Delta Oil and Gas, Inc, (OTC:BB – DLTA) is pleased to report that the first well of the 2009–3 Oklahoma Project drill program appears to be a significant new discovery.
The Jackson-1–18 was drilled to a total depth of 5,493 feet. Electric well logs and a drill stem test that flowed both oil and gas, indicate the strong likelihood of another producing well for the Company. Logs also indicate that the well has as many as nine separate potential pay zones in three separate geological formations.
The Jackson-1–18 discovery is part of a four well program, and is located in the same geographic area as a highly successful well drilled in the 2008–3 program. Although Delta did not participate in that drilling program, that well was completed in mid-May and commenced flowing oil and gas at rates between 380 and 400 barrels of oil and 60 mcf of natural gas per day. After six months, the well from the 2008–3 program is still flowing at these same production rates with no decrease in flowing pressures. As of November 1, 2009, the well had already produced over 65,000 barrels of oil and 7,400 mcf of gas.
A work over rig will be mobilized to complete the Jackson-1–18 well and perform any required treatments prior to final testing. Further information regarding the 2009–3 drilling program will be disclosed as it becomes available.
The next of a total of 4 wells to be drilled as part of this drilling program is called the Brewer-1–20 and is to be drilled to a total depth of 6,400 feet. Drilling progress and results of this well will be disclosed as information becomes available.
Delta owns a 5% working interest in the wells covered by this drilling program and has fully paid the costs associated with this well.
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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