March 11, 2010 / 2:48 PM / 10 years ago

UPDATE 1-Delta Petroleum Corp Q4 loss narrows

* Q4 loss $0.12/shr vs loss $4.55/shr year-ago

* Q4 rev up 44 pct

* Says obtained covenant waivers for Q1

* Shares up 5 pct in pre-market trade

March 11 (Reuters) - Independent oil and gas company Delta Petroleum Corp DPTR.O posted a narrower fourth-quarter loss, helped by fewer impairments recorded in 2009, and offshore litigation gains.

In December, the company had said it will receive gross proceeds of $65 million from a settlement with the federal government related to lease payments on its offshore property in California. [ID:nSGE5BG0GM]

For the fourth quarter ended Dec. 31 2009, net loss attributable to shareholders was $34.1 million or 12 cents a share, compared with loss of $460.7 million, or $4.55 a share, in the year-ago quarter.

Revenue rose 44 percent to $76.9 million, mainly helped by the gain on offshore litigation settlement.

Analysts on an average were looking for loss of 10 cents a share, before items, on revenue of $24.2 million, according to Thomson Reuters I/B/E/S.

The company, which announced in November that it was exploring strategic initiatives including a possible sale, said it expects to be in compliance with its financial covenants for the remainder of 2010.

The company’s shares were up 5 percent at $1.56 in pre-market trade. They closed at $1.49 Wednesday on the Nasdaq.

For the alerts, please double-click [ID:nWNAB8177] (Reporting by Arundhati Ramanathan in Bangalore; Editing by Bijoy Koyitty) ((arundhati.ramanathan@thomsonreuters.com; within U.S. +646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arundhati.ramanathan.reuters.com@reuters.net))

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