SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
SEPTEMBER 7, 2000
DELTA PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Colorado 0-16203 84-1060803
(State of Commission (I.R.S. Employer
Incorporation) File No. Identification No.)
Suite 3310
555 17th Street
Denver, Colorado 80202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 293-9133
ITEM 5. OTHER EVENTS
Delta Petroleum Corporation ("Delta" or the "Company") has
entered into an agreement ("Agreement") with Saga Petroleum
Corporation and related entities ("Saga") giving Delta an option
to purchase Saga's interests in approximately 680 producing wells
and associated acreage in the Permian Basin located in eight
counties in West Texas and Southeastern New Mexico for
$49,500,000. A copy of the agreement and supplemental letter
agreement are incorporated herein as Exhibit 10.1. This
agreement replaces and supercedes the letter agreement referenced
in Form 8-K dated August 3, 2000. Delta has issued Saga 133,423
shares of Delta's restricted common stock as payment for the
option. If Delta elects to exercise the option it must make an
additional deposit consisting of $500,000 in cash and 289,583
shares of its restricted common stock on October 2, 2000 and will
be required to close and pay the bulk of the remainder of the
purchase price by December 1, 2000. Included in the potential
acquisition is the operating entity, Saga Petroleum Limited
Liability Company, which operates 599 of the wells. Under the
Agreement, Delta has the option to pay up to $6,000,000 of the
purchase price in the form of Delta common stock with the balance
of any stock delivered under this provision priced at $5.00 per
share.
Delta has not secured the financing and/or industry
participants that would be necessary to acquire these properties
and there is no assurance that it will be able to do so.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
10.1 Purchase and Sale Agreement and supplemental Letter Agreement
dated September 6, 2000 between Saga Petroleum Corporation,
et al and Delta Petroleum Corporation.
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
DELTA PETROLEUM CORPORATION
(Registrant)
Date: September 8, 2000 By: s/Aleron H. Larson, Jr.
Aleron H. Larson, Jr.
Chairman/C.E.O.
INDEX TO EXHIBITS
(1) Underwriting Agreement. Not applicable.
(2) Plan of Acquisition, Reorganization, Arrangement,
Liquidation or Succession. Not applicable.
(3) (i) Articles of Incorporation. Not applicable.
(ii) Bylaws. Not applicable.
(4) Instruments Defining the Rights of Security Holders,
including Indentures. Not applicable.
(5) Opinion: re: Legality. Not applicable.
(6) Opinion: Discount on Capital Shares. Not applicable.
(7) Opinion: re: Liquidation Preference. Not Applicable.
(8) Opinion: re: Tax Matters. Not Applicable.
(9) Voting Trust Agreement. Not Applicable.
(10) Material Contracts.
10.1 Purchase and Sale Agreement and supplemental Letter Agreement
dated September 6, 2000 between Saga Petroleum Corporation,
et al and Delta Petroleum Corporation.
(11) Statement re: Computation of Per Share Earnings.
Not Applicable.
(12) Statement re: Computation of Ratios. Not Applicable.
(13) Annual Report to Security Holders, etc. Not Applicable.
(14) Material Foreign Patents. Not Applicable.
(15) Letter re: Unaudited Interim Financial Information. Not Applicable.
(16) Letter re: Change in Certifying Accountant. Not applicable.
(17) Letter re: Director Resignation. Not applicable.
(18) Letter re: Change in Accounting Principles. Not Applicable.
(19) Report Furnished to Security Holders. Not Applicable.
(20) Other Documents or Statements to Security Holders. Not applicable.
(21) Subsidiaries of the Registrant. Not Applicable.
(22) Published Report Regarding Matters Submitted to Vote of
Security Holders. Not Applicable.
(23) Consents of Experts and Counsel. Not applicable.
(24) Power of Attorney. Not applicable.
(25) Statement of Eligibility of Trustee. Not Applicable.
(26) Invitations for Competitive Bids. Not Applicable.
(27) Financial Data Schedule. Not Applicable.
(99) Additional Exhibits. Not Applicable.
