Delta Oil and Gas, Inc, (OTC:BB – DLTA) is extremely pleased to announce that the third horizontal development well at Wordsworth, Saskatchewan (the “14–7-3W2 horizontal well”) has been drilled and completed. The well was drilled to a horizontal depth of 6,332 feet. Analysis of drilling results indicated that this well should be capable of production rates similar to our other wells to the west. Surface pumping equipment has been installed and a flowline has been installed to deliver fluids to the facility located at 2A2-23–7-3W2.
The well was placed on a pump on September 25, 2009 and we achieved initial flow rates of approximately 150 barrels of oil per day with equal volumes of water. It has now stabilized at approximately 120 barrels of oil per day. We anticipate that this well will produce at its strongest levels in the first two years and expect to extract in excess of 60,000 barrels of oil in that time. Additionally, this well provided some important insight into the porous reservoir distribution in this area of the field and will help in determining the locations of future wells to maximize the recovery of hydrocarbons.
Delta owns a 5.0% working interest in this horizontal well and has fully paid CDN $67,253.50 as it’s proportionate share of the drilling and completion costs of this well. Operating costs on an ongoing basis have not yet been determined but have been budgeted for. This area is known for prolific oil reserves in numerous Mississippian Alida pools The Company is now in discussions with the operator with respect the drilling of additional wells in the vicinity.
About Delta Oil and Gas
Delta Oil is an exploration company focused on developing North American oil and natural gas reserves. Delta Oil’s current focus is on the exploration of its land portfolio comprised of working interests in acreage in King City, California; Southern Saskatchewan, Canada; Newton County, Texas, and South Central, Oklahoma. As a result of its acquisition of a controlling interest in The Stallion Group, a Nevada corporation, it expanded its property interests to include acreage in the North Sacramento Valley, California.
On behalf of the Board of Directors,
DOUGLAS N. BOLEN, President
Safe Harbour Statement
Statements in this press release which are not purely historical, including statements regarding Delta Oil’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that the Company’s actual results could differ materially from those in any such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the company’s SEC reports including, but not limited to, the annual report on Form 10-K for the year ended December 31, 2008 and the quarterly reports on Form 10-Q filed subsequently. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Delta Oil & Gas, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
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