Delta Petroleum To Get $65M Over Offshore Lease

Law360, New York (December 17, 2009, 5:06 PM EST) -- Oil and gas exploration firm Delta Corp. will get $65 million as part of a settlement with the U.S. government in a breach of contract dispute over a California offshore drilling lease.

Delta said Thursday that the settlement of the case in the U.S. Court of Federal Claims related to Lease 452 off the coast of California. Under the terms of the agreement, the company will receive gross proceeds of $65 million, which after all contingent payments to third parties will result in some $50 million...
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