Delta Oil and Gas (DLTA)

[califax]

Delta Oil & Gas, Inc. Completes Drilling of 4 Wells at its Oklahoma Prospect

Date : 02/01/2010 @ 9:00AM
Source : Business Wire
Stock : Delta Oil and Gas, Inc. (DLTA)

http://ih.advfn.com/p.php?pid=nmona&article=41339407&symbol=DLTA

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 Harbor 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