Delta Oil and Gas, Inc. (OTC:BB – DLTA) is pleased to report that it has reached a farmout agreement with the MPG King City Project, L.P., regarding its participation in the King City, California Prospect. The MPG King City Project L.P., located in Richardson, Texas, will receive an initial 25% working interest in the SBV-2–32 well drilled in November 2011 with completion operations set to begin in October 2012 and a 20% working interest position on any future wells drilled within the Area of Mutual Interest (AMI) comprising 960 acres.
Christopher Paton-Gay, CEO DELTA says, “We are extremely pleased that Delta has been able to establish its relationship with the MPG King City Project Limited Partnership which will now allow for the immediate continuation of the development of our King City Lands including the perforation and testing of our SBV 2 well which has been drilled to depth, logged and cased.”
Managed Petroleum Group, Inc (MPG), located in Richardson, Texas, is the Managing General Partner of the MPG King City Project Limited Partnership.
About Managed Petroleum Group
Managed Petroleum Group Inc., (MPG) formed in 1998 is an international oil and gas exploration firm located in Richardson, Texas. As a licensed oil and gas operator in Texas and Oklahoma and as Managing General Partner for numerous partnerships it has targeted some of the largest and most prolific oil, natural gas and condensate producing reservoirs in North America including the Barnett Shale, S-1 Sands, Smackover, Yegua, and Spraberry formations. MPG’s track record of consistent commitment to excellence, due diligence, experience, and integrity has allowed it to quickly establish a quality reputation in the United States, Canada, and Great Britain amongst industry partners, business leaders and private partners.
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,
Christopher Paton-Gay, CEO
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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