Delta Petroleum, whose main operations are in Mesa County, is up for sale.
Denver-based Delta’s board of directors hired Macquarie Capital and Evercore Partners for advice on strategic alternatives, including a potential sale, the company said in a statement.
Delta’s largest shareholder is billionaire investor Kirk Kerkorian, who owns 33 percent of the company, according to Bloomberg data.
Delta Petroleum’s operations are in the Piceance Basin of Colorado. The company has drilled 502 wells in Mesa County, according to Colorado Oil and Gas Conservation Commission data.
The company sold other assets to Wapiti Oil & Gas for $173.2 million during the past year to fund Piceance drilling.
Delta has $95 million of debt due next year and $150 million due in 2015, according to data compiled by Bloomberg. Its net loss last year was $182.3 million on sales of $147.6 million.
Delta’s net loss in the first quarter of 2011 widened to $27.8 million, or 10 cents a share, from $12.8 million, or 5 cents, the company reported May 10.
Delta shares closed up 1 cent at 46 cents Wednesday in Nasdaq trading.
Denver Post staff writer Mark Jaffe contributed to this report.
