SCOTTSDALE, Ariz., Sept. 19, 2017 /PRNewswire/ -- Delta International Oil & Gas, Inc. (OTCQB: DLTZ) ("Delta") is pleased to announce that it has signed an asset purchase agreement for the acquisition of an oil property in Polk County, Texas from Crestmont Operating, LLC.
Under the terms of the definitive agreement, Delta acquired a 4-well lease in Polk County, Texas which is estimated to produce 15-20 barrels of oil per day once a workover is completed on one of the wells.
"We're pleased to announce our third transaction this year," stated Santiago Peralta, CEO of Delta. "We expect the new well to start producing oil within 90 days once a workover is completed. We are also pleased to announce that the Landmaster well which we previously invested in has started producing approximately 15 barrels of oil per day and a second well is expected to be drilled within the next 2 months. These properties and others we are looking at are starting to form a good core of oil producing properties for Delta and our shareholders. Our goal is to do several more transactions over the next 12 months."
Forward Looking Statements
This press release contains forward–looking statements that involve risks and uncertainties, which may include statements about business strategy and development plans, plans for entering new business, anticipated sources of funds, including proceeds from future operations and plans, objectives, expectations and intentions contained in the Press Release that are not historical facts such as "estimated gross…prospective resources, will be sold, etc." Because these forward looking statements involve risk and uncertainties, actual results could differ materially from those discussed in the Press Release. These risks are outlined in our SEC filings.
SOURCE Delta International Oil and Gas, Inc.