Delta Petroleum Corp.

Transaction Type
Sellers
Marketers
Basin
Gulf of Mexico, DJ
Field
Double A Wells N., Newton, Golden Prairie
Post Date
Close Date
Estimated Price
MM
Description

Delta Petroleum Corp. has retained Macquarie Tristone to sell certain nonoperated assets on the Texas Gulf Coast and the Wyoming DJ Basin.

The package includes an average 45.4% working interest (33.8% net revenue interest) in 22,216 gross acres (9,322 net) on Double A Wells N. and Newton fields on the Texas Gulf Coast and Golden Prairie Field in the DJ Basin. There are currently 78 active wells on the assets and most properties are operated by Wapiti Energy LLC.

Production as of January was 1.64 million cubic feet of gas and 529 barrels of oil per day. Net proved reserves are 2.56 million barrels of oil equivalent (58% proved developed producing, 62% oil). Monthly cash flow is approximately $1.2 million.

Upside includes low-risk behind-pipe opportunities in Golden Prairie and Newton, and infill drilling in Newton and Midway Loop.

The bid due date is June 21. Contact Logan Magruder, 713-651-4229, logan.magruder@macquarie.com.