* Delta says Opon unable to obtain financing * Says
continues to pursue strategic alternatives
* Names new CEO
July 7 Oil and gas company Delta Petroleum Corp
DPTR.O said it terminated a deal with Opon International to
sell its interests in Vega Area assets as Opon was unable to
obtain financing for the transaction.
Shares of Delta dropped 55 percent to less than a dollar
since the announcement of the deal in March as Opon was seen
struggling to get financing.
On March 18, Delta said it struck a deal to sell its 37.5
percent interest in its Vega Area assets in the Piceance Basin
to Opon International for $400 million. Delta's shares shot up
43 percent on the day of the announcement. [ID:nSGE62H0G2]
Delta said it will continue to pursue development of its
main asset in the Piceance Basin to bolster proved reserves,
and strategic alternatives. Delta named Carl Lakey as its Chief
Executive Officer, effective immediately.
Shares of the company closed at 79 cents Tuesday on
(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by