Delta Oil & Gas, Inc. has completed the first two of three wells in its three-well drilling program with Ranken Energy Corporation at Garvin County, Oklahoma (the "2007-1 Drilling Program"). Delta committed to a 20% working interest in this program. This decision was based on the geological information provided to us and on the successes we have already enjoyed working with Ranken at our Owl Creek Prospect and the anticipated successes in our 2006 -- 3 Drilling Program.
"Hulsey #1-8" -- The Washington Creek Prospect -- Garvin County, Oklahoma: This prospect consisted of re-entering an abandoned well to re-evaluate two sands of the 1st Bromide sands and the top of the Viola lime. This well was drilled and abandoned in 1986 and an analysis of the logs indicates two potentially productive 1st Bromide sands. The 1st Bromide "C" sand at a depth of 4,796 feet has 4 feet of porous sand. Based on 3-D seismic, if the re-entry is productive, the prospect can be fully developed with the drilling of three additional offsetting wells to the south, west and southwest. The re-entry to which we refer as the "Hulsey #1-8" was successfully completed and is presently producing oil in the range of 50 barrels per day and associated natural gas in the approximate daily amount of 50 Mcf.
"Pollock #1-35" -- The N.E. Anitoch Prospect -- Garvin County, Oklahoma: The purpose of this well was to drill a new well to test a potential oil and gas reservoir in the 1st Bromide "C" sand at a depth of approximately 5,800 feet. This well to which we refer as the "Pollock #1-35" was drilled to total depth but testing revealed no economically viable hydrocarbon showings and as such, the well has been plugged and abandoned.
"River #1-28" -- The West Riverbend Prospect -- Garvin County, Oklahoma: Location preparation for this well to which we refer as the "River #1-28" is nearing completion to enable drilling in the immediate future. The primary objective of this well is the Viola Lime with emphasis on the Trenton and Middle Viola porosity development. Other wells in the area are productive with both oil and gas. The targeted depth of this well is approximately 4,000 feet.
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