SOURCE: Delta Oil & Gas, Inc.

November 19, 2007 15:00 ET

Delta Oil & Gas Confirms New Oil Well at Palmetto Point, Mississippi

SEATTLE, WA--(Marketwire - November 19, 2007) - Delta Oil & Gas, Inc. (OTCBB: DOIG) is pleased to announce that the drilling of its PP F-12 #3 well at its Mississippi Prospect (the "PP F-12 #2") has been drilled to total depth, has been logged, tested and cased. The well is a step-out from the PP F-12 in the Belmont Lake Oil Field which is exceeding our initial expectations. The PP F-12 #3 encountered approximately 32 feet of oil pay and has been tested at 116 barrels of oil per day on a 13/64th choke. No water has been encountered. Within the next few days, the well should be connected to a local pipeline to accommodate the production.

Previously, the PP F-12 oil well at Palmetto Point, Mississippi (the "PP F-12") was drilled and completed and revealed a new oil discovery exceeding our original expectations. This well has been producing since October 2, 2007. The well is now in production on an 11/64th choke and is producing at a rate of approximately 110 barrels of oil per day with no water. At this rate, we are expecting a very quick return on our investment.

These wells occur in our Phase I prospect at Palmetto Point, Mississippi, which prospect was targeting natural gas. As such, this new oil discovery is extremely exciting for the Company in terms of the overall success of the Phase I Drilling Program, potential cash flow to the Company from this Program and the direction that might be taken in future drilling in the area. Once these two wells flow for some time, we will assess whether additional drilling is warranted.

To date, in the Palmetto Point, Phase I Drilling Program, we have participated in the drilling on 13 wells, out of which 11 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.

About Delta Oil & Gas

Delta Oil & Gas is a growing exploration company focused on developing North American oil and natural gas reserves. The Company's current focus is on the exploration of its land portfolio comprised of working interests in highly prospective acreage in the Southern Alberta Foothills area, its interest in the Strachan Prospect, its interest in its Mississippi prospect, its interest in a horizontal drilling prospect in Saskatchewan and its various interests in Owl Creek, Garvin, McClain and Murray Counties, Oklahoma. Delta Oil & Gas is seeking to expand its portfolio to include additional interests in Canada and the USA.

On behalf of the Board of Directors,

DOUGLAS N. BOLEN, B.A., LL.B., President

Safe Harbor Statement

This news release includes statements about expected future events and/or results that are forward looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to time frames, expectations for completion; the analysis of results and the intention to drill. Actual outcomes and the Company's results could differ materially from those in such forward-looking statements. Factors that could cause results to differ materially include general factors that affect all companies that explore for oil and gas, such as the uncertainty of the requirements demanded by environmental agencies, the fact that oil and gas extraction and production is risky, the potential that no commercial quantities of gas are found or recoverable, the price of oil and gas, geological problems that prevent us from reaching drilling targets and specific risks such as the Company's ability to raise financing.

Contact Information