Delta Oil and Gas, Inc. has announced that on July 28, 2007, it has spud the first of five wells in its recently acquired “2006-03 Drilling Program” with Ranken Energy Corporation.
The first well is known as the Loretta #1-22, with a targeted depth of approximately 7,300 feet in the Basal Oil Creek Sand. The decision to drill at this location was based on 3-D seismic tests and on the prior drilling of a well by Ranken approximately 1 mile away which shows very similar structure. That well has produced over 100,000 barrels of oil with a total estimated recoverable barrels in the 500,000 range.
Well sites are currently being prepared on the next wells in this drilling program. The company expects to spud the next well in this drilling program within the next two weeks. The total estimated time to complete the entire drilling program is approximately six months.