Delta Inks Settlement on Offshore California Lease

Delta Petroleum has signed a settlement agreement with the federal government concerning Lease 452 located offshore of California.

Delta has signed a settlement agreement with the federal government concerning offshore California Lease 452, which was in litigation. Under the terms of the agreement, Delta will receive gross proceeds of $65 million, which will result in approximately $50 million net to the Company after all contingent payments to third parties. The settlement agreement fully concludes Delta's offshore California litigation against the federal government.

John Wallace, the Company's President and COO said, "We are very pleased to have reached a settlement with the federal government on this final portion of the litigation. The approximately $50 million in net proceeds to Delta substantially increases our liquidity position, and will allow us to evaluate recommencing our drilling program in the near-term or reduce our leverage. Either use of proceeds would benefit our shareholders."

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Logistics Coordinator & Optimization Analyst
Expertise: Logistics Management
Location: Billings, MT
Associate Category Manager or Category Manager Job
Expertise: Logistics Management|Purchasing|Supply Chain Management
Location: Denver, CO
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours