Delta Petroleum To Shed Noncore Assets For $130M

Law360, New York (July 26, 2010, 1:07 PM EDT) -- Delta Petroleum Corp. said Monday that it had agreed to sell various noncore oil and petroleum assets to privately owned Wapiti Oil & Gas LLC for $130 million in an effort to pay down debt and tighten its focus on primary assets in Colorado.

Denver-based Delta, an independent oil and gas exploration and development company, and Houston-based Wapiti expect to finalize the purchase and sale agreement by August, Delta said.

The agreement hands Wapiti the reins at a number of sites scattered throughout Colorado, Wyoming, Nebraska...
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