DENVER, Jan. 24 /PRNewswire-FirstCall/ -- Delta Petroleum Corporation , an independent energy exploration and development company ("Delta" or the "Company"), today provided the following update regarding the previously announced Tracinda Corporation ("Tracinda") investment transaction:
The Company has scheduled a special meeting of its stockholders to be held at its offices in Denver, Colorado at 10:00 a.m. Mountain Time on February 19, 2008. The purpose of the meeting will be to vote on the previously announced transaction with Tracinda. Proxy materials will be mailed to stockholders on or about January 29, 2008.
The Company also amended its agreement with Tracinda to allow for a two- week extension to Tracinda's previously announced 30-day due diligence period. The due diligence period will now conclude on February 11, 2008. The extension of the due diligence period is not expected to delay the closing of the transaction.
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. Kerkorian. Tracinda's principal business is buying, selling and holding selected equity securities. Mr. Kirk Kerkorian has served as Chief Executive Officer, President and sole director and stockholder of Tracinda for more than the past five years.
In connection with the proposed transaction, Delta has filed a preliminary proxy statement and will be filing a definitive proxy statement and other relevant documents concerning the transaction with the Securities and Exchange Commission ("SEC"). SECURITY HOLDERS OF DELTA ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders can obtain free copies of the proxy statement and other documents when they become available by contacting Investor Relations, Delta Petroleum Corp., 370 17th Street, Suite 4300, Denver, CO 80202 (Telephone: 303.293.9133). In addition, documents filed with the SEC by Delta are available free of charge at the SEC's web site at http://www.sec.gov/.
Delta and its directors, executive officers and certain other members of its management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Delta's stockholders in connection with the transaction, and may have interests which may be different than those of Delta stockholders generally. Information regarding the interests of such directors and executive officers is included in Delta's proxy statements and Annual Reports on Form 10-K, previously filed with the SEC, and information concerning all of Delta's participants in the solicitation is included in the proxy statement relating to the proposed transaction filed with the SEC. Each of these documents is, or will be, available free of charge at the SEC's web site at http://www.sec.gov/ and from Investor Relations, Delta Petroleum Corp., 370 17th Street, Suite 4300, Denver CO 80202 (Telephone: 303.293.9133).
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, uncertainties in the projection of future rates of production, unanticipated recovery or production problems, unanticipated results from wells being drilled or completed, the effects of delays in completion of gas gathering systems, pipelines and processing facilities, as well as general market conditions, competition and pricing. Please refer to the Company's report on Form 10-K for the fiscal 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
OR
RJ Falkner & Company, Inc., Investor Relations Counsel, at (800) 377-9893 or
via email at
