Delta Oil and Gas, Inc. (OTC:BB – DLTA) is pleased to report that Delta and its partners have drilled the first discovery well (“SBV-2–32″) at its King City, California Prospect. The SBV-2–32 well was spud on November 22, 2011 and was drilled to a total depth of 3,468 feet on November 29, 2011. Casing was set and cemented in place to total depth. Two intervals showed promise for the production of commercially viable quantities of hydrocarbons. The first interval of approximately 30 feet with 12 API gravity showed good oil staining on drilling and provided a good log response. The second interval of interest indicated approximately 70 feet of oil pay with 17 – 18 API gravity also with good oil staining during drilling and very good log response.
We expect that both sands will be tested within the next 30 days with completion efforts to follow shortly thereafter. Following a successful completion of this initial well, Delta and partners expect to drill and test additional wells in this area upon obtaining the required permitting from the County.
On May 25, 2009, Delta entered into a Farm-out agreement with Sunset Exploration to participate in a drilling and exploration of approximately 10,000 acres of land located in Monterey County, California. Delta agreed to pay 66.67% of all costs to casing point expended in respect of the initial test well to earn a 40% Working Interest. On all subsequent wells, Delta agreed to pay 40% of the costs to earn its 40% Working Interest.
To date, all referenced lands were shot with a 2 dimensional seismic swath as well as a gravity survey. The prospect area is in and around the King City Oilfield, and the current data will enable the Company to effectively test the entire Monterey sections.
Delta is also pleased to disclose that it had launched its new website which can be found at www.deltaoilandgas.com. Delta feels that this website better describes our prospects, accomplishments and goals and should serve as a current source of information for all of Delta’s events. Periodic company e-mails will be distributed to all who visit the site and provide their e-mail address for that purpose.
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; Newton County, Texas, South Central, Oklahoma, and the North Sacramento Basin, 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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