July 27, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Delta Petroleum Corp. (NASDAQ: DPTR), an independent oil and gas exploration and development company, said that it has entered into a purchase and sale agreement with Wapiti Oil & Gas, L.L.C. to sell various non-core assets for $130 million.

The parties say they expect to close the transaction in August.

According to Delta, the assets to be sold to Wapiti include all of Delta's 31% working interest in the Garden Gulch field of the Piceance Basin in Colorado, all of its working interest in the Baffin Bay field of Texas, all of its interest in Piper Petroleum, half of its working interest in its DJ Basin fields, as well as half of its working interest in the following fields in Texas: Caballos Creek, Choke Canyon, Midway Loop, Newton, and Norian.

The company will also sell to Wapiti its working interest in its acreage positions in the DJ Basin of Wyoming, Colorado and Nebraska; and other acreage in South Texas.

Along with the sale of the working interests, Delta said it has agreed to allow Wapiti to operate the Newton and Midway Loop fields, as well as the other fields of Texas of which it was the operator.

Carl Lakey, Delta's CEO said, "This asset sale is an important step for Delta and allows us to continue to reduce our overall leverage and meaningfully strengthen our liquidity position.”

He added that Delta will be selling Wapiti its interest in assets that Delta increasingly considered non-core as it continues to focus on its main asset, the Vega Area, of the Piceance Basin.

Colorado-based Delta Petroleum’s core areas of operations are the Rocky Mountain and Gulf Coast Regions, which comprise the majority of its proved reserves, production and long-term growth prospects.

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