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DELTA ACQUIRES ASSETS AND REVERSE SPLITS STOCK

 DENVER, Dec. 15 /PRNewswire/ -- Delta Petroleum Corp. (Electronic Bulletin Board: DPET) has acquired from Burdette A. Ogle and related parties working interests in two offshore California federal oil and gas units along with 167,317 shares of Amber Resources Co. common stock. Delta issued restricted common stock representing 38.8 percent of Delta in exchange for these assets. The assets acquired from Ogle included approximately 20,250,000 barrels of proved undeveloped oil (and gas equivalent) reserves with a discounted net present value (10 percent discount factor) of approximately $30,000,000 based upon extrapolations from existing independent reserve engineering reports. The Amber stock included in the exchange increased Delta's ownership of Amber to in excess of 92 percent.
 Delta also acquired interest in other oil and gas properties from an unaffiliated party in exchange for an unsecured seven year, 9 percent interest $1,250,000 principal amount convertible promissory note. The oil and gas properties include in excess of 2,000,000 barrels of proved undeveloped oil (and gas equivalent) reserves with a discounted present value (10 percent discount factor) of approximately $4,500,000 in two offshore California units. Delta already had an interest in one of the units. Included in the transaction was an interest in 50,000 acres of federal oil and gas leases in North Park, Colo. in which Delta also already had an interest.
 In addition, pursuant to agreement effective Oct. 21, 1992, Delta's parent, Underwriters Financial Group Inc. is in the process of transferring to Delta all of its oil and gas related assets.
 Effective Dec. 18, 1992, Registrant will reverse split its common stock on a 1:100 share basis (with fractional shares rounded-up) in order to help establish a more liquid trading market for Registrant's securities and prepare for future listing of Registrant's securities on NASDAQ or a national stock exchange. For further information concerning the reverse split, contact Corporate Stock Transfer Inc., 1675 Broadway, Suite 1480, Denver, CO 80202, phone 303-595-3300, the Registrant's transfer agent. As a result of the reverse split, Registrant will have approximately 2,653,300 shares of common stock outstanding.
 Registrant's common stock currently trades on NASD over-the-counter "Electronic Bulletin Board" under the symbol "DPET." Effective at the opening of business on Dec. 18, 1992, the new symbol for Delta will be "DPTR."
 -0- 12/15/92
 /CONTACT: Aleron H. Larson Jr. or Roger A. Parker of Delta Petroleum, 303-293-9133/
 (DPET)


CO: Delta Petroleum Corp.; Amber Resources Co. ST: Colorado IN: OIL SU:

MC -- DV004 -- 7174 12/15/92 12:02 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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