SOURCE: Delta Oil & Gas, Inc.

May 01, 2008 09:00 ET

Delta Oil & Gas Provides Summary of 2007 Successes and President's Message

SEATTLE, WA--(Marketwire - May 1, 2008) - Delta Oil and Gas, Inc. (OTCBB: DOIG) is pleased to provide the following from its president:

We have recently filed our annual audited financial statements on Form 10-KSB which may be viewed on the SEC's website and as such, we thought a brief update was warranted. 2007 saw Delta Oil & Gas, Inc. almost double its revenues from oil & gas sales from 2006 and generate positive cash flow, on a non-GAAP basis, from operations including production from 20 wells. Pursuant to our business plan, we have continued our pattern of growth through selectively acquiring varying percentages in a diverse range of oil and gas prospects such that our risk is limited on any one prospect. Our goal for 2008 is to continue with this strategy as well as to explore all other opportunities for growth, including the possibility of growth through mergers and acquisitions with other junior resource companies with established production. We hope to bring an additional three wells into production before the end of our second quarter. With oil prices breaking records on almost a daily basis and with natural gas prices increasing as well, we expect that these increases should translate into an increase in our overall value and ultimately shareholder value as our production costs and overhead remain relatively stable. It is an exciting time to be in this business. We are extremely pleased with this level of success and are very much looking forward to continued successes in 2008. Below is a project-by-project results summary from 2007.

Mississippi - Phase I

We are a 10% working interest partner in this prospect in which, to the end of December 2007, we drilled a total of 14 wells. Of these wells, twelve wells have produced or are producing natural gas and/or oil.

Mississippi - Phase II

We are a 10% working interest partner in this prospect as well, in which we agreed to participate in the drilling of up to 50 wells. To the end of December 2007, we participated in the drilling of 7 wells of which 4 were successful. Of those four, 3 are producing and 1 is awaiting connection to a nearby pipeline to accommodate anticipated production. Drilling on this prospect is expected to continue in 2008.

Owl Creek, Oklahoma

We are a 20% working interest partner in this prospect comprised of three wells to date, two of which were successful. The Powell #2 well has been producing in the daily range of 50 barrels of oil and associated natural gas. The Isbill #2 well has been producing in the daily range of 40 barrels of oil along with associated natural gas.

2006-03 Drilling Program, Oklahoma

In this 5 well prospect, we are a 10% partner. The Plaster #1 well was successful and is currently producing in the daily range of 240 Mcf natural gas and the Dale#1 re-entry which has been producing in the daily range of 3 barrels of oil per day.

2007-01 Drilling Program, Oklahoma

We are a 20% working interest partner in this three-well drilling program. The Husley #1-8 well was successfully drilled and completed and is producing in the daily range of 50 barrels of oil and 50 Mcf natural gas. The River #1-28 well was drilled to total depth and the operator recommended setting production casing to allow for the extraction of anticipated hydrocarbons. This completion effort is underway and we expect that to be completed in the coming weeks.

Wordsworth, Saskatchewan

We agreed to participate by way of a 15% working interest in this 4 well drilling program. To date two wells have been drilled and we are currently re-entering the second well in the horizontal portion to re-drill that portion in a slightly different direction. The first well resulted in a success and is currently producing in the daily range of 40 barrels of oil. We are excited with the effort underway at Wordsworth on what we call the third well and expect to know of its success early in May.

About Delta Oil and Gas

Delta Oil and 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 at its Mississippi prospects, its interest in a horizontal drilling prospect in Saskatchewan and its interests at Owl Creek, Garvin and McClain 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.

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