Delta Petroleum announced successful results from an open-hole test that encompassed five different clastic intervals, including the "O" interval, in the Federal 28-11 well. Subsequently, the well was deepened and encountered additional hydrocarbon-bearing clastic intervals, including the Cane Creek Formation. The Company has recently been completing the Cane Creek and two other clastic intervals below the "O" interval. Currently, two intervals, which are between the Cane Creek and the "O", are producing at a sustained rate of 1.2 million cubic feet of gas (Mmcf) and 160 barrels of oil per day (Bo/d). The Company will continue further testing to gather information from the lower Cane Creek intervals and the "O" interval over the next several weeks. The Company also plans to commence completion activities on the recently drilled Greentown State 36-24 and will focus on the Cane Creek and "O" intervals.
Additionally, the Company is currently drilling the Greentown Federal 26-43, which is located approximately one-half mile north of the Greentown State 36-11, and the Greentown State 31-36, which is located approximately two miles west of the Greentown State 32-42.
The Company recently received a permit for the Greentown Pipeline project from the Bureau of Land Management (BLM). Construction will commence immediately, and the pipeline should be operational by the end of the second quarter 2008.
Central Utah Hingeline Project, UT, 65% WI -- The Federal 23-44 reached total depth of 12,094' on the Company's Parowan Prospect after drilling through its second primary objective, the Kaibab Formation. Operations have been suspended due to BLM-mandated restrictions for raptor nesting. Drilling results confirmed the presence of a large structure; however, there were no significant shows encountered below the Navajo Sandstone. The Twin Creek Limestone, a secondary objective above the Navajo, exhibited oil shows, and wireline logs suggest the possibility of hydrocarbon saturation in these intervals.
Oil recovered from the sample cuttings from this limestone has been laboratory tested and typed as Mississippian-aged, thereby validating the Company's geologic model for hydrocarbon source and migration. The saturated intervals will be production tested in the third quarter 2008 after expiration of the raptor nesting restrictions. The presence of Mississippian oil at the Parowan prospect may extend the Hingeline play roughly 90 miles southwest of the original discovery at the Covenant Field.
Delta Petroleum and its partners control approximately 190,000 gross acres (123,500 net acres) within this play and numerous structural features have been identified on this leasehold. Delta's recently acquired 110-mile seismic program covering previously generated prospects is currently being interpreted, and preliminary review appears to confirm and enhance original expectations. Final interpretation and drill site selection are expected soon, and permitting of the next well should be underway by the second quarter 2008.
Vega Unit and North Vega, Piceance Basin, CO, Avg. 50 - 100% WI -- The Company continues to develop the Vega Unit area with four rigs and has 68 wells producing and 27 wells drilled and waiting on completion. Additional pipeline capacity should be available by the end of the current quarter.
Midway Loop Area, SE Gulf Coast, TX, ~ 10%-55% WI -- The Company has finished drilling the Best Kenneson Estes #2, which is an 8,000' horizontal lateral well. The well is expected to begin production sales tomorrow. The Baxter A-141 is currently drilling.
Howard Ranch, Wind River Basin, WY, 70 - 100% WI -- The Company is completing two recently drilled wells. Information from these wells will determine the locations of future drilling activity.
Columbia River Basin, WA - 100% WI -- The Company is currently reviewing industry proposals and expects to begin drilling operations in the second quarter of 2008.
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