Delta Oil & Gas successfully completes third
well in Southeastern Saskatchewan, Canada
November 20, 2008
Delta Oil and Gas, Inc, (OTC:BB – DOIG)
is extremely
pleased to announce that the third well at Wordsworth, Saskatchewan
(the “2-23 horizontal well”) has been drilled and completed
and initially produced approximately 72 cubic meters of oil (454 barrels)
of flush production per day. The Company expects the production to
settled at around 80 barrels of oil per day. The well was drilled to
a total horizontal depth of approximately 6,244 feet, swabbing was
undertaken from total depth to 3,415 feet on approximately 330 feet
intervals at various rates and tubing was set at 3,415 feet. The well
began flowing under its own pressure on November 14, 2008.
This well
is different from the first well drilled at a nearby location in that
the oil pay zones in this well are spaced out along the length of the
well rather than concentrated at one end of the well. This means that
the new well should drain parts of the dolomite oil reservoir not encountered
in the first well.
We anticipate that this well will produce at its
strongest levels in the first two years and expect to extract in excess
of 60,000 barrels of oil in that time. Additionally, this well provided
some important insight into the porous reservoir distribution in this
area of the field and will help in determining the locations of future
wells to maximize the recovery of hydrocarbons.
Delta owns a 7.5% working
interest in the 2-23 horizontal well. This area is known for prolific
oil reserves in numerous Mississippian Alida pools The Company is now
in discussions with the operator with respect the drilling of additional
wells in the vicinity.
Delta Oil and Gas is an 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 the following prospects: the Mississippi prospects,
the horizontal drilling prospect in Saskatchewan, the 2006-03 Prospect
at Garvin and Murray Counties, Oklahoma and the 2007-01 Prospect in
Garvin County, 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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