SOURCE: Delta Oil & Gas, Inc.

January 29, 2008 13:00 ET

Delta Oil & Gas Completes Five-Well Drilling Program at Garvin & Murray Counties, Oklahoma

SEATTLE, WA--(Marketwire - January 29, 2008) - Delta Oil & Gas, Inc. (OTCBB: DOIG) is pleased to announce that it has completed its five-well drilling program at Garvin & Murray Counties, Oklahoma (the "2006-03 Drilling Program") in which it held a 10% working interest.

Upon completion and testing of all the wells, it was determined that three of the wells should be completed in anticipation of the production of hydrocarbons. Subsequent to completion of these wells, two are economically viable at this time. The first of these successful wells resulted from drilling to a depth of 6,807 feet in the Plaster Prospect. The Plaster #1 well encountered sizeable hydrocarbon showings in the 2nd Deese Sand interval and is now producing in excess of approximately 625 mcf of natural gas per day with small amounts of associated oil. The second well which is currently producing is the Dale #1 which was a re-entry into an existing well. The total depth of this well is 5,400 feet and to date, the well has been producing in the range of 2 to 3 barrels of oil per day. The third well known as the Elizabeth #1-25 drilled in the Meridian Prospect has not yet produced anything and its viability remains unknown.

Although our success rate on the 2006-03 Drilling Program on a percentage basis was lower than expected, we are pleased with the production results from the Plaster #1 well. With the additional production from these two wells, we are increasing our cash flows from operations which is in keeping with our stated business model.

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 the following prospects: the acreage in the Southern Alberta Foothills area, the Strachan Prospect, the Mississippi prospect, the horizontal drilling prospect in Saskatchewan, the Owl Creek Prospect at Oklahoma, the 2006-03 Prospect at Garvin and Murray Counties, Oklahoma and the 2007-01 Prospect in Garvin County, 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, CEO

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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