Delta Petroleum is planning to offload a 37.5% stake in certain assets in the Piceance Basin to Opon International for $400 million, Reuters reports. The oil and gas explorer has also granted a 60-day exclusive period to Opon to conclude the transaction, which is expected to close on or before June 1.

Delta has appointed Morgan Stanley and Evercore Partners as financial advisors, while Davis Graham & Stubbs will serve as legal advisor, adds Upstream Online. Opon has hired Deutsche Bank Securities as financial advisor and Hogan & Hartson as legal advisor.

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