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Dave S. Goodboy
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Dave Goodboy - contributing writer for BeaconEquity.com
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  • Making Money from High Gas Price: Delta Petroleum 0 comments
    Mar 1, 2011 10:41 AM | about stocks: PARR-OLD

    In the last couple weeks, oil prices have spiraled out of control; some places in the United States saw more than $4 per gallon gasoline before the Libyan tensions eased.  The Middle East is a powder keg of political strife ready to explode at any moment.  Given that this region is the main supplier of oil, it’s just a matter of time before supply fear disruptions hit the newswires again sending oil on another surge higher.  Wouldn’t it be great if we could produce enough oil domestically as not to worry about what happens in the Middle East?  Better still would be able to find away to profit from domestic oil exploration, production and sales. 


    Well, our focus company today, Delta Petroleum Corp. (Nasdaq: DPTR) fills this critical need and is on the move higher.  Let’s take a closer look.


    Founded in 1984, Delta Petroleum and its subsidiaries engage in the exploration, acquisition, development, production and sale of natural gas and crude oil primarily in the Rocky Mountain and onshore Gulf Coast regions. The company owns interests in developed and undeveloped oil and gas properties in federal units offshore California, near Santa Barbara, as well as owns developed and undeveloped oil and gas properties in the continental United States. It also engages in contract drilling operations, as well as providing moving services for third-party drilling rigs in the Casper, Wyoming, area. As of December 31, 2009, the company’s proved reserves were comprised of approximately 126.7 billion cubic feet of natural gas, and 4.5 Mmbbls of crude oil.


    Delta Petroleum just reported third-quarter net income of $13.9 million, this is an incredible improvement over the $96.8 million loss same time last year.  These results have attracted investor interest in a big way.  Shares are trading at record volume in a sharp up trend.  Price is well above both the 50 and 200 day moving averages.   Savvy traders will watch this one very closely! 



    Stocks: PARR-OLD
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