Delta Petroleum Upgraded From 'Sell' to 'Buy,' Target Raised $11 to $15 by Investrend Research Affiliate SISM Research


NEW YORK, Sept. 29, 2004 (PRIMEZONE) -- The following is an investment opinion issued by Investrend Research Syndicate:

Ernest C. Schlotter, research analyst with InvesTrend Research Affiliate SISM Research, upgraded Delta Petroleum (Nasdaq:DPTR) from "sell" to "buy" while raising estimates for the company. The target price has been raised from $11 to $15.

The full report, including important disclosures and disclaimers, is at http://www.investrendresearch.com.

According to SISM's Research Note published this morning: "The significant fundamental improvement of Delta Petroleum is reflected in the NAV which increased from $4.84 per share in FY2003 to $11.45 in fiscal 2004. Based on a closing price of $11.99 per share, DPTR is trading at $2.26/Mcfe of its 2004 proved reserves and 6.1x their 2005 EBITDAX estimates," said Schlotter.

"An improved near-term oil price outlook with current record oil prices will significantly boost Delta's earnings growth in 2004-2005. The current valuation of Delta's stock is attractive; DPTR is trading at a 4.7% premium to the Total Company NAV/share of $11.45 and SISM forecasts a Total NAV/share of $14.80 by the end of FY2005. Significant increase in drilling activities since the end of the last fiscal year should contribute substantially to reserve increases in the current fiscal year, and SISM estimates total proven reserves to increase by 25% to approx. 210 Bcfe. However, Delta's common stock has been added to the Russell 3000 Index effective June 25, 2004; that means automatic inclusion in the small-cap Russell 2000 Index."

SISM Research, based in Zurich, Switzerland, is a private investment research firm offering high-quality, independent research on public companies since 1995. SISM writes, publishes and distributes research coverage, in both English and German, on micro- to small-cap public companies trading on the OTC Bulletin Board, NASDAQ and AMEX. This coverage is geared toward institutional and individual investors in both North America and in German-speaking Europe, a market that represents more than 100 million people. SISM Research is a content provider to Thomson Financials OneAnalytics/FirstCall, to Multex and InvesTrend. Both SISM Research and InvesTrend Research subscribe to the "Standards for Independent Research Providers."

The fee for SISM coverage was $3,500 and the fee is being paid by GlobeMedia AG, Delta Petroleum's European IR company.

It's InvestorPower page is at http://www.investrend.com/company/list.asp?sPathParam=yes. For alerts about DPTR, write contact@investrend.com.



            

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