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    Wapiti pays $130M for certain unconventional resource assets from Delta Petroleum

    Purchase includes Rocky Mountain, Piceance Basin, Niobrara shale, Eagle Ford shale assets, among others

    HOUSTON – Wapiti Oil & Gas LLC has purchased of $130 million in oil and gas exploration and development assets from Delta Petroleum Corp. (Nasdaq: DPTR) .

    Wapiti’s purchase includes properties in the Rocky Mountains as well as the Texas Gulf Coast. The acquisition includes producing assets in the Piceance Basin, the DJ Basin, and the Texas Gulf Coast. The acquisition also includes all of Delta’s acreage position in Laramie County Wyoming in the Niobrara section of the DJ Basin, and Eagle Ford Shale acreage in Atascosa and McMullen Counties, Texas.

    Dick Agee, Wapiti’s chairman said “I am pleased to be returning to the Rockies after a ten year absence. I am particularly excited by the Garden Gulch Development Project in the Piceance Basin and the approximately 6,000 acres in the South Texas Eagle Ford Shale trend.”

    “This acquisition positions Wapiti for significant future growth,” noted Wapiti Oil & Gas president and CEO Bart Agee. “On the heels of a successful sale of Wapiti Energy LLC’s interest in the Conroe Field to Denbury Resources for consideration of approximately $430.7 million, we are eager to commence our next venture.”

    Wapiti Energy sold the majority of their interests in the Conroe Field to Denbury Resources in December 2009. See this and other transactions that occured during the same period.

    Wapiti Oil & Gas, LLC, a newly formed affiliate of Houston based Wapiti Energy LLC, is a privately held, growth oriented, North American exploration and production company. In conjunction with the acquisition, Wapiti added a group of strategic equity investors, including Zell Credit Opportunities Master Fund LP, and Mantucket Capital. 

    Source:  Wapiti Oil & Gas LLC

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