Delta Finds Oil in Mississippi
Delta Oil and Gas says that flow testing of its oil well at Palmetto Point, Mississippi (the PP F-12) is complete and has revealed a new oil discovery exceeding its original expectations.
The PP F-12 flowed approximately 100 bo/d during testing with pressures that stabilized at 230 lbs/ft.
Initially, the well produced no water or associated natural gas, which means that if these initial flow rates continue, Delta expects to receive gross payback on its investment within approximately 60 days of production.
The operator has suggested drilling an additional two development wells in the immediate vicinity in which Delta will participate.
To date, in the Palmetto Point, Phase I Drilling Program, Delta has participated in the drilling on 12 wells, out of which 10 have produced, are producing and/or are expected to produce oil and/or natural gas.
Delta Oil & Gas, Inc. has a 10% working interest in these wells.