ZURICH, Switzerland and NEW YORK, Oct. 20, 2003, (PRIMEZONE) -- The following is an investment opinion issued by Investrend Research Syndicate:
Ernest C. Schlotter, a research analyst with SISM Research & Investment Services, an Investrend Research affiliate, has reaffirmed the "Strong Buy" rating on Delta Petroleum Corp. (Nasdaq:DPTR) (Frankfurt:DPE) with a 12-month price target of $9.40.
The full report is accessible at http://www.investrendresearch.com and http://www.sism.com.
Delta Petroleum Corporation is an oil and gas exploration and development company based in Denver, Colorado. The Company has producing properties in 14 states and interests in one producing federal unit and four undeveloped units located in federal waters in offshore California near Santa Barbara. Delta Petroleum Corporation increased its revenue for the fiscal year ended June 30, 2003 by 198% to $23.9 million compared to last year.
In his report, Ernest C. Schlotter stated: "We've outlined an investment thesis that clearly shows that DPTR is undervalued despite a stock price appreciation of over 66% during the last twelve months; we believe that over time the market will reflect intrinsic value and DPTR will gain in market capitalization."
SISM Research estimates a revenue increase of 56.8% to $37.5M for Delta in FY2004 over FY2003, and an after tax profit of $7.2M or $0.30 per fully diluted share, which is based on stable oil and natural gas prices as well as a production output at the current level. Delta's current daily production is estimated to be over 3,700 barrels of oil equivalent per day.
SISM Research & Investment Services, based in Zurich, Switzerland, is a private firm offering investment and financial services since 1995. SISM Research writes, publishes and distributes investment 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 Europe.
SISM Research is a member of the FIRST Research Consortium, a collaborative of the world's leading independent fee-based equity research firms. SISM Research is a content provider to Thomson Financials OneAnalytics/FirstCall, to Multex, Datamonitor and InvesTrend. The fee of $3,500 for this coverage is being paid by GlobeMedia AG, Delta Petroleum's European IR company solely to ensure independent research, and no one associated with SISM Research may own or trade the equities of companies under coverage.
The company's website is at http://www.deltapetro.com
Anyone interested in receiving alerts regarding Delta research should email info@investrend.com with "DPTR" in the subject line.
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