Delta Petroleum Corporation and Tipperary Corporation


                        To Sell Each Other Properties 
        Delta Schedules Shareholder Meeting for Vote on Castle Acquisition 


  DENVER, May 8 /PRNewswire-FirstCall/ -- 
Delta Petroleum Corporation (Nasdaq: DPTR); (Frankfurt: DPE), an independent 
energy exploration and development company, today announced that the company 
has agreed to sell all of its undivided interests in the Authorities to 
Prospect (ATPs) covering lands in Queensland, Australia to Tipperary 
Corporation (Amex: TPY) for a cash consideration of $4.8 million, 
250,000 unregistered shares of Tipperary common stock, and the assumption by 
Tipperary of certain other obligations relating to the property (not to exceed 
$600,000).  Closing of the transaction is expected to occur on or before 
May 24, 2002.  
At the time of closing, Delta will purchase from Tipperary all of its 
interests in the West Buna Field, in Hardin and Jasper counties, Texas, for 
$4.1 million in cash.  According to a reserve report filed by Tipperary as of 
December 31, 2002, the West Buna Field properties contained total proved 
natural gas equivalent reserves of approximately 4.3 billion cubic feet, with 
a reserve value, discounted at 10%, of approximately $5.8 million.  
"We believe the sale of our interests in the Australian coalbed methane 
play is consistent with our strategy of building Delta Petroleum into a 
sizeable domestic exploration and development company," commented Roger 
Parker, Chief Executive Officer of Delta Petroleum Corporation.  "As a 
near-term result of this transaction, our operating cash flows are expected to 
improve by approximately $150,000 per month based upon current prices.  Longer 
term, we believe that additional value can be achieved from the West Buna 
properties through the drilling of additional wells."  
Delta Petroleum also announced that the necessary SEC review of its proxy 
materials has been completed, and the Company has set a date of May 30, 2002 
for a shareholder's meeting.  At the meeting, shareholders will vote upon 
approval of the issuance of 9,566,000 new shares to Castle Energy Corporation 
as part of the purchase price consideration being given to Castle to acquire 
all of its domestic oil and gas properties.  If the Castle transaction is 
approved by a majority of voting shareholders, Delta will close on the 
purchase of Castle's properties on May 31, 2002.  
The properties to be acquired from Castle consist of interests in 
approximately 525 producing wells in fourteen (14) states, plus associated 
undeveloped acreage, with proved reserves of approximately 62 BCF of gas 
equivalent (BCFE), of which proved developed producing reserves approximate 
32 BCFE.  
"Following the anticipated completion of our purchase of the Castle Energy 
properties, Delta's proved reserves will increase to approximately 80 BCFE," 
noted Parker.  
"The acquisition of Castle's domestic oil and gas properties will more 
than double Delta's daily production, to approximately 3,400 barrels of oil 
equivalent (BOE), with the actual daily production approximately 50% oil and 
50% gas.  We believe this provides Delta with a broad, strong base upon which 
we can build a much larger company in coming years," concluded Parker.  
  Delta Petroleum Corporation is an oil and gas exploration and development 
company based in Denver, Colorado.  The Company has producing properties in 
California, Colorado, New Mexico, North Dakota, Oklahoma, Texas, Wyoming and 
interests in one producing federal unit and four undeveloped units located in 
federal waters offshore California near Santa Barbara.  Its common stock is 
traded on NASDAQ under the symbol "DPTR" and on the Frankfurt Stock Exchange 
under the symbol "DPE".  
  Forward-looking statements in this announcement are made pursuant to the 
safe harbor provisions of the Private Securities Litigation Reform Act of 
1995.  Investors are cautioned that all forward-looking statements involve 
risks and uncertainty, including without limitation, the costs of exploring 
and developing new oil and natural gas reserves, the price for which such 
reserves can be sold, environmental concerns effecting the drilling of oil and 
natural gas wells, as well as general market conditions, competition and 
pricing.  Please refer to the Company's Securities and Exchange Commission 
filings for additional information.  
For further information contact the company at (303) 293-9133 or via email at  
                         info@deltapetro.com  
                                  OR 
 RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or  


                       via email at info@rjfalkner.com 
                      MAKE YOUR OPINION COUNT -  Click Here 


           http://tbutton.prnewswire.com/prn/11690X33621076 
  

SOURCE  Delta Petroleum Corporation  
-0-                             05/08/2002  
/CONTACT:  Aleron H. Larson, Jr., Chairman, Roger A. Parker, President and 
CEO, or Kevin K. Nanke, CFO of Delta Petroleum Corporation, +1-303-293-9133, 
info@deltapetro.com; or RJ Falkner & Company, Inc., Investor Relations 
Counsel, +1-800-377-9893, info@rjfalkner.com, for Delta Petroleum Corporation/  
/Web site:  http://www.deltapetro.com /  
(DPTR TPY)  
CO:  Delta Petroleum Corporation; Tipperary Corporation 
ST:  Colorado, Australia 
IN:  OIL MNG 
SU:  RLE TNM  
-0- May/08/2002 23:29 GMT
 
 
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