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Delta Oil & Gas increases financing
July 21, 2005
Delta Oil and Gas, Inc, (OTC:BB DOIG) is pleased to announce that is has increased the financing previously announced February 7, 2005 from $1,200,000 to $1,983,985 and has completed the same. The equity financing was comprised of 1,983,985 Units at $1.00 per Unit. Each Unit consisted of one share of restricted common stock and one Warrant (the”Warrant”) to purchase one restricted share of common stock, exercisable for five years from the closing of the offering. The exercise price of the Warrant is $1.50. Assuming that all of the warrants are exercised by the holder(s), the gross proceeds received from the warrants will equal $2,975,977.50. No commission was paid on the financing.
The funds for the Units have already been received in full. The placement was designed to strengthen the Company’s balance sheet and is expected to be used to finance Delta’s drilling in the Todd Creek area in the Southern Alberta Foothills and in Cache Slough located in the Sacramento basin in California.
About Delta Oil and Gas
Delta Oil and Gas is a growing exploration company focused on developing North American oil and natural gas reserves. The Company's current focus is on the exploration of its land portfolio comprised of working interests in highly prospective acreage in the Southern Alberta Foothills area and its newest interest in the Cache Slough Project in California. Delta Oil & Gas is looking to expand its portfolio to include additional interests in Canada and the USA.
On behalf of the Board of Directors,
DOUGLAS N. BOLEN, B.A., LL.B., President
Safe Harbor Statement
This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to time frames, expectations for completion; the analysis of results and the intention to drill. Actual outcomes and the Company's results could differ materially from those in such forward-looking statements. Factors that could cause results to differ materially include general factors that affect all companies that explore for oil and gas, such as the uncertainty of the requirements demanded by environmental agencies, the fact that oil and gas extraction and production is risky, the potential that no commercial quantities of gas are found or recoverable, the price of oil and gas, geological problems that prevent us from reaching drilling targets and specific risks such as the Company's ability to raise financing.
Contact Information
Andrew Hay
1.866.355.3644
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