Delta Petroleum to acquire reserves from Alpine Resources

June 28, 2004
Denver-based independent Delta Petroleum Corp. inked an agreement to purchase all of the proved reserves owned by Alpine Resources Inc.

By OGJ editors

HOUSTON, June 28 -- Denver-based independent Delta Petroleum Corp. inked an agreement to purchase all of the proved reserves owned by Alpine Resources Inc. The effective date of the transaction was June 1, and it is expected to close on or before Wednesday. Specific terms of the transaction were not disclosed, but Delta estimates that it is paying about $1.40/Mcfe for Alpine's proved reserves.

Alpine's properties currently produce about 20 MMcfed of gas, and Alpine is the operator of properties that account for about 95% of its proved reserves.

Delta estimates that Alpine's total proved reserves exceed 90 bcfe, with total reserves in excess of 140 bcfe. Current production from the assets are equally split between oil and gas, with oil representing about 55% of total proved reserves.