Delta promotes Lakey to CEO; terminates Piceance talks with Opon

DENVER –Delta Petroleum Corp. (NASDAQ:DPTR) has promoted Carl Lakey to CEO and, at the same time, terminated discussions to sell a working interest in its Vega area assets in the Piceance Basin to Opon International LLC.

Before being named CEO, Lakey served as senior vice president of operations for Delta and has been with the company since 2007. Prior to joining the company, Lakey spent six years managing operations at El Paso Production Co. and 16 years in various operational and technical positions at ExxonMobil. Lakey’s appointment comes as the company’s president and COO, John R. Wallace, has agreed to resign from the company as an officer and director to pursue other interests.

In March, shares of Delta Petroleum Corp. jumped upon news of the company’s intent to sell and jointly develop a 37.5% non-operated working interest in its Vega Area assets in the Piceance Basin to Opon International LLC for $400 million. The deal was contingent upon Opon’s ability to arrange financing. Because it was unable to do so on the agreed-upon terms, Delta has terminated discussions.

Delta Petroleum Corporation is an oil and gas exploration and development company based in Denver, Colorado. The Company's core areas of operations are the Rocky Mountain and Gulf Coast Regions, which comprise the majority of its proved reserves, production and long-term growth prospects.

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