Delta Petroleum Corp., the money- losing U. S. energy producer’s largest shareholder, Kirk Kerkorian, posted in its review of strategic alternatives including a possible sale is in further advanced stages of development.

The company has registered an almost 95 percent fall in its market value since mid-2008, prior to when the recession affected gas demand and access to capital was lowered.

Denver- based Delta today posted in a public filing that this year’s oil and natural-gas production will be land around a 10 percent lower level compared to 2009 levels until higher commodity prices and increased capital availability permit them for more drilling.

However, the company did not detail any timeline for concluding the strategic review, which also could lead to joint ventures or asset sales.

The company’s lenders are reported to cut its borrowing base by 18 percent in October to $185 million as lower gas prices reduced the value of Delta’s reserves.

Delta witnessed a jump of 2 cents to $1.44 as of 4 p. m. (New York time) on the Nasdaq Stock Market. The stock has three hold and three sell ratings from analysts.