Delta Petroleum amends to waive current ratio, secured debt covenants

By Sara Rosenberg

New York, Nov. 5 - Delta Petroleum Corp. amended its credit facility, waiving the current ratio and consolidated secured debt to EBITDAX ratio for Dec. 31 and March 31, according to a news release.

In addition, the amendment reduced the borrowing base to $185 million from $225 million and requires the maintenance of minimum availability of $20 million.

Also, the amendment limited capital expenditures to $10 million for the quarters ending Dec. 31 and March 31, and $5 million for the quarter ended June 30, 2010.

Delta Petroleum is a Denver-based oil and gas exploration and development company.

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