Delta Petroleum Corp. (Nasdaq: DPTR) has decided to review strategic alternatives. The Denver-based oil and gas exploration and development company hired Morgan Stanley and Evercore Partners to advise its board on all available options. The review will explore the possibility of selling some or all of Delta Petroleum’s assets. Other options include the formation of partnerships, joint venture opportunities and the sale of the entire company. Delta Petroleum’s core operations are located in the Gulf Coast and Rocky Mountain regions. For the third quarter, the company swung to a loss of $101 million, from net income of $48.7 million a year earlier, reflecting lower oil and natural gas prices and a 22 percent drop in production.
Evergreen Energy Inc. (NYSE: EEE) has hired Raymond James & Associates Inc. to auction off its Buckeye Industrial Mining Co. subsidiary. The green-energy technology company recently ended negotiations with a potential buyer in order to pursue other alternatives. Denver-based Evergreen is seeking more advantageous terms for the business, citing improved market conditions in the coal industry and specific conditions at the unit. For the third quarter, Evergreen Energy’s losses widened to $14.9 million from $6.6 million. Its revenue fell to $9.2 million from $14 million a year earlier. Lower coal and ash disposal sales contributed to the revenue decrease.
Ellora Energy Inc. (OTCBB: ELENL) is exploring strategic alternatives as it looks to enhance shareholder value, according to the Boulder County Business Report. The Colorado-based independent energy concern hired Bank of America Merrill Lynch to evaluate and advise its board on available options, including a possible sale of the company or a merger with another entity. Ellora Energy’s oil and gas exploration and production assets are located in east Texas and adjacent land in western Louisiana, as well as in southwest Kansas in the Hugoton field. Ellora Energy’s current net daily production totals about 45.2 million cubic feet equivalent, according to its Web site.
Global Power Equipment Group Inc. said it is positioned to consider a broad range of strategic alternatives due in part to the strength of its balance sheet. It had a cash position of $97.7 million at the end of September 2009, a $14.1 million improvement from levels three months earlier. That said, Global Power’s third-quarter net income fell to $1.8 million from $17 million a year earlier, while revenue dropped to $95.8 million from $129.9 million. The company’s profit was hurt by cost overruns in a contract in its products division. The Tulsa, Okla.-based design, engineering and manufacturing firm serves the power infrastructure, energy and process industries.