Delta Petroleum Corporation (“Delta” or the “Company”) is an 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 area of operations is the Rocky Mountain Region, where the majority of our proved reserves, production and longā€‘term growth prospects are located. We have a significant development drilling inventory that consists of proved and unproved locations, the majority of which are located in our Rocky Mountain development projects. 

During 2010, we streamlined our business to focus on our core asset, the Vega Area of the Piceance Basin. As of December 31, 2010, the Vega Area comprised approximately 84% of our proved reserves and with its undeveloped leasehold potential comprises virtually all of our long-term growth prospects. We divested of many of our non-core assets and interests in producing fields in Texas and other non-core areas which allowed us to reduce our overhead and operating expenses, while also providing capital to deploy in the Vega Area.

Our corporate strategy is to focus on increasing stockholder value, specifically by creating incremental value from our core asset, the Vega Area of the Piceance Basin, as follows:

• Maintain a disciplined operational focus on our core asset

• Continue to utilize superior completion methodology to maximize the reserves per well

• Maintain lower operating and overhead costs

• Quantify reserve potential in the deeper zones beneath the Williams Fork section

• Solidify our acreage position at the Vega Area