DENVER, Jan. 31, 2011 /PRNewswire/ -- Delta Petroleum
Corporation (the "Company" or "Delta") (Nasdaq: DPTR), an
independent oil and gas exploration and development company,
announced today that NASDAQ has approved its request to transfer to
The NASDAQ Capital Market from The NASDAQ Global Market. The
transfer will take effect at the opening of business on
February 1, 2011.
The transfer of Delta's common stock to the NASDAQ Capital
Market from The NASDAQ Global Market should not have any effect on
a shareholder's ability to buy or sell its shares of Delta.
In transferring to the Capital Market, it is expected that Delta
will have an additional 180 days to regain compliance with NASDAQ's
requirement that its minimum bid price be at least $1.00.
ABOUT DELTA PETROLEUM
Delta Petroleum Corporation is an oil and gas exploration and
development company based in Denver,
Colorado. The Company's core areas of operations are in the
Rocky Mountain region, where the majority of its operated
properties and long-term growth prospects are located. Its
common stock is currently listed on the NASDAQ Global Market System
under the symbol "DPTR." As of February 1, 2011 its common stock will be listed
on the NASDAQ Capital Market System. Its symbol will remain
"DPTR."
FORWARD-LOOKING STATEMENTS
Forward-looking statements in this announcement are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking
statements include, without limitation, the shareholders ability to
buy or sell shares of Delta and expectations about the Company's
compliance with NASDAQ rules. Readers are cautioned
that all forward-looking statements are based on management's
present expectations, estimates and projections, but involve risks
and uncertainty, including without limitation, uncertainties in the
Company's ability to obtain additional funding, its ability to
successfully execute on its business plan, downward
fluctuations in commodity prices, the cost and availability of
third party services, as well as general market conditions and
competition. Please refer to the Company's report on Form
10-K for the year ended December 31,
2009 and subsequent reports on Forms 10-Q and 8-K as filed
with the Securities and Exchange Commission for additional
information. The Company is under no obligation (and
expressly disclaims any obligation) to update or alter its
forward-looking statements, whether as a result of new information,
future events or otherwise.
For further information contact the Company at (303) 293-9133 or
via email at investorrelations@deltapetro.com.
SOURCE Delta Petroleum Corporation