Delta Petroleum repays loan borrowings with asset sale proceeds

By Sara Rosenberg

New York, Aug. 2 - Delta Petroleum Corp. reduced its bank debt using proceeds from the sale of non-core assets to Wapiti Oil & Gas LLC, according to a news release.

Of the $130 million purchase price, $112 million was received by the company at closing and used for the paydown and to pay transaction costs.

The remaining $18 million will be held in escrow until third-party consents are obtained for the assignment of the company's working interest in certain properties that were a part of the transaction. The escrowed funds are expected to be released by the end of August.

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

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