Delta Petroleum Shops JV Opportunity at Colorado's Piceance Basin

Delta Petroleum Corporation announced that it will consider joint venture alternatives as well as possible partial sale transactions for the Company's oil and gas interests in the Piceance Basin of Colorado, where it has approximately 2.5 trillion cubic feet equivalent of recoverable natural gas reserves.

Roger Parker, Delta's Chairman and CEO commented, "We believe our current share price does not reflect our high-quality asset base, particularly our gas development position in the low-risk Piceance Basin in spite of current market conditions. Our exploration of options and alternatives for our Piceance assets is a reaction to the market's failure to reasonably value these properties, which are in an area where Delta has a track record of significant proved reserve and production growth over the past few years and especially in 2008."

The Company has engaged Merrill Lynch & Co. and J.P. Morgan as advisors and to manage the alternative evaluation process. The Company does not expect to make further announcements regarding the alternatives examination process until that process has been completed.