Delta Petroleum Corporation, an independent oil and gas exploration and development company confirmed that it is aware of the public announcement made by Tracinda Corporation (Tracinda) regarding a proposed unsolicited partial tender offer to be made to Delta's stockholders from Tracinda to purchase up to 14 million shares of Delta's common stock, or approximately 13.55% of Delta's outstanding shares of common stock, for $11.00 per share in cash. If successful, Tracinda would hold 48.53% of Delta's outstanding shares of common stock upon completion of the tender offer.

Delta's Board of Directors, consistent with its fiduciary duties, and in consultation with its financial and legal advisors, will carefully review and consider Tracinda's proposed unsolicited partial tender offer and will, within ten business days of the commencement of a tender offer (as required by the tender offer rules), advise Delta's stockholders of the Board's position regarding the offer as well as its reasons for that position. James J. Murren and Daniel J. Taylor, who serve as Tracinda's representatives on Delta's Board, are expected to recuse themselves from participation in this process.

Tags: Delta Petroleum Corporation, Tracinda Corporation