Delta Oil and Gas, Inc, (OTC:BB – DLTA) is pleased to report that the company has successfully drilled Donner #1 to total depth. This is the first of three proposed wells in its Texas Project. Based on the suite of electric logs conducted on this well over the weekend, Delta and its partner unanimously agreed to complete the well for oil production. The setting of production casing was completed on. Monday June 7, 2010.
The first well (“Donner #1”) was spud on May 28, 2010 and the targeted depth of 7,600 feet was achieved on June 4, 2010. A suite of electric logs was run to total depth and these have strongly indicated approximately 20 feet of hydrocarbon pay. Based on this initial data, Delta and its partner decided to set production casing. Delta will be evaluating the expected production rates and the Company has instructed it’s Consultants to set locations for additional wells, as well as to evaluate the wisdom of opening up significant reserves within Donner #1 with lateral drilling.
The Texas prospect contemplates the drilling of a total of three wells in the Newton County area. Once flowing production has stabilized the Company will provide further updates.
Delta owns a 40% gross working interest in the wells covered by this drilling program and at present, has fully paid the drilling and completion costs associated with the Donner #1.
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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