Delta Exploration Inc.
TSX VENTURE : DEV

Delta Exploration Inc.

November 29, 2006 16:00 ET

Delta Announces Private Placement and Option Agreement With Rockgate Capital Corp.

KAMLOOPS, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Delta Exploration Inc. (the "Company") (TSX VENTURE:DEV) is pleased to announce that it has entered into a letter of engagement with Pacific International Securities Inc. (the "Agent"), pursuant to which the Agent will act as exclusive agent on a commercially reasonable efforts basis to offer up to 5,500,000 units of the Company at a price per unit of $0.50 for gross proceeds of up to $2,750,000. Each unit will consist of one common share of the Company and one transferable warrant, entitling the holder thereof to acquire an additional common share of the Company at a price of $0.70 per share for a period of 18 months from issuance.

Upon completion of the offering, the Company will pay to the Agent a commission of 7.5% of the gross proceeds of the offering, in cash or units at the election of the Agent and a corporate finance fee of $15,000. In addition, the Company will issue to the Agent an option to acquire such number of common shares of the Company as is equal to 10% of the units sold under the offering a price per share of $0.55 for a period of 18 months from issuance. The proceeds of the private placement will be used to advance the Company's exploration activities and for general working capital.

The Company also announces that it has entered into an option agreement with Rockgate Capital Corporation ("Rockgate"), pursuant to which Delta has agreed to grant to Rockgate an option to acquire a 60% interest in the Falea Copper-Uranium Property ("Falea") located in western Mali, West Africa. In consideration for the grant of the option, Rockgate will, upon receipt of approval of the TSX Venture Exchange, issue to Delta 150,000 shares of Rockgate, and a further 200,000 shares of Rockgate on the first anniversary of the date of Exchange approval. In addition, to maintain the option, Rockgate is required to incur an aggregate of $1,500,000 in exploration expenditures on the Falea Property over a two year period.

On behalf of the Board of Directors

Delta Exploration Inc.

James T. Gillis, President & CEO

This press release, required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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