Delta Petroleum Corp swung to a third-quarter loss, hurt by a sixteen-fold jump in operating costs, and the gas focused company said it may file for bankruptcy protection.The Denver, Colorado-based company said following its review of strategic alternatives, it had not received any concrete offers regarding an acquisition or additional financing."Based on the results of the process to date, the company believes that a restructuring of the company's indebtedness is likely to be necessary," Delta said in a statement, adding that it was continuing discussions with potential acquirers and holders of some of its debt.It said that if a transaction to address its liquidity issues does not take place, it will be required to seek protection under Chapter 11 of the U.S. Bankruptcy Code.
Delta Petroleum Corporation (Delta) is an independent oil and gas company engaged primarily in the exploration for, and the acquisition, development, production, and sale of, natural gas and crude oil. Shares of DPTR fell by 9.29% or $-0.21/share to $2.05. In the past year, the shares have traded as low as $1.91 and as high as $13.30. On average, 151402 shares of DPTR exchange hands on a given day and today's volume is recorded at 327242.
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