DOIG News: ut'ing premarket
2005-07-25 09:00:23
Delta Oil and Gas to Commence Drilling of Cache Slough Prospect in California
SEATTLE, WA -- (MARKET WIRE) -- 07/25/05 -- Delta Oil and Gas, Inc. (OTC BB: DOIG) is
pleased to announce that the drilling of its first well on its Cache Slough
property is expected to commence within the next 45 days. The Cache Slough
prospect is a prolific natural gas area northeast of Sacramento,
California. The property is located next to and partially on one of the
largest gas fields in the State of California, the 3.5 trillion cubic feet
("Tcf") Rio Vista gas field. Pipelines located near and within the project
area make it easy to transport and sell any production encountered.
The Cache Slough property covers approximately 825 acres of land. Analysis
of 3-D seismic survey, in combination with all available well data, has
resulted in the recognition of several natural gas prospects on the
property. The initial drilling focus is expected to be on the high side of
the Midland Fault, a major structural feature in the Rio Vista area that
has historically produced significant amounts of natural gas.
Delta Oil and Gas has agreed to pay 18.75% of all costs of drilling,
testing and completion of the first test well to earn a 12.5% economic
interest. Thereafter, Delta Oil & Gas will pay 12.5% of all costs of future
wells to earn a 12.5% economic interest.
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 and its
newest interest in the Cache Slough Project in California. Delta Oil & Gas
is looking 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
Contact Info:
Andrew Hay
1.888.355.3644
Email Contact
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