Delta Petroleum, Only Hell in the Well (DPTR)

Posted in pre-market 
September 21st, 2009

Delta Petroleum Corporation (Nasdaq: DPTR) is getting whacked and battered today.  The independent oil and gas exploration and development company announced initial completion results from the Gray 31-23 well in the Columbia River Basin. The company said that the six lowermost zones demonstrated high pressures as expected, but have flowed only fresh water to date. While gas was found in higher holes, the gas volumes have been “minimal and substantially below pre-completion expectations deeming these intervals uneconomic.” Ouch.  Delta is down a sharp 35% at $2.60 on over 2.5 million shares as o 8:01 AM EST.  Average volume is over 6 million shares and you can expect that to be hit around the open. -JON OGG

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