President's Energy Policy Announcement Energizes Delta's Oil and Gas Development Efforts Offshore California.

Business Editors

DENVER--(BUSINESS WIRE)--May 17, 2001

The national energy policy unveiled by President Bush today opens the way for Delta Petroleum Corp.'s (Nasdaq:DPTR) (Frankfurt Stock Exchange:DPE) efforts to develop oil and gas properties offshore California.

"The President's plan confirms what the leaseholders in this area have maintained since beginning efforts to develop these resources almost 20 years ago -- that technological advances allow us to develop these properties in an environmentally responsible way, while providing resources that are vital to our country's economic well-being and energy independence," stated Roger Parker, Delta's president and chief executive officer.

Delta is helping to lead the group of companies who hold leases offshore California in efforts to bring oil and gas to market as soon as possible. Delta and the other leaseholders are in the process of seeking approval for development of their offshore Santa Barbara Channel properties.

"The President's announcement today certainly boosts our hopes for a timely approval," continued Parker.

Delta is a leaseholder in 14 of the 40 leased but undeveloped areas offshore California known as the "COOGER" leases. According to industry and government sources, development of the COOGER leases offshore California would provide California and the nation with recoverable reserves estimated to be in excess of one billion barrels of oil and 250 billion cubic feet of natural gas.

Delta is an oil and gas exploration and development company based in Denver. Delta has producing properties in Oklahoma, Wyoming, Colorado, North Dakota, New Mexico, California, Texas and in one producing federal unit and four undeveloped units located in federal waters offshore California near Santa Barbara.

Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. In this news release the company refers to reserve estimates that the SEC's guidelines strictly prohibit it from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in its Form 10-KSB, File No. 0-16203, available from the company at 555 Seventeenth Street, Suite 3310, Denver, CO 80202, at which investors can request the filing. You can also obtain this form from the SEC by calling 800/SEC-0330.