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Delta Petroleum Purchases Castle Energy Corporation Oil and Gas

                     Properties;    Company Also Completes Tipperary Exchange and Other Strategic Transactions     DENVER, June 3 /PRNewswire-FirstCall/ -- Delta Petroleum Corporation  (Nasdaq: DPTR; Frankfurt: DPE), an independent energy exploration and  development company, today announced that the Company has closed on a number  of strategic transactions during the past week, including purchase of the  domestic oil and gas properties of Castle Energy Corporation.  In addition,  the previously announced property exchange with Tipperary Corporation  (Amex: TPY) has been completed, the Company has closed on a new Credit  Agreement with the Bank of Oklahoma and Local Oklahoma Bank, and an office  building in Ft. Worth, Texas has been sold.   Shareholders approved the Company's purchase of the domestic oil and gas  properties of Castle Energy Corporation at Delta Petroleum's annual meeting on  May 30, 2002, and the transaction was completed on May 31, 2002.  The  properties acquired from Castle consist of interests in approximately  525 producing wells located in fourteen (14) states, plus associated  undeveloped acreage, with proved reserves of approximately 62 billion cubic  feet of gas equivalent (Bcfe), of which proved developed producing reserves  total approximately 32 Bcfe.  The Company issued 9,566,000 new shares of  Common Stock to Castle Energy Corporation as part of the purchase price.  "The  Castle acquisition more than doubles Delta's daily production to approximately  22 million cubic feet of gas equivalent per day comprised of approximately  45% oil and 55% natural gas," noted Roger Parker, President and  Chief Executive Officer of Delta Petroleum Corporation.   "At current commodity prices and current daily production rates, Delta's  oil and gas revenue could be in excess of $27 million for the fiscal year  ending June 30, 2003, and cash flow from operations could exceed $13 million.  Following the acquisition, our proved natural gas equivalent reserves  approximate 80 billion cubic feet, compared with 18 billion cubic feet prior  to the Castle purchase.  We expect to immediately initiate workover,  recompletion and drilling activities on certain of the Castle properties in  order to further increase daily production," continued Parker.   The Company has also completed the sale of its undivided interests in an  Authority to Prospect (ATP) covering lands in Queensland, Australia, to  Tipperary Corporation, in exchange for Tipperary's producing properties in the  West Buna Field (Hardin and Jasper counties, Texas), $0.7 Million in cash, and  250,000 unregistered shares of Tipperary common stock.  The West Buna Field  properties contain proved natural gas equivalent reserves totaling  approximately 4.3 billion cubic feet (Bcf).  Net daily production from the  West Buna Field approximates 900,000 cubic feet equivalent.   Also during the past week, Delta Petroleum closed on a new $20 million  Credit Agreement with the Bank of Oklahoma and Local Oklahoma Bank.  Approximately $19 million of the credit facility was utilized to close the  Castle Energy transaction and to pay off Delta's existing loan with US Bank.  The Company's total debt now approximates $25 million.  "The new revolving  credit facility and net cash increases from the recent transactions will  provide substantial working capital from which we can conduct more meaningful  development activities on our existing property base," stated Parker.   Delta Petroleum generated $417,000 in cash through the sale of its  Ft. Worth, Texas commercial office building.  "The sale of the building was  consistent with our strategy of divesting assets that are not necessary for  achievement of our strategic goals as a domestic exploration and development  company," concluded Parker.     Delta Petroleum Corporation is an oil and gas exploration and development  company based in Denver, Colorado.  The Company has producing properties in  numerous states and interests in one producing federal unit and four  undeveloped units located in federal waters offshore California near  Santa Barbara.  Its common stock is listed 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 affecting 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                                          OR       RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893                        or via email at                        MAKE YOUR OPINION COUNT -  Click Here           SOURCE  Delta Petroleum Corporation  /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,  or; or RJ Falkner & Company, Inc., Investor Relations  Counsel, +1-800-377-9893,, for Delta Petroleum Corporation/   (DPTR TPY)   CO:  Delta Petroleum Corporation; Tipperary Corporation; Castle Energy    Corporation; Bank of Oklahoma; Local Oklahoma Bank  ST:  Colorado, Texas, Oklahoma  IN:  OIL MNG FIN OTC  SU:  TNM ERP  -0- Jun/03/2002 17:34 GMT