Delta Oil & Gas Reports 'Significant' New Discovery at OK Prospect
Delta Oil and Gas reported that the first well of the 2009-3 Oklahoma Project drill program appears to be a significant new discovery.
The Jackson-1-18 was drilled to a total depth of 5,493 feet. Electric well logs and a drill stem test that flowed both oil and gas, indicate the strong likelihood of another producing well for the Company. Logs also indicate that the well has as many as nine separate potential pay zones in three separate geological formations.
The Jackson-1-18 discovery is part of a four well program, and is located in the same geographic area as a highly successful well drilled in the 2008-3 program. Although Delta did not participate in that drilling program, that well was completed in mid-May and commenced flowing oil and gas at rates between 380 and 400 barrels of oil and 60 mcf of natural gas per day. After six months, the well from the 2008-3 program is still flowing at these same production rates with no decrease in flowing pressures. As of November 1, 2009, the well had already produced over 65,000 barrels of oil and 7,400 mcf of gas.
A work over rig will be mobilized to complete the Jackson-1-18 well and perform any required treatments prior to final testing. Further information regarding the 2009-3 drilling program will be disclosed as it becomes available.
The next of a total of 4 wells to be drilled as part of this drilling program is called the Brewer-1-20 and is to be drilled to a total depth of 6,400 feet. Drilling progress and results of this well will be disclosed as information becomes available.
Delta owns a 5% working interest in the wells covered by this drilling program and has fully paid the costs associated with this well.