SOURCE: Delta Oil & Gas, Inc.

August 24, 2007 15:00 ET

Delta Oil & Gas Announces Spudding of First of Five Wells at Garvin and Murray Counties, Oklahoma

SEATTLE, WA--(Marketwire - August 24, 2007) - Delta Oil & Gas, Inc. (OTCBB: DOIG) is pleased to announce that it has spud the first of five wells in its recently acquired "2006-03 Drilling Program" with Ranken Energy Corporation (announced May 15, 2007). The first well is known as the Loretta #1-22 (formerly the "Linda #1-22"). The targeted depth of the well is approximately 7,300 feet targeting a Basal Oil Creek Sand. The decision to drill at this location was based 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. We expect to spud the next well (the "Wolf #1-7") in this drilling program within the next two weeks. The total estimated time to complete the entire drilling program is approximately six months.

Delta owns a 10% working interest in this program.

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 in 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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