Delta Petroleum Corp. reported a financial and operational update on the company’s oil and gas exploration and development activities in the United States. The company is involved with various projects in the Rocky Mountains area.
Delta Petroleum reported cash of $3.9 million as of the end of the second quarter of 2011, with another $18 million available under a credit line. The company expects that this cash along with operating cash flow and the credit facility will be enough to fund the company’s capital program through the end of 2011.
Delta Petroleum said that the Delta 2C well started production in July 2011 at a rate of 5.4 million cubic feet of natural gas per day. This production was from the Niobrara and Frontier formations and was from an intentionally restricted choke.
The Delta 2C well is currently producing as much as 3.5 million cubic feet of natural gas per day, and the company believes that hydrocarbon potential exists in the Mancos shale, Corcoran and Williams Fork zones.
Delta Petroleum is in the process of drilling the Delta 12B well and has reached 8,500 feet. The well is targeting the Frontier formation at a depth of 13,000 feet, and should be finished by September 2011.
For more information on the company, go to www.deltapetro.com
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