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Chart looks great. Good news lately. Moving up pre-trading this morning.
News: After trading 8/28/2006 4:00:37 PM
Delta Oil & Gas to Commence 50 Well Drill Program in Mississippi & Louisiana; Drilling to Commence Shortly
8/28/2006
SEATTLE, WA, Aug 28, 2006 (MARKET WIRE via COMTEX News Network) -- Delta Oil and Gas, Inc. (OTCBB: DOIG) is pleased to announce it has entered into a joint venture agreement to acquire an interest in a drilling program comprised of up to 50 natural gas and/or oil wells with the potential of multiple zones of pay.
The area in which the proposed wells are to be drilled is comprised of approximately 300,000 gross acres of land located between Southwest Mississippi and Northeast Louisiana. The proposed wells will be targeting the Frio and Wilcox Geological formations. These types of wells typically enjoy low finding costs and have a high degree of success. It is expected that drilling will commence during the first week of September 2006. The first 20 proposed wells are located within tie-in range of existing pipeline infrastructures.
The Drilling Program shall be conducted by Griffin & Griffin Exploration in its capacity as Operator. This will consist of the drilling, logging, testing, completing and equipping for production (or if applicable, the plugging and abandonment) of up to 50 wells. Griffin anticipates drilling to a subsurface depth equal to such depth as is necessary to penetrate the sands of the Frio Formation identified as potentially productive of oil and/or gas. Griffin has drilled, owned or operated more than 100 Frio wells in the region.
Griffin has utilized seismic "bright spot" technology -- a technology providing a tool to identify gas reservoirs and to delineate the reservoir geometry and limits. Utilizing these critical factors has improved reserve estimates and the geologic success ratio that has made the Frio an economical and predictable reservoir.
Delta has agreed to pay 10% of all prospect fees, mineral leases, surface leases and drilling and completion costs to earn a net 8% share of all production zones to the base of the Frio formation and 7.5% of all production to the base of the Wilcox formation.
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 in the Owl Creek Prospect in Oklahoma. Delta Oil & Gas is seeking to expand its portfolio to include additional interests in Canada and the USA.
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