Delta Petroleum sets meeting date for Tracinda vote

By Lisa Kerner

Charlotte, N.C., Jan. 25 - Delta Petroleum Corp. will hold a special meeting of stockholders on Feb. 19 at noon ET in Denver to vote on the company's acquisition by Tracinda Corp.

An amendment to Delta Petroleum's agreement with Tracinda extended the 30-day due diligence period to Feb. 11.

The two-week extension is not expected to delay the transaction's close, according to a company news release.

On Dec. 31, Tracinda announced it would invest $684 million to acquire 36 million primary shares, or 35%, of Delta Petroleum's common stock priced at $19 per share.

As a result, Delta Petroleum said it would have "significant financial flexibility" to fund its long-term drilling programs and to increase its acquisition activity.

The investment gives Tracinda the right to nominate members to Delta Petroleum's board of directors on a pro rata basis reflecting its share ownership.

Tracinda is a privately held Nevada corporation wholly owned by Kirk Kerkorian.

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

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