Delta Petroleum (DPTR) Smashed On Disappointing Well Results

September 21, 2009 8:50 AM EDT

Delta Petroleum Corp. (Nasdaq: DPTR) is down 29% this AM after announcing initial completion results from the Gray Well in the Columbia River Basin.

Delta has perforated and tested the majority of the prospective zones in the Gray well at depths ranging from 11,580 to 12,280 feet. The six lowermost zones demonstrated high pressures as expected, but have flowed only fresh water to date. The zones located further uphole have flowed a combination of water and gas; however, the gas volumes have been minimal and substantially below pre-completion expectations deeming these intervals uneconomic. Additional testing will continue in the basalt section on specific intervals that experienced gas shows while drilling. Plans for additional drilling activity scheduled for later this year and in 2010 in the vicinity of the Gray well in the southern portion of the Columbia River Basin have been curtailed pending a review of all completion and testing information. Delta currently owns an interest in approximately 424,000 net acres in the basin, all of which are undeveloped

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