Delta Oil and Gas, Inc, (OTC:BB – DLTA) is pleased to report that the company has successfully drilled its second Texas Prospect well (the “Donner #2″) to total depth and, based on excellent shows on the mud logs, unanimously agreed with its partner to complete the well for the production of hydrocarbons.
The Donner #2 was spud on June 28, 2011 and a total depth of 7,550 feet was achieved on July 8, 2011. A suite of logs was run to total depth and five zones were identified as potentially capable of producing hydrocarbons. Based on the initial data, Delta and its partners decided to set production casing to 7,500 feet. The well was perforated in the Lower Hackberry. The Company’s geologists and reservoir Engineers see the likelihood of successful completions in multiple zones within this well bore.
Initial tests of the first zone were completed and the well flowed oil at the approximate rate of 48 barrels per day (“bopd”) with trace water on a 5/64 inch choke. Immediately following the test period, the well was shut in, in order to install a new battery facility. Once the well was shut in, the shut in tubing pressure at surface exceeded 1000 psi. It is expected that the well will be on full production within two weeks.
Delta anticipates being able to perforate up to 4 additional pay zones once the initial zone is depleted. Delta will be evaluating the production rates and the Company has instructed it’s Consultants to set locations for at least one additional well based on the 3-D Seismic and the success of Donner #1 and #2. Consideration may be given to drilling a Donner #2 offset well to provide separate and concurrent access to the natural gas zone located from 7,294 to 7,302 feet. Once flowing production has stabilized on Donner #2, the Company will provide further updates.
The Texas prospect contemplates the drilling of a total of three wells in the Newton County area. The Donner #1 which was drilled to a total depth of 7,600 feet on June 4, 2010 continues to flow oil at the approximate rate of 45 bopd of very high quality 42 API oil. 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 and Donner #2.
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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- 09/19/2012 Delta Oil & Gas Identifies Several Pay Zones in its new Texas Drilling Prospect
- 09/12/2012 Delta announces new partner on King City oilfields project
- 01/09/2012 Delta drills first well at its King City, California prospect
- 08/31/2011 Delta achieves stabilized production on Donner #2 Well in Texas prospect
- 07/25/2011 Delta Completes Second Texas Prospect Well