SOURCE: Delta Oil & Gas, Inc.

May 14, 2007 15:00 ET

Delta Oil & Gas to Participate in a Five-Well Drilling Program at Garvin and Murray Counties, Oklahoma

SEATTLE, WA -- (MARKET WIRE) -- May 14, 2007 -- Delta Oil & Gas, Inc. (OTCBB: DOIG) is pleased to announce that it has entered into an agreement with Ranken Energy Corporation to participate in a five-well drilling program at Garvin and Murray Counties, Oklahoma (the "2006-3 drilling Program"). Delta has agreed to take a 10% working interest in this program. This decision was based on the geological information provided to us and on the successes we have already enjoyed working with Ranken at our Owl Creek Prospect. The drilling of the first well is expected to commence in June 2007 and all wells should be drilled within six months of the start date.

Prospect well summary:

The Linda Prospect -- Garvin County, Oklahoma: This well is targeting a Basal Oil Creek Sand and the targeted depth of the well is approximately 7,300 feet. Previously, Ranken drilled a well approximately 1 mile away from the Linda Prospect with very similar structure. That well has produced over 92,000 barrels of oil since September 2004 with estimated total recoverable barrels in the 500,000 range. Using 3-D seismic testing, Ranken is confident in the chosen location for the Linda Prospect.

The Meridian Prospect -- Garvin County, Oklahoma: This well will target the 2nd Bromide Sand, the 1st Bromide Sand and the Viola Sand. Ranken's 3-D seismic testing has revealed a clearly defined structural ridge which has the potential to have trapped significant amounts of oil and natural gas. The targeted depth for this well is 6,600 feet.

The Plaster Prospect -- Garvin County, Oklahoma: The targeted depth of this well is 7,350 feet and, based on interpretation of 3-D seismic data, has the potential to encounter significant oil reserves from the Basal Oil Creek Sand. The Seismic data indicates that there is the potential for two wells on the 150 net acres encompassed by this lease.

The Crazy Horse Prospect -- Murray County, Oklahoma: This well is also targeting the Basal Oil Creek Sand that was found productive approximately one mile away. Secondary objectives may include two 1st Bromide Sands and up to four Upper Pennsylvanian Hoxbar Sands. Prior production from the Basal Oil Creek Sands in this area has been remarkable. The targeted depth of this well is 3,800 feet and the total acreage encompassed by this lease is approximately 300.

The Dale Prospect -- Garvin County, Oklahoma: This prospect is a continuation of ongoing drilling, development and exploration of portions of the approximate 190 net acres included in this prospect. This is a multiple-well development prospect including the purchase of an existing well (the "Dale #1") which is producing oil from the 1st Bromide Sand, the re-completion of the Viola Sand in the Dale #1 and to drill what will be known as the Ruggles #1-15 well to the Basal Creek Sand.

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 interests at Owl Creek, Oklahoma. Delta Oil & Gas is seeking to expand its portfolio to include additional interests in Canada and the USA.

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.

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