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「配资帝国」Delta Petroleum Corporation Announces Third Quarter 20


  DENVER, Nov. 8 /PRNewswire-FirstCall/ -- Delta Petroleum Corporation (Nasdaq: DPTR - News), an independent energy exploration and development company, today announced its financial and operating results for the third quarter and first nine months of 2007.

THIRD QUARTER HIGHLIGHTS -- Production from continuing operations increased 44% from third quarter 2006 levels. -- Company commenced drilling on North Vega acreage and now has a total of four rigs operating in Vega and North Vega. -- In the Vega area operational efficiencies continue to be realized with average drilling time decreasing and initial production rates increasing.

RESULTS FOR THE THIRD QUARTER

For the quarter ended September 30, 2007, the Company reported total production of 4.58 billion cubic feet of natural gas equivalents (Bcfe), which was in the upper half of previously stated guidance. Production from continuing operations increased 44% when compared with the third quarter of 2006 and 9.1% from second quarter 2007 levels. Total revenue increased 22% to $51.9 million in the most recent quarter, compared with $42.7 million in the quarter ended September 30, 2006. Revenue from oil and gas sales increased 18% to $30.9 million, compared with $26.1 million in the prior year quarter. The increase in oil and gas revenue when compared with the corresponding period of the previous year was primarily due to higher production from continuing operations, offset by a 27% decrease in the average gas price, primarily in the Rocky Mountain region. Revenue from contract drilling and trucking fees decreased 13% to $14.9 million, versus $17.2 million in the third quarter of 2006. EBITDAX totaled $21.4 million during the three months ended September 30, 2007, compared with $18.9 million in the three months ended September 30, 2006. Discretionary cash flow increased 34% to $20.4 million, versus $15.2 million in the comparable 2006 quarter. (Note: EBITDAX and Discretionary Cash Flow are non-GAAP measures and are described in greater detail below.)

The Company reported a third quarter net loss of ($6.4 million), or ($0.10) per share, compared with a net loss of ($7.1 million), or ($0.13) per share, in the third quarter of 2006. The loss included exploration expense of $4.7 million, related to increased seismic activity in Utah, Wyoming and Texas, and $3.9 million of non-cash equity compensation, which expense is included in general and administrative expenses.

THIRD QUARTER PRODUCTION VOLUMES, UNIT PRICES AND COSTS

Production volumes, average prices received and cost per equivalent thousand cubic feet (Mcf) for the three months ended September 30, 2007 and 2006 were as follows: Three Months Ended September 30, 2007 2006 Onshore Offshore Onshore Offshore Production -- Continuing Operations: Oil (MBbl) 225 35 230 39 Gas (MMcf) 2,869 -- 1,465 -- Production - Discontinued Operations: Oil (MBbl) 19 -- 66 -- Gas (MMcf) 38 -- 536 -- Total Production (MMcfe) 4,371 210 3,779 237 Average Price -- Continuing Operations: Oil (per barrel) $74.52 $57.26 $68.87 $43.48 Gas (per Mcf) $4.24 $-- $5.84 $-- Costs per Mcfe -- Continuing Operations: Hedge effect $ 1.42 $-- $(.23) $-- Lease operating expense $1.10 $5.10 $1.33 $4.28 Production taxes $.43 $.06 $.45 $.06 Transportation costs $.27 $-- $.15 $-- Depletion expense $4.42 $1.61 $5.50 $1.25

Lease operating expense for the three months ended September 30, 2007 totaled $5.7 million, compared with $4.8 million in the comparable prior year quarter. Lease operating expense from continuing operations for onshore properties approximated $1.10 per thousand cubic feet equivalents (Mcfe) in the most recent quarter, compared with $1.33 per Mcfe in the year earlier period, primarily due to additional volumes from new wells without significant additional operating costs.

Depreciation, depletion and amortization expense -- oil and gas -- increased 19% to $19.5 million for the three months ended September 30, 2007, versus $16.5 million in the comparable year earlier period. Depletion expense increased due to a 44% rise in production from continuing operations. However, the depletion rate decreased by 20% to $4.42 per Mcfe, from $5.50 per Mcfe in the comparable quarter of 2006. The Howard Ranch impairments recorded in the second quarter of 2007 and greater production from the Vega Unit contributed to a lower depletion rate in the third quarter of 2007, when compared with the same period in 2006.

Exploration expense consists of geological and geophysical costs and lease rentals. The Company''s exploration costs for the three months ended September 30, 2007 totaled $4.7 million, compared with $1.2 million in the prior year period. Current year exploration expense includes significant activity related to the Company''s Utah, Wyoming and Texas projects.

General and administrative expense increased 31% to $12.8 million during the third quarter of 2007, versus $9.8 million in the three months ended September 30, 2006. The increase in general and administrative expense was primarily due to higher non-cash equity compensation costs of $2.9 million and an 18% increase in technical and administrative staff and related personnel costs.

RESULTS FROM THE NINE MONTH PERIOD

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