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Delta Oil & Gas Completes Drilling of 4 Wells at its Oklahoma
Prospect
February 1, 2010
Delta Oil and Gas, Inc, (OTC:BB – DLTA)
is pleased to report that the company has successfully drilled
four of four wells at its Oklahoma Prospect and has completed the
first well. All four wells have been successful in finding hydrocarbons.
Initial flow test results of the wells confirm that this represents
a significant new discovery.
The initial well was perforated in
one of the lower zones on January 22, 2010. Since perforation,
the well has flowed at rates of 400 to 550 barrels of fluid per
day with an oil cut ranging from 50 to 70%. It is believed that
the water is primarily the result of the drilling and completion
process, and that most if not all of it will disappear shortly.
The natural gas production rates are estimated to be between 200
and 300 mcf per day. A gathering line is being laid and the well
should be producing, and subsequently selling, both gas and oil very
shortly.
The 2nd, 3rd and 4th wells have now all been drilled
and all flowed oil at good pressures and volume in drill stem tests
taken from the most significant zones. Electric logs indicate that
the drilling of all wells may have intersected up to nine separate
pay zones. The initial indications are that on the fourth well, two
significant pay zones were intersected which total approximately 34
feet of hydrocarbon pay. In addition, there may be several other smaller
pay zones.
Because of the success of this drilling program,
there may be the potential for one or more offset wells in which Delta
would participate. Delta owns a 5% working interest in the wells covered
by this drilling program and has fully paid the costs associated with
this program.
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; Southern Saskatchewan,
Canada; and South Central, Oklahoma. As a result of its acquisition
of a controlling interest in The Stallion Group, a Nevada corporation,
it expanded its property interests to include acreage in the North
Sacramento Valley, 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.
1.866.355.3644
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