As filed with the Securities and Exchange Commission on July 21, 2009.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
DELTA PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
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DELAWARE
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84-1060803
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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370 17th Street, Suite 4300
Denver, Colorado 80202
(303) 293-9133
(Address, including zip code, and telephone number,
including area code, of registrants principal executive offices)
John R. Wallace, President and Chief Operating Officer
Delta Petroleum Corporation
370 17th Street, Suite 4300
Denver, Colorado 80202
(303) 293-9133
(Name, address, including zip code, and
telephone number, including area code, of agent for service)
With Copies To:
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Ronald R. Levine, II
Davis Graham & Stubbs LLP
1550 Seventeenth Street, Suite 500
Denver, Colorado 80202
(303) 892-9400
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Stanley F. Freedman, Executive Vice President &
General Counsel
Delta Petroleum Corporation
370 17th Street, Suite 4300
Denver, Colorado 80202
(303) 293-9133
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APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: From time to time after the
effective date of this registration statement as determined by market conditions.
If the only securities being registered on this Form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box.
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If any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check the following
box.
þ
If this Form is filed to register additional securities for an offering pursuant to
Rule 462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same
offering.
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If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering.
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If this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box.
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If this Form is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check the following box.
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated
filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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(Do not check if a smaller reporting company)
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CALCULATION OF REGISTRATION FEE
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Proposed Maximum
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Proposed Maximum
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Title of Each Class of
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Amount to be
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Offering Price
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Aggregate Offering
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Amount of
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Securities to be Registered
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Registered(1)
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Per Unit(2)
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Price(2)
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Registration Fee
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Common Stock, $.01 par value
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93,797,701
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(3)
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$1.715
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$160,863,057.20
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$8,976.16
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(1)
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In the event of a stock split, stock dividend or similar transaction involving our common
stock, in order to prevent dilution, the number of shares registered shall automatically be
increased to cover the additional shares in accordance with Rule 416(a) under the Securities Act of
1933, as amended.
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(2)
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In accordance with Rule 457(c), the aggregate offering price of our common stock is estimated
solely for calculating the registration fees due for this filing. For the initial filing of this
registration statement, this estimate was based on the average of the high and low sales price of
our common stock reported by The NASDAQ Global Select Market® on July 14, 2009, which was $1.715
per share.
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(3)
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Represents shares of common stock that may be sold by the selling stockholder named herein.
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THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY
TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY
STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH
SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.
THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. THE SELLING STOCKHOLDER MAY
NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT
SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.
Subject to Completion, dated July 21, 2009
PROSPECTUS
Delta Petroleum Corporation
Common Stock
93,797,701 Shares
The selling stockholder named herein may use this prospectus in connection with sales of up to
93,797,701 shares of our common stock.
On February 20, 2008, we sold to Tracinda Corporation (Tracinda), in a private placement,
36 million shares of our common stock at a purchase price of $19.00 per share. In accordance with
a Company Stock Purchase Agreement, dated as of December 29, 2007, between Delta Petroleum
Corporation and Tracinda, we agreed to register for resale the 36 million shares issued to Tracinda
and any other Delta shares acquired by Tracinda before or after the closing of the Tracinda
transaction. As of July 20, 2009, Tracinda held an additional 57,797,701 shares of our common
stock included in this prospectus, 53,333,333 of which were purchased in our May 2009 underwritten
registered public offering. Therefore, we have prepared and filed this prospectus for the purpose
of any such resale by Tracinda, but we do not know when or whether, or at what price, any or all of
these shares may be sold.
The selling stockholder may sell the common stock at prices and on terms determined by the
market, in negotiated transactions or through underwriters. We will not receive any proceeds from
the sale of shares by the selling stockholder.
Our common stock is traded on The NASDAQ Global Select Market® under the symbol DPTR. On
July 20, 2009, the last reported sale price of our common stock on The NASDAQ Global Select Market®
was 1.90 per share.
The securities offered in this prospectus involve a high degree of risk. You should carefully
consider the matters set forth in
Risk Factors
on page 4 of this prospectus or
incorporated by reference herein in determining whether to purchase our securities.
Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities, or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is
, 2009.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
We are including the following discussion to inform our existing and potential security
holders generally of some of the risks and uncertainties that can affect us and to take advantage
of the safe harbor protection for forward-looking statements afforded under federal securities
laws. From time to time, our management or persons acting on our behalf make forward-looking
statements to inform existing and potential security holders about us. Forward-looking statements
are generally accompanied by words such as estimate, project, predict, believe, expect,
anticipate, plan, goal or other words that convey the uncertainty of future events or
outcomes. Except for statements of historical or present facts, all other statements contained in
this prospectus are forward-looking statements. The forward-looking statements may appear in a
number of places and include statements with respect to, among other things: business objectives
and strategic plans; operating strategies; our expectation that we will have adequate cash from
operations, credit facility borrowings and other capital sources to satisfy our obligations under
the First Amendment to our Second Amended and Restated Credit Agreement, as amended, and to meet
future debt service, capital expenditure and working capital requirements; acquisition and
divestiture strategies; drilling wells; oil and gas reserve estimates (including estimates of
future net revenues associated with such reserves and the present value of such future net
revenues); estimates of future production of oil and natural gas; expected results or benefits
associated with recent acquisitions; marketing of oil and natural gas; expected future revenues and
earnings, and results of operations; future capital, development and exploration expenditures
(including the amount and nature thereof); nonpayment of dividends; expectations regarding
competition and our competitive advantages; impact of the adoption of new accounting standards and
our financial and accounting systems and analysis programs; and effectiveness of our internal
control over financial reporting.
These statements by their nature are subject to certain risks, uncertainties and assumptions
and will be influenced by various factors. Should any of the assumptions underlying a
forward-looking statement prove incorrect, actual results could vary materially. In some cases,
information regarding certain important factors that could cause actual results to differ
materially from any forward-looking statement appears together with such statement. In addition,
the risk factors we describe in the documents we incorporate by reference, as well as other
possible factors not listed, could cause actual results to differ materially from those expressed
in forward-looking statements, including, without limitation, the following:
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deviations in and volatility of the market prices of both crude oil and natural gas
produced by us;
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the availability of capital on an economic basis, or at all, to fund our required
payments under the First Amendment to our Second Amended and Restated Credit Agreement, as
amended, our working capital needs, and drilling and leasehold acquisition programs,
including through potential joint ventures and asset monetization transactions;
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lower natural gas and oil prices negatively affecting our ability to borrow or raise
capital or enter into joint venture arrangements, and potentially requiring accelerated
repayment of amounts borrowed under our revolving credit facility;
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declines in the values of our natural gas and oil properties resulting in write-downs;
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the impact of the current financial crisis on our ability to raise capital;
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a contraction in the demand for natural gas in the U.S. as a result of deteriorating
general economic conditions;
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the risk that lenders under our revolving credit facilities will default in funding
borrowings as requested;
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the ability and willingness of counterparties to our commodity derivative contracts, if
any, to perform their obligations;
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the ability and willingness of our joint venture partners to fund their obligations to
pay a portion of our future drilling and completion costs;
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expiration of oil and natural gas leases that are not held by production;
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the timing, effects and success of our acquisitions, dispositions and exploration and
development activities;
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uncertainties in the estimation of proved reserves and in the projection of future
rates of production;
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timing, amount, and marketability of production;
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third party curtailment, or processing plant or pipeline capacity constraints beyond
our control;
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our ability to find, acquire, develop, produce and market production from new
properties;
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the availability of borrowings under our credit facility;
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effectiveness of management strategies and decisions;
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the strength and financial resources of our competitors;
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climatic conditions;
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changes in the legal and/or regulatory environment and/or changes in accounting
standards policies and practices or related interpretations by auditors or regulatory
entities;
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unanticipated recovery or production problems, including cratering, explosions, fires
and uncontrollable flows of oil, gas or well fluids; and
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our ability to fully utilize income tax net operating loss and credit carry-forwards.
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All forward-looking statements speak only as of the date made. All subsequent written and
oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly
qualified in their entirety by the cautionary statements above. Except as required by law, we
undertake no obligation to update any forward-looking statement to reflect events or circumstances
after the date on which it is made or to reflect the occurrence of anticipated or unanticipated
events or circumstances.
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PROSPECTUS SUMMARY
The following is a summary of the pertinent information regarding this offering. This summary
is qualified in its entirety by the more detailed information and financial statements and related
notes incorporated by reference into this prospectus.
The Offering
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Securities Offered
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Up to 93,797,701 shares of our common stock offered by
the selling stockholder named herein. The selling
stockholder acquired 36,000,000 shares from Delta in a
private transaction in which Delta received cash
proceeds from the selling stockholder and paid all of
the consideration in shares of our common stock. The
selling stockholder acquired the remaining 57,797,701
shares of our common stock in the open market and in
Deltas May 2009 underwritten registered public
offering.
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Offering Price
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The selling stockholder may sell the common stock at
prices and on terms determined by the market, in
negotiated transactions or through underwriters.
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Common Stock
Outstanding
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276,787,594 shares of common stock $.01 par value were
outstanding as of July 20, 2009.
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Dividend Policy
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We do not anticipate paying dividends on our common
stock in the foreseeable future.
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Use of Proceeds
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The shares offered pursuant to this prospectus are
being sold by the selling stockholder and we will not
receive any proceeds of the offering.
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See the description of our common stock contained in our Registration Statement on Form 10
filed with the Commission on September 9, 1987, as amended as described in our current report on
Form 8-K filed with the Commission on February 3, 2006, for additional information regarding the
common stock.
3
RISK FACTORS
An investment in the securities offered in this prospectus involves a high degree of risk. For
a discussion of the factors you should carefully consider before deciding to purchase these
securities, please consider the risk factors described in the documents we incorporate by
reference, including those in our Annual Report on Form 10-K for the year ended December 31, 2008
and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2009. Also, please read
Cautionary Statement Regarding Forward-Looking Statements.
THE COMPANY
We are a Denver, Colorado based independent oil and gas company engaged primarily in the
exploration for, and the acquisition, development, production, and sale of, natural gas and crude
oil. Our core areas of operation are the Rocky Mountain and Gulf Coast Regions, which comprise the
majority of our proved reserves, production and long-term growth prospects. We have a significant
drilling inventory that consists of proved and unproved locations, the majority of which are
located in our Rocky Mountain development projects.
At December 31, 2008, we had estimated proved reserves that totaled 884.4 Bcfe, of which 20.5%
were proved developed. For the year ended December 31, 2008, we reported net production of 68.2
Mmcfe per day.
As of December 31, 2008, our reserves were comprised of approximately 827.7 Bcf of natural gas
and 9.5 Mmbbls of crude oil, or 93.6% gas on an equivalent basis. Approximately 95% of our proved
reserves were located in the Rocky Mountains, 5% in the Gulf Coast and less than 1% in other
locations. Our Piceance Basin properties contain nearly all of our proved undeveloped reserves. We
expect that our drilling efforts and capital expenditures will continue to focus increasingly on
the Rockies where approximately 82% of our fiscal 2009 drilling budget is allocated and more than
one-half of our undeveloped acreage is located. As of December 31, 2008, we controlled
approximately 893,000 net undeveloped acres, representing approximately 97% of our total acreage
position. We retain a high degree of operational control over our asset base, with an average
working interest in excess of 85% (excluding our Columbia River Basin properties) as of December
31, 2008. This provides us with controlling interests in a multi-year inventory of drilling
locations, positioning us to resume reserve and production growth through our drilling operations
when commodity prices support such activity. We also have a controlling ownership interest in a
drilling company that owns 18 drilling rigs primarily located in the Rocky Mountain Region. We
concentrate our exploration and development efforts in fields where we have operational control and
can apply our technical exploration and development expertise and accumulated experience.
We were originally incorporated in 1984 and have been publicly held since 1987. Effective
January 31, 2006, we changed our state of incorporation from Colorado to Delaware through a
reincorporation merger.
Our principal executive offices are located at 370 17th Street, Suite 4300, Denver, Colorado
80202. Our telephone number is (303) 293-9133. We also maintain a website at
www.deltapetro.com
, which contains information about us. Our website and the information
contained in and connected to it are not a part of this prospectus.
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USE OF PROCEEDS
The proceeds from the sale of the shares of common stock which may be offered pursuant to this
prospectus will be received directly by the selling stockholder, and we will not receive any
proceeds from the sale of these shares.
SELLING STOCKHOLDER
The selling stockholder acquired 36,000,000 shares from Delta for $684 million ($19 per share)
in a private transaction pursuant to the Company Stock Purchase Agreement, dated as of December 29,
2007. The selling stockholder acquired the remaining 57,797,701 shares of our common stock in the
open market and in our May 2009 underwritten registered public offering.
Set forth below is information regarding the name of, and number of shares of common stock
owned by, the selling stockholder. Due to its acquisition of the common stock being registered
hereunder, Tracinda beneficially owns more than 10% of our common stock and, therefore, must report
purchases and sales of our common stock in accordance with the rules and regulations promulgated
under Section 16 of the Securities Exchange Act of 1934, as amended (the Exchange Act). Further,
as long as Tracinda owns at least 10% of the outstanding shares of our common stock, Tracinda has
the right under the Company Stock Purchase Agreement to (i) designate a number of nominee directors
to serve on our Board of Directors equal to its pro rata common stock ownership multiplied by the
number of directors on the Board of Directors, and (ii) purchase its pro rata share in any of our
future offerings of common stock or other securities exercisable for or convertible into our common
stock. As long as Tracinda owns at least 15% of the outstanding shares of our common stock, we
cannot take certain actions without the prior approval or written consent of a majority of our
Board of Directors, which majority shall include a majority of Tracindas nominee directors.
We cannot estimate the number of shares of common stock that will be held by the selling
stockholder upon termination of the offering since it is possible that it may not sell any of the
shares covered by this prospectus or may acquire or dispose of shares of our common stock not
included in this prospectus. See
Plan of Distribution.
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Shares
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Shares
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Beneficially Owned
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Beneficially Owned
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Prior to the Offering
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After the Offering
(1)
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Percent of
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Shares Offered
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Percent of
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Selling Stockholder
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Number
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Class
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Hereby
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Number
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Class
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Tracinda Corporation
(2)
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93,797,701
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33.89
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93,797,701
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0
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0
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(1)
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Assumes that the selling stockholder named herein will sell all of the shares of
common stock offered pursuant to this prospectus. We cannot assure you that the selling
stockholder named herein will sell all or any of these shares.
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(2)
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Kirk Kerkorian, an individual and the sole shareholder of Tracinda, has dispositive
and voting power for the shares held by Tracinda.
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PLAN OF DISTRIBUTION
The Company Stock Purchase Agreement requires that we register, under applicable securities
laws, the possible resale by Tracinda of the 36,000,000 shares of our common stock issued by us
pursuant to such agreement as well as any shares subsequently acquired by Tracinda. Therefore, we
have prepared and filed this prospectus. However, we do not know when or whether any or all of
these shares may be sold. We will not receive any proceeds from the sale of shares included in this
prospectus. We will pay the registration, filing, listing and printing fees and our legal and
accounting expenses in connection with this offering. We have agreed to maintain the effectiveness
of this registration statement until all of the shares covered by this prospectus are sold by the
selling stockholder without respect to volume limitations under Rule 144, promulgated under the
Securities Act of 1933, as amended (the Securities Act).
The selling stockholder and its successors, which term includes its transferees, pledgees or
donees or their successors, may sell the common stock directly to one or more purchasers (including
pledgees) or through brokers, dealers or underwriters who may act solely as agents or may acquire
common stock as principals, at market prices prevailing at the time of sale, at prices related to
such prevailing market prices, at negotiated prices or at fixed prices, which may be changed. The
selling stockholder may effect the distribution of the common stock in one or more of the following
methods:
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ordinary brokers transactions, which may include long or short sales;
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transactions involving cross or block trades or otherwise on the open market;
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purchases by brokers, dealers or underwriters as principal and resale by such
purchasers for their own accounts under this prospectus;
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at the market to or through market makers or into an existing market for the
common stock;
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in other ways not involving market makers or established trading markets,
including direct sales to purchasers or sales effected through agents;
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through transactions in options, swaps or other derivatives (whether exchange
listed or otherwise); or
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any combination of the above, or by any other legally available means.
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In addition, the selling stockholder or its successors in interest may enter into hedging
transactions with broker-dealers who may engage in short sales of common stock in the course of
hedging the positions they assume with the selling stockholder. The selling stockholder or its
successors in interest may also enter into option or other transactions with broker-dealers that
require delivery by such broker-dealers of the common stock, which common stock may be resold
thereafter under this prospectus.
Brokers, dealers, underwriters or agents participating in the distribution of the common stock
may receive compensation in the form of discounts, concessions or commissions from the selling
stockholder and/or the purchasers of common stock for whom such broker-dealers may act as agent or
to whom they may sell as principal, or both (which compensation as to a particular broker-dealer
may be in excess of customary commissions).
Any securities covered by this prospectus that qualify for sale under Rule 144 under the
Securities Act may be sold under that Rule rather than under this prospectus.
6
We cannot assure you that the selling stockholder will sell any or all of the shares of common
stock offered by the selling stockholder.
In order to comply with the securities laws of certain states, if applicable, the selling
stockholder will sell the common stock in jurisdictions only through registered or licensed brokers
or dealers. In addition, in certain states, the selling stockholder may not sell the common stock
unless the shares of common stock have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is
complied with.
Persons participating in the distribution of our common stock offered by this prospectus may
engage in transactions that stabilize the price of the common stock. The anti-manipulation rules
of Regulation M under the Exchange Act may apply to sales of the common stock in the market and to
the activities of the selling stockholder.
Pursuant to the Company Stock Purchase Agreement, we have agreed to indemnify Tracinda for
certain liabilities, including liabilities arising under the Securities Act.
We have not been advised of any selling arrangement at the date of this prospectus between the
selling stockholder and any broker-dealer or agent. We will not receive any of the proceeds from
the sale of the shares by the selling stockholder.
DESCRIPTION
OF COMMON STOCK
We are authorized to issue 300,000,000 shares of common stock, par value $0.01 per share. As
of July 20, 2009, there were 276,787,594 shares of common stock outstanding.
Dividend Rights
Holders of our common stock may receive dividends when, as and if declared by our board of
directors out of the assets legally available for that purpose and subject to the preferential
dividend rights of any other classes or series of stock of our Company.
Voting Rights
Holders of our common stock are entitled to one vote per share in all matters as to which
holders of common stock are entitled to vote. Holders of not less than one-third of the shares
entitled to vote at any meeting of stockholders constitute a quorum unless otherwise required by
law.
Election of Directors
Directors hold office until the next annual meeting of stockholders and are eligible for
reelection at such meeting. Directors are elected by a plurality of the shares present in person or
represented by proxy at the meeting and entitled to vote on the election of directors. There is no
cumulative voting for directors. In addition, pursuant to the Company Stock Purchase Agreement that
we entered into with Tracinda on December 29, 2007, Tracinda has certain rights, including the
right to designate a number of nominees for election to serve on our Board of Directors equal to
its pro rata share of ownership of our common stock multiplied by the number of directors on the
Board.
7
Liquidation
In the event of any liquidation, dissolution or winding up of Delta, holders of the common
stock have the right to receive ratably and equally all of the assets remaining after payment of
liabilities and liquidation preferences of any preferred stock then outstanding.
Redemption
The common stock is not redeemable or convertible.
Other Provisions
The common stock offered by this prospectus has been duly and validly authorized by the
Company, duly and validly issued, and is fully paid and non-assessable.
This section is a summary and may not describe every aspect of our common stock that may be
important to you. We urge you to read applicable Delaware law, our certificate of incorporation and
bylaws, as amended, because they, and not this description, define your rights as a holder of our
common stock. See Where You Can Find More Information for information on how to obtain copies of
these documents.
LEGAL MATTERS
Davis Graham & Stubbs LLP of Denver, Colorado has provided its opinion on the validity of the
common stock offered by this prospectus.
EXPERTS
The consolidated financial statements of Delta Petroleum Corporation as of December 31, 2008
and 2007, and managements assessment of the effectiveness of internal control over financial
reporting as of December 31, 2008, have been incorporated herein and in the registration statement
in reliance on the reports of KPMG LLP, independent registered public accounting firm, incorporated
by reference herein, and upon the authority of said firm as experts in accounting and auditing. The
audit report covering the December 31, 2008 consolidated financial statements contains an
explanatory paragraph that states that the Company has suffered recurring losses from operations,
has a working capital deficiency and was not in compliance with its debt covenants as of December
31, 2008, which raise substantial doubt about the Companys ability to continue as a going concern.
The Companys consolidated financial statements do not include any adjustments that might result
from the outcome of that uncertainty. The audit report refers to the adoption of FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes an Interpretation of FASB
Statement No. 109, effective January 1, 2007. The audit report filed on Form 8-K on May 6, 2009
also refers to the adoption of FASB Staff Position APB 14-1, Accounting for Convertible Debt
Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement) and
FASB No. 160, Noncontrolling Interests in Consolidated Financial Statements an amendment of
Accounting Research Bulletin No. 51, effective January 1, 2009, which have been applied
retrospectively in these consolidated financial statements.
Estimates of the oil and natural gas reserves and present values as of December 31, 2008,
December 31, 2007, and December 31, 2006 were prepared by Ralph E. Davis Associates, Inc., our
independent reserve engineers, and have been incorporated in this prospectus by reference to the
Annual Report on Form 10-K of Delta Petroleum Corporation for the year ended December 31, 2008, as
amended by Current Report on Form 8-K dated May 5, 2009.
8
WHERE YOU CAN FIND MORE INFORMATION
We are subject to the information requirements of the Exchange Act and in accordance
therewith, file reports and other information with the Commission. Such reports and other
information filed by us can be inspected and copied at the public reference facilities of the
Commission at 100 F Street N.E., Washington, D.C. 20549. Requests for copies should be directed to
the Commissions Public Reference Section, Judiciary Plaza, 100 F Street N.E., Washington, D.C.
20549. Please call the Commission at 1-800-SEC-0330 for more information on the public reference
rooms. The Commission maintains a web site (www.sec.gov) that contains reports, proxy and
information statements and other information regarding registrants, including us, that file
electronically.
We have filed with the Commission a Registration Statement on Form S-3 of which this
prospectus constitutes a part, under the Securities Act. For further information pertaining to us,
reference is made to the Registration Statement. Statements contained in this prospectus or any
document incorporated herein by reference concerning the provisions of documents are necessarily
summaries of such documents, and each such statement is qualified in its entirety by reference to
the copy of the applicable document filed with the Commission. Copies of the registration
statement are on file at the offices of the Commission and may be inspected without charge at the
offices of the Commission, the addresses of which are set forth above, and copies may be obtained
from the Commission at prescribed rates. The registration statement has been filed electronically
through the Commissions Electronic Data Gathering, Analysis and Retrieval System and may be
obtained through the Commissions Web site (www.sec.gov).
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents filed with the Commission are incorporated by reference in this
prospectus:
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Our Annual Report on Form 10-K for the fiscal year ended December 31, 2008;
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Our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2009;
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Our Current Reports on Form 8-K filed on March 3, 2009 (Acc-no:
0000950134-09-004263), March 4, 2009, April 1, 2009, April 15, 2009, May 1, 2009, May
6, 2009 (Acc-no: 0000950134-09-009518), May 13, 2009, May 21, 2009, May 27, 2009 and
June 1, 2009;
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The description of our common stock contained in our Registration Statement on Form
10 filed with the Commission on September 9, 1987, as amended as described in our
Current Report on Form 8-K filed with the Commission on February 3, 2006; and
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All documents filed by us, subsequent to the filing of the registration statement in
which this prospectus is included, under Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act, prior to the termination of the offering made by this prospectus.
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In the Current Report on Form 8-K filed May 6, 2009, the Company filed audited consolidated
financial statements as of December 31, 2008 and 2007 and for each of the years in the three-year
period ended December 31, 2008, which gave effect to the retrospective application of the adoption
of Statement of Financial Accounting Standards No. 160,
Noncontrolling Interests in Consolidated
Financial Statements an amendment of Accounting Research Bulletin No. 51
(SFAS 160) and FASB
Staff Position APB 14-1,
Accounting for Convertible Debt Instruments That May Be Settled in Cash
Upon Conversion (Including Partial Cash Settlement (FSP APB 14-1).
Also included in the Current
Report on
9
Form 8-K filed May 6, 2009 was revised Selected Financial Data and Managements Discussion and
Analysis of Financial Condition and Results of Operations to give effect to the retrospective
application of these standards. The information in the Current Report on Form 8-K filed May 6, 2009
should be read in conjunction with the Companys 2008 Annual Report on Form 10-K.
Any statement contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for all purposes to the extent that a statement contained in this prospectus
or in any other subsequently filed document which is also incorporated herein by reference modifies
or replaces such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this prospectus. Unless specifically
stated to the contrary, none of the information that we disclose under Items 2.02 or 7.01 or
corresponding information furnished under Item 9.01 or included as an exhibit to any Current Report
on Form 8-K that we may from time to time furnish to the Commission will be incorporated by
reference into, or otherwise included in, this prospectus.
We will provide without charge to each person, including any beneficial owner, to whom this
prospectus is delivered, on written or oral request of such person, a copy of any or all documents
incorporated by reference in this prospectus. Requests for such copies should be directed to
Stanley F. Freedman, Delta Petroleum Corporation, Suite 4300, 370 17
th
Street, Denver,
Colorado 80202, or (303) 293-9133.
10
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The following sets forth the expenses in connection with the issuance and distribution of the
securities being registered hereby, other than underwriting discounts and commissions. All amounts
set forth below, other than the Commission registration fee are estimates.
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SEC Registration Fee
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$
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8,976.16
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Legal Fees and Expenses*
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$
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5,000.00
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Accountants Fees and Expenses*
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$
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5,000.00
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Transfer and Disbursement Agent Fees*
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$
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1,000.00
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Printing Costs*
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$
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0
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Total
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$
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19,976.16
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*
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Estimated solely for the purposes of this Item. Actual expenses may vary.
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ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Delta Petroleum Corporation is incorporated in Delaware. Under Section 145 of the Delaware
General Corporation Law, a Delaware corporation has the power, under specified circumstances, to
indemnify its directors, officers, employees and agents in connection with actions, suits or
proceedings brought against them by a third party or in the right of the corporation, by reason of
the fact that they were or are such directors, officers, employees or agents, against expenses and
liabilities incurred in any such action, suit or proceedings so long as they acted in good faith
and in a manner that they reasonably believed to be in, or not opposed to, the best interests of
such corporation, and with respect to any criminal action if they had no reasonable cause to
believe their conduct was unlawful. With respect to suits by or in the right of such corporation,
however, indemnification is generally limited to attorneys fees and other expenses and is not
available if such person is adjudged to be liable to such corporation unless the court determines
that indemnification is appropriate. A Delaware corporation also has the power to purchase and
maintain insurance for such persons. Our certificate of incorporation and bylaws, as amended,
provide for indemnification of directors and officers to the fullest extent permitted by
Section 145 of the Delaware General Corporation Law.
Section 102(b)(7) of the Delaware General Corporation Law provides that a certificate of
incorporation may contain a provision eliminating or limiting the personal liability of a director
to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a
director provided that such provision may not eliminate or limit the liability of a director (i)
for any breach of the directors duty of loyalty to the corporation or its stockholders, (ii) for
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
of law, (iii) under Section 174 (relating to liability for unauthorized acquisitions or redemptions
of, or dividends on, capital stock) of the Delaware General Corporation Law, or (iv) for any
transaction from which the director derived an improper personal benefit. Our certificate of
incorporation contains such a provision.
The above discussion of our certificate of incorporation, bylaws and Sections 102(b)(7) and
145 of the Delaware General Corporation Law is not intended to be exhaustive and is qualified in
its entirety by such certificate of incorporation, bylaws and statutes.
II-1
We maintain insurance policies under which our directors and officers are insured, within the
limits and subject to the limitations of the policies, against expenses in connection with the
defense of actions, suits or proceedings, and certain liabilities that might be imposed as a result
of such actions, suits or proceedings, to which they are parties by reason of being or having been
a director or officer of Delta Petroleum Corporation.
ITEM 16. EXHIBITS.
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Exhibit No.
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Description
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5.1
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Opinion of Davis Graham & Stubbs LLP
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23.1
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Consent of Davis Graham & Stubbs LLP (included in Exhibit 5.1)
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23.2
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Consent of KPMG LLP
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23.3
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Consent of Ralph E. Davis Associates, Inc.
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Power of Attorney (included in signature page)
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ITEM 17. UNDERTAKINGS
(a)
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The undersigned registrant hereby undertakes:
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(1)
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To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement
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(i)
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To include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
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(ii)
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To reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the foregoing, any
increase or decrease in the volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from
the low or high end of the estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the Calculation of Registration Fee table in the
effective registration statement;
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(iii)
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To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such
information in the registration statement;
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Provided, however, that:
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(B) paragraphs (a)(1)(i) and (a)(1)(ii) and (a)(1)(iii) of this section do not apply if
the registration statement is on Form S-3 or Form F-3 and the information required to be
included in a post-effective amendment by those paragraphs is contained in reports filed
with or furnished to the Commission by the registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the
registration statement, or is contained in a form of prospectus filed pursuant to Rule
424(b) that is part of the registration statement.
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(2)
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That, for the purpose of determining any liability under the Securities Act of 1933,
each post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
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II-2
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(3)
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To remove from registration by means of a post-effective amendment any of the
securities being registered that remain unsold at the termination of the offering.
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(4)
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That, for the purpose of determining liability under the Securities Act of 1933 to any
purchaser:
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(i)
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If the registrant is relying on Rule 430B:
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(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed
to be part of the registration statement as of the date the filed prospectus was deemed part
of and included in the registration statement; and
(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7)
as part of a registration statement in reliance on Rule 430B relating to an offering made
pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and
included in the registration statement as of the earlier of the date such form of prospectus
is first used after effectiveness or the date of the first contract of sale of securities in
the offering described in the prospectus. As provided in Rule 430B, for liability purposes of
the issuer and any person that is at that date an underwriter, such date shall be deemed to
be a new effective date of the registration statement relating to the securities in the
registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however,
that no statement made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed incorporated by reference
into the registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document immediately prior to
such effective date.
(ii) If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b)
as part of a registration statement relating to an offering, other than registration
statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A,
shall be deemed to be part of and included in the registration statement as of the date it is
first used after effectiveness. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement or prospectus
that is part of the registration statement will, as to a purchaser with a time of contract of
sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such date of first use.
(b)
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The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrants annual report pursuant to
Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plans annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
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(c)
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Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore,
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II-3
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unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Act
and will be governed by the final adjudication of such issue.
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II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Denver, State of Colorado, on July 21, 2009.
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DELTA PETROLEUM CORPORATION
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By:
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/s/ John R. Wallace
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Name:
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John R. Wallace
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Title:
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President and Chief Operating Officer
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Power of Attorney
Each of the undersigned hereby constitutes and appoints John R. Wallace, Kevin K. Nanke and Stanley
F. Freedman, and each of them, the undersigneds true and lawful attorney-in-fact and agent, with
full power of substitution, for the undersigned and in his name, place and stead, in any and all
capacities, to sign any or all amendments or post-effective amendments to this Registration
Statement, and any other instruments or documents that said attorneys-in-fact and agents may deem
necessary or advisable, to enable Delta Petroleum Corporation to comply with the Securities Act of
1933, as amended, and any requirements of the Securities and Exchange Commission in respect
thereof, and to file the same, with all exhibits thereto, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents and each of them full power and
authority to do and perform each and every act and thing requisite and necessary to be done, as
fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying
and confirming all that each such attorney-in-fact and agent, or his substitute, may lawfully do or
cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated.
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Signature
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Title
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Date
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/s/ John R. Wallace
John
R. Wallace
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President and Chief Operating
Officer
(principal executive
officer) and Director
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July 21, 2009
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/s/ Kevin K. Nanke
Kevin
K. Nanke
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Chief Financial Officer and
Treasurer
(principal financial
and accounting officer)
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July 21, 2009
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/s/ Daniel J. Taylor
Daniel
J. Taylor
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Chairman of the Board and Director
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July 21, 2009
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II-5
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Signature
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Title
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Date
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Director
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July ___, 2009
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/s/ Kevin R. Collins
Kevin
R. Collins
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Director
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July 21, 2009
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/s/ Jerrie F. Eckleberger
Jerrie
F. Eckelberger
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Director
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July 21, 2009
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/s/ Jean-Michel Fonck
Jean-Michel
Fonck
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Director
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July 13, 2009
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/s/ Aleron H. Larson, Jr.
Aleron
H. Larson, Jr.
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Director
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July 21, 2009
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/s/ Russell S. Lewis
Russell
S. Lewis
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Director
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July 15, 2009
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/s/ Anthony Mandekic
Anthony
Mandekic
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Director
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July 10, 2009
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Director
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July ___, 2009
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Director
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July ___, 2009
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/s/ James B. Wallace
James
B. Wallace
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Director
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July 20, 2009
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II-6
EXHIBIT INDEX
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Exhibit No.
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Description
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5.1
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Opinion of Davis Graham & Stubbs LLP
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23.1
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Consent of Davis Graham & Stubbs LLP (included in Exhibit 5.1)
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23.2
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Consent of KPMG LLP
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23.3
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Consent of Ralph E. Davis Associates, Inc.
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Power of Attorney (included in signature page)
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