Delta Petroleum Heads To Ch. 11

Law360, New York (December 16, 2011, 2:58 PM EST) -- Oil and gas exploration and development company Delta Petroleum Corp., which recently posted a $429 million third quarter loss because of dry hole costs and other factors, filed for Chapter 11 protection Thursday in Delaware bankruptcy court.

Denver-based Delta, whose core operating area is the Rocky Mountain region, said in November that it could enter bankruptcy proceedings if it was unable to reach an acceptable deal for the sale of the company or its assets, among other potential transactions to address its liquidity issues.

"After reviewing...
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