The assets to be purchased include all of Delta’s 31% working interest in the Garden Gulch field of the Piceance Basin in Colorado, all of its working interest in the Baffin Bay field of Texas, all of its interest in Piper Petroleum, half of its working interest in DJ Basin fields, as well as half of its working interest in the Texas fields that include Caballos Creek, Choke Canyon, Midway Loop, Newton and Norian.
Delta will also sell its working interest in its acreage positions in the DJ Basin of Wyoming, Colorado and Nebraska, and other acreage in South Texas. The company has agreed to allow Wapiti to operate the Newton and Midway Loop fields, as well as other fields in Texas of which it was the operator.
Carl Lakey, CEO of Delta, said: “This asset sale is an important step for Delta and allows us to continue to reduce our overall leverage and meaningfully strengthen our liquidity position. We will be selling Wapiti our interest in assets that we increasingly considered non-core as we continue to focus on our main asset, the Vega Area, of the Piceance Basin.”
