Delta Petroleum Corporation announced on Thursday that the US multi- billionaire Kirk Kerkorian would pay some 684 million dollars for a 35 percent stake of the Denver based energy company.

The sale will help Delta speed up drilling measures, as it was unanimously approved by the board, who allowed Kerkorian buy 36 million shares, but it still has to be voted by the shareholders.

Kerkorian will conduct the transaction through its company, Tracinda Corp, which will have the right to name as much as a third of Delta's board after the acquisition. Tracinda will pay 19 dollars per share, which represents a 23 percent over Friday’s closing price of Delta shares.

The 90-year-old Kirk Kerkorian will expand its businesses, as he already controls several firms, such as the MGM Mirage, the world's second largest casino chain, reinforcing its position among the top ten richest people in the United States, with a net worth of around 18 billion dollars.

Delta Petroleum, which is active on the Gulf of Mexico coast and in the Rocky Mountains, declares that the deal will also provide funds for future possible acquisition.

The Securities and Exchange Commission, the U.S. stock market regulator, must still approve the deal.