DLTA Delta Oil and Gas Inc New (CE)

Delta Oil & Gas, Inc. (OTC:BB – DLTA) is pleased to report on the most recent reserve valuations of its producing oil and gas assets. As at December 31, 2011, Delta’s producing oil and gas assets had a valuation of $3.6 million at a 10% discount. As at the same date, Delta had a total of 14.1 million common shares issued and outstanding, which equates to over 25 cents a share in reserve valuation. Douglas Bolen, President, stated: “We have built our asset base through controlling expenses and using the majority of our revenues and cash to re-invest in additional projects and wells. The company is proudly debt-free.”

The company expects the reserves valuation will take another leap forward with the addition of our King City Prospect in California. It is not included in this valuation report as it is yet to produce but the first well was drilled in late 2011 and is currently awaiting completion. Once completed and it starts to produce hydrocarbons, we expect to have a reserve evaluation report completed in order to assess its value.

Delta continues to generate revenue on a monthly basis from its two wells in Texas and eight wells in Oklahoma, which are producing approximately 460 barrels of oil equivalent (BOE) per month. The King City Prospect will add significantly to our production and cash flow when it comes on stream later this year.

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; Newton County, Texas, and South Central, Oklahoma.

On behalf of the Board of Directors,

DOUGLAS N. BOLEN, President

Delta Oil and Gas (CE) (USOTC:DLTA)
Graphique Historique de l'Action
De Jan 2025 à Fév 2025

Delta Oil and Gas (CE) (USOTC:DLTA)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025