Delta Oil & Gas, Inc. (DLTA) Gives Updates for Lonestar and King City, California
Delta Oil and Gas, Inc., the independent natural gas and oil company, recently reported to its shareholders an update on its King City and Lonestar, California prospects. On May 25, 2009, Delta Oil & Gas entered a Farm-out agreement with Sunset Exploration for the drilling and exploration of 10,000 acres of land in Monterey County, California. As terms of the agreement, Delta Oil will pay 66.67% of all costs expended in respect of the initial test well to earn a 40% Working Interest. On the wells, Delta agreed to pay 40% of the cost in order to earn a 40%…