Delta Oil & Gas, Inc. Provides update on King City and Lonestar, California Prospects
14 Februar 2011 - 3:15PM
Business Wire
Delta Oil and Gas, Inc. (OTCBB:DLTA) is pleased to update
shareholders on it’s King City, California and Lonestar, California
Prospects.
King City, California:
On May 25, 2009, Delta entered into a Farm-out agreement with
Sunset Exploration to participate in a drilling and exploration of
approximately 10,000 acres of land located in Monterey County,
California. Delta agreed to pay 66.67% of all costs expended in
respect of the initial test well to earn a 40% Working Interest. On
all subsequent wells, Delta agreed to pay 40% of the costs to earn
its 40% Working Interest. It is expected that drilling operations
will commence during the month of May 2011 as all permitting
operations have been approved by Monterey County pending
finalization of issues surrounding grading plans.
To date, all referenced lands were shot with a 2 dimensional
seismic swath as well as a gravity survey. The prospect area is in
and around the King City Oilfield, and the current data will enable
the Company to effectively test the entire Monterey sections. Total
depth for drilling will be approximately 4000 feet and it is
expected that the Monterey formation will be encountered from 2000
feet to 4000 feet in depth. Updates will be provided as they become
known.
Lonestar, California:
On September 1, 2010, Delta entered into an agreement for the
joint exploration and development of the Lonestar Prospect located
in the North Sacramento Basin, California. The first well (the
“California 1-1”) was drilled to 6,015 feet in mid September and
encountered approximately 20 feet of natural gas pay from the
Forbes formation with significant reserves. This has aligned with
our extensive seismic reviews and demonstrates that our well has
successfully penetrated a significant proven natural gas reservoir
with no indication of water drive.
The well is producing up to 4.2 million cubic feet (4.2 mmcf) of
natural gas per day. The well is capable of producing in excess of
these levels; however, Delta and partners have been forced to
restrict its flow rates for the time being due to PG&E line
pressure issues.
Delta owns a 25% gross working interest in this well and at
present, has fully paid the drilling and completion costs
associated with this well. Delta and partners control approximately
900 acres of land in this area and expect to commence evaluating
the balance of the land for additional drilling sites.
General:
Delta is also pleased to disclose that it had launched its new
website which can be found at www.deltaoilandgas.com. Delta feels
that this website better describes our prospects, accomplishments
and goals and should serve as a current source of information for
all of Delta’s events. Periodic company e-mails will be distributed
to all who visit the site and provide their e-mail address for that
purpose.
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; Newton County,
Texas, South Central, Oklahoma, and the North Sacramento Basin,
California.
On behalf of the Board of Directors,
DOUGLAS N. BOLEN, President and Chair
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.
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