Delta Petroleum Corp. reported the company’s operating and financial results for 2010, including production, reserve data and exploration and development plans for 2011.
Delta Petroleum reported proved reserves of 134 billion cubic feet equivalents as of 12/31/2010, representing a 17% increase over the end of 2009. The company said that 92% of the proved reserves were located in the Rocky Mountain region, and 91% of the proved reserves were composed of natural gas and natural gas liquids.
Delta Petroleum said that the 2010 proved reserves were estimated using pricing mandated by the SEC. These prices were $3.95 per million British thermal units for natural gas and $79.61 per barrel of oil.
Delta Petroleum Corporation will use its capital in 2011 to explore and develop at the Vega project. The company will complete five previously drilled wells at the site and drill two exploratory wells into the Williams Fork formation.
Delta Petroleum Corporation produced 14.8 billion cubic feet equivalents in 2010, a 21% decrease from 2009 production levels. The company attributed the sharp decline to asset divestitures during 2010, and natural production declines from properties in the Piceance Basin.
For more information on the company, go to www.deltapetro.com