Delta Oil and Gas has successfully drilled four of four wells at its Oklahoma Prospect and has completed the first well. All four wells have been successful in finding hydrocarbons. Initial flow test results of the wells confirm that this represents a significant new discovery.
The initial well was perforated in one of the lower zones on January 22, 2010. Since perforation, the well has flowed at rates of 400 to 550 barrels of fluid per day with an oil cut ranging from 50 to 70%. It is believed that the water is primarily the result of the drilling and completion process, and that most if not all of it will disappear shortly. The natural gas production rates are estimated to be between 200 and 300 mcf per day. A gathering line is being laid and the well should be producing, and subsequently selling, both gas and oil very shortly.
The 2nd, 3rd and 4th wells have now all been drilled and all flowed oil at good pressures and volume in drill stem tests taken from the most significant zones. Electric logs indicate that the drilling of all wells may have intersected up to nine separate pay zones. The initial indications are that on the fourth well, two significant pay zones were intersected which total approximately 34 feet of hydrocarbon pay. In addition, there may be several other smaller pay zones.
Because of the success of this drilling program, there may be the potential for one or more offset wells in which Delta would participate. Delta owns a 5% working interest in the wells covered by this drilling program and has fully paid the costs associated with this program.
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