Delta Petroleum says Tracinda agrees to buy 35 pct stake

Dec 31 (Reuters) - Oil and gas exploration company Delta Petroleum Corp (DPTR.O) said investor Kirk Kerkorian's Tracinda Corp will invest $684 million to acquire about 35 percent stake in the company.

As per the agreement, Tracinda will buy Delta's 36 million primary shares at $19 apiece, which represents a premium of about 23 percent to the stock's Friday closing price, the company said in a statement.

Tracinda will have the right to nominate members to Delta's board of directors on a pro rata basis reflecting its share ownership, the statement added. (Reporting by Avishek Mishra in Bangalore; Editing by Deepak Kannan)