to evaluate the reserves. Contact Miles Redfield, 713-651-4229.