Delta Petroleum Beats on Revs; EPS Disappoints (DPTR)
Delta Petroleum Corp. (NASDAQ: DPTR) reports Q2 EPS loss of $0.54 versus estimates of $0.09 loss. Clear Channel Outdoor Holdings Inc. reports Q2 revenues of $36 million versus estimates of $34.22 million.
Revenues decreased 1% year over year.
Carl Lakey, Delta's President and CEO, stated, "The second quarter for 2010 was a pivotal period for Delta Petroleum. We have now completed our strategic alternatives process and have begun analyzing the results from earlier changes in the well completion process in the Piceance Basin. The new completion technique is generating results that are better than expected. Although we are still early in the evaluation process, the results to date do suggest using the new technique on all 15 remaining wells.
"After the end of the quarter, we received approximately $130 million in gross proceeds from the sale to Wapiti Oil & Gas of certain non-core properties that amounted to approximately 25% of our total proved reserves at year end 2009. With the proceeds from this transaction, we have reduced our credit facility borrowings to very minimal levels and we are now in the process of obtaining a new credit facility that we expect to have in place by the end of the third quarter. We will continue to stringently focus on cost control and efficient operations in the Vega area and are confident that we will be able to create value in doing so."
On Aug. 2, Delta said it had closed on a $130 million sale of a package of assets to Wapiti Oil & Gas LLC to pay down debt.
Shares of DPTR are flat in the after-hours.
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