Famed investor Kirk Kerkorian has closed on his first direct oil and gas investment, enabling Delta Petroleum to jumpstart its Paradox Basin promise.

Funding for exploration and development companies usually comes from traditional means such as industry partners, commercial bank loans, public or private equity. And then, there are the high-networth individuals.

Delta Petroleum Corp., however, has joined with a unique source-at least, unique for the upstream industry. In December 2007, it agreed to a financing deal with Tracinda Corp., the privately held Nevada company owned by renowned billionaire investor Kirk Kerkorian, who has owned a wide range of companies, including airlines and ...