Delta Oil and Gas, Inc, (OTC:BB – DLTA) is pleased to report that the company has received stabilized flow rates for the first and second wells drilled and completed at its Oklahoma prospect.
After the initial period of production, the flow rates on the first and second wells have stabilized at approximately 400 barrels of oil per day combined with some associated natural gas. This confirms our initial conclusion that we have identified a significant new oil discovery in this area.
Electric logs also indicate the potential for numerous additional high potential pay zones above this tested zone, including one that is known to have flowed oil and gas to the surface during earlier drill stem testing.
The 3rd and 4th wells in this 4 well drilling program have also been drilled, completed and are undergoing further testing for commercially viable quantities of hydrocarbons. Electric logs indicate that the drilling of these wells may have intersected up to nine separate pay zones. The initial indications are that on the fourth well, two significant pay zones were intersected which total approximately 34 feet of hydrocarbon pay. In addition, there may be several other smaller pay zones.
Because of the success of this drilling program, there may be the potential for one or more offset wells in which Delta would participate. Delta owns a 5% working interest in the wells covered by this drilling program and has fully paid the costs associated with this program.
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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