SOURCE: Delta Oil and Gas, Inc.

May 23, 2007 15:00 ET

Delta Oil and Gas Discovers up to 770 Feet of Oil Pay at Its Second Horizontal Well at Wordsworth, Saskatchewan

SEATTLE, WA -- (MARKET WIRE) -- May 23, 2007 -- Delta Oil and Gas, Inc. (OTCBB: DOIG) is extremely pleased to announce that drilling has been completed on its second horizontal oil well to be drilled at East Wordsworth, Saskatchewan (the "Wordsworth #2"). Preliminary logs indicate hydrocarbon showings in one oil bearing zone which has been estimated to be 770 feet in the horizontal section. Completion of this new well is underway.

The decision was made to drill the second well based on the acquisition of additional seismic information and on the success of the first well at Wordsworth, which resulted in an extraordinary discovery for Delta: A new Alida oil pool at East Wordsworth, Saskatchewan, was discovered with indications that this well provides for up to 900 feet of potential pay in the horizontal section with production in the range of 200 barrels of oil per day with associated natural gas. This well provided for a return of our investment in approximately 8 months of production.

The operator has indicated that based on the success to date, it expects to drill one additional well every quarter for the next year. Delta owns a 15% working interest in all additional wells to be drilled in this area. This area is known for prolific oil reserves in numerous Mississippian Alida pools.

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 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 and 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.

Contact Information