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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (75429)	10/3/2000 12:08:58 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

Delta Petroleum Corporation Elects to Exercise Option to Purchase Interests in West Texas and Southeastern New Mexico Properties -- Pays Deposit DENVER--(BUSINESS WIRE)--Oct. 3, 2000--On October 2, 2000, Delta Petroleum Corporation ("Delta") (Nasdaq:DPTR)(Frankfurt Stock Exchange:DPE) elected to exercise its option to purchase interest in 680 producing wells and associated acreage in the Permian Basin located in eight counties in West Texas and Southeastern New Mexico from Saga Petroleum Corporation ("Saga") and its affiliates. Delta paid Saga and its affiliates $500,000 in cash and issued 289,583 shares of its restricted common stock as a deposit. Delta has agreed to close and pay the bulk of the remainder of the $49,500,000 purchase price by December 1, 2000. Included in the acquisition is the operating entity (Saga Petroleum Limited Liability Company), which operates 599 of the wells. The interests included currently produce approximately 1,750 barrels of oil equivalent per day net to Saga. The properties also have substantial additional development potential. Delta has not yet secured the financing and/or industry participants that will be necessary to acquire these properties. Delta is an oil and gas exploration and development company based in Denver, Colorado. Delta has producing properties in Oklahoma's Anadarko Basin, Colorado's Piceance and D-J Basins, the Permian Basin, California's Sacramento Basin, South Texas, North Dakota, Louisiana, one producing federal unit and four undeveloped units located in federal waters offshore California. To request a copy of Delta's current Form 10-KSB and for further information, contact Delta at 303/293-9133. CONTACT: Delta Petroleum Corporation, Denver Aleron H. Larson, Jr., Chairman Roger A. Parker, President 303/293-9133