Key Developments For Delta Petroleum Corporation
Delta Petroleum Corporation (DPTR.O) (Nasdaq)
Delta Petroleum Corporation Raises FY 2009 Production Guidance
Delta Petroleum Corporation slightly increased its previously provided production guidance for fiscal 2009 to a range of 21-22 Bcfe.
Delta Petroleum Corporation Files $300 Million Mixed Securities Shelf-DJ
Dow Jones reported that, Delta Petroleum Corporation filed with the U.S. Securities and Exchange Commission to sell up to $300 million in mixed securities from time to time. Delta Petroleum Corporation said the mixed securities include common and preferred stock, senior and subordinated debt securities, warrants, guarantees, rights, units and depository shares. Delta Petroleum Corporation said it plans to use the net proceeds from the sale of the securities for the exploration and development of its natural gas and crude oil properties, acquisition, exploration and development of additional properties or interests, acquisition of additional oil and gas service businesses, repayment of debt, working capital and general corporate purposes.
Delta Petroleum Corporation Comments On FY 2009 Production Guidance
Delta Petroleum Corporation announced that for fiscal 2009, it expects production to be relatively flat to fiscal 2008 levels. The Company currently has no production hedged for 2009, but it expects to hedge 40% of current production for the second half of 2009 and additional amounts in 2010 and beyond in accordance with the requirements of the Amendment.
Delta Petroleum Corporation Announces Planned $175 Million Convertible Preferred Stock Rights Offering
Delta Petroleum Corporation announced that it intends to launch a convertible preferred stock rights offering to raise up to $175 million. The rights offering is expected to commence promptly following the date on which the Company's shelf registration statement filed with the Securities and Exchange Commission today is declared effective by the Commission. The Company also announced that it has entered into an amendment to its senior credit agreement pursuant to which its lenders agreed to forbear from exercising their rights under the credit agreement (including acceleration of the amounts due under the credit agreement) arising as a result of the Company's non-compliance with certain covenants in the credit agreement, if, among other things, the Company raises equity capital. Accordingly, the Company intends to use the proceeds of the rights offering to reduce amounts outstanding under its senior credit facility, pay other accounts payable and for working capital and general corporate purposes.
Delta Petroleum Corporation Reiterates Q4 2008 Production Guidance
Delta Petroleum Corporation reiterated its fourth quarter 2008 production estimate of 6.7 to 6.9 billion cubic feet equivalents (Bcfe).
