DOIG - Delta Oil & Gas Provides Production Update; Seven Wells on Production With Additional Seven Wells to Commence Production Shortly
Wednesday September 6, 4:00 pm ET
SEATTLE, WA--(MARKET WIRE)--Sep 6, 2006 -- Delta Oil and Gas, Inc. (OTC BB:DOIG.OB - News) is pleased to announce that production has commenced at three of its core properties: Owl Creek, Wordsworth and Palmetto Point. In addition, production from the Todd Creek and Cache Slough properties is expected to start shortly. Seven wells in total have commenced production of which two are oil wells and five are natural gas wells. An additional seven wells are currently being tied in with production slated to start this month. Production results are summarized as follows:
Owl Creek, Oklahoma
The oil discovery at the Powell #2 well in Owl Creek, Oklahoma has produced just under 10,000 barrels of oil to August 31, 2006. Daily production is currently averaging approximately 125 to 150 barrels of oil per day and 50,000 cubic feet of natural gas per day. In light of this major discovery, the drilling of a second well, known as Isbill #1-36, has commenced and will reach total depth in early September 2006.
Wordsworth, Saskatchewan
The horizontal well drilled earlier this summer in the Wordsworth area of Saskatchewan, Canada has produced approximately 9,350 barrels to the end of July 2006. At last report, the well continues to produce in the range of 200 to 250 barrels of oil per day. Gas production from the same well is estimated to be 50,000 to 100,000 cubic feet per day. A second well is expected to be drilled later this year.
Palmetto Point, Mississippi
The operator has tied in five of the natural gas wells at Palmetto Point, Mississippi. Production from these wells is averaging approximately 450,000 cubic feet of natural gas per day. Four additional wells will commence production later this month. An additional ten-well drilling program will commence October 2006.
"We could not be more pleased with the recent successes we've had and with the rapid development of our business plan." (Douglas N. Bolen, President & CEO) "We are moving Delta Oil & Gas to the next level as we transform the company from an early stage exploration company to one that is focused on both exploration and production."
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, its interest in the Cache Slough Project in California, its interest in the Strachan Prospect, its interest in its Mississippi prospect, its interest in a horizontal oil well in Saskatchewan and its newest interest at Owl Creek, 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
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.
Distributed by Filing Services Canada and retransmitted by Market Wire
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Greg Werbowski
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Source: Delta Oil & Gas, Inc.
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