Delta Approves Strategic Investment by Tracinda Corporation
Delta Petroleum Corporation, an independent energy exploration and development company, reported that, at its special shareholder meeting approval was granted on the transaction between the Company and Tracinda Corporation ("Tracinda"). As previously announced, Tracinda has agreed to purchase 36 million shares of the Company's common stock for $684 million.
Following the tabulation of votes, both the sale of the shares to Tracinda and the increase in the size of the Board of Directors of Delta from 11 to 15 were approved by an overwhelming majority. The Company's common stock outstanding following the transaction will total approximately 102 million shares. Closing is scheduled for February 20, 2008.