Bizjournals.com, NC
Dec 24 2008

Kerkorian company buys more Delta shares

Denver Business Journal

Tracinda Corp. has purchased 391,368 shares of Delta Petroleum
Corp. in the past two days, the company said in a regulatory filing on
Wednesday.

Delta Petroleum (NASDAQ: DPTR) is a Denver-based oil and gas company.

Tracinda, owned by financier Kirk Kerkorian, is Delta’s largest
shareholder. The purchases boost Tracinda’s holdings by just under 1
percent, to 39,999,368, or roughly 38 percent of Delta’s outstanding
shares.

On Nov. 6, Tracinda announced that it wouldn’t go forward with a
previously announced $11-per-share tender offer for 14 million Delta
shares, citing a steep decline in Delta’s share price and uncertain
financial markets. At the time, Delta’s stock price had dropped 27
percent from the $9.11 closing price on the day before Tracinda
announced its bid.

But Tracinda said in November that it continued to believe strongly in
Delta’s fundamental business model.

Tracinda bought 281,368 Delta shares on Dec. 23 at $3.99 per share,
and 110,000 shares on Dec. 24 at $4.04 per share.