Delta Oil & Gas completes first two of three wells at Garvin County, Oklahoma
April 8, 2008
Delta Oil and Gas, Inc, (OTC:BB – DOIG) is pleased to announce that it has completed the first two of three wells in its three-well drilling program with Ranken Energy Corporation at Garvin County, Oklahoma (the “2007-1 Drilling Program”) Delta committed to a 20% working interest in this program. This decision was based on the geological information provided to us and on the successes we have already enjoyed working with Ranken at our Owl Creek Prospect and the anticipated successes in our 2006 - 3 Drilling Program. The drilling results are below.
“Hulsey #1-8” - The Washington Creek Prospect – Garvin County, Oklahoma:
This prospect consisted of re-entering an abandoned well to re-evaluate two sands of the 1st Bromide sands and the top of the Viola lime. This well was originally drilled and abandoned in 1986 and an analysis of the logs indicates two potentially productive 1st Bromide sands. The 1st Bromide “C” sand at a depth of 4,796 feet has 4 feet of porous sand. Based on 3-D seismic, if the re-entry is productive, the prospect can be fully developed with the drilling of three additional offsetting wells to the south, west and southwest. The re-entry to which we refer as the “Hulsey #1-8” was successfully completed and is presently producing oil in the range of 50 barrels per day and associated natural gas in the approximate daily amount of 50 Mcf.
“Pollock #1-35” - The N.E. Anitoch Prospect – Garvin County, Oklahoma:
The purpose of this well was to drill a new well to test a potential oil and gas reservoir in the 1st Bromide “C” sand at a depth of approximately 5,800 feet. This well to which we refer as the “Pollock #1-35” was drilled to total depth but testing revealed no economically viable hydrocarbon showings and as such, the well has been plugged and abandoned.
“River #1-28” - The West Riverbend Prospect – Garvin County, Oklahoma:
Location preparation for this well to which we refer as the “River #1-28” is nearing completion to enable drilling in the immediate future. The primary objective of this well is the Viola Lime with emphasis on the Trenton and Middle Viola porosity development. Other wells in the area are productive with both oil and gas. The targeted depth of this well is approximately 4,000 feet.
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, its interest in the Strachan Prospect, its interest in its Mississippi prospects, its interest in a horizontal drilling prospect in Saskatchewan and its interests at Owl Creek, Garvin and McClain Counties, Oklahoma. Delta Oil & Gas is seeking 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
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.
Greg Werbowski
1.866.355.3644
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