Acquisition of Oil and Gas Properties
By admin | Published: October 17th, 2013
Sellersville, PA – October 1, 2008 – Delta Mutual, Inc. (OTCBB: DLTM) announced that it’s wholly-owned subsidiary, South American Hedge Fund (SAHF) has finalized an agreement with JHP International Petroleum Engineering, Ltd. of Beijing, China and Maxipetrol Petroleros de Occidental, SA (an Argentine company), in which, in exchange for certain development rights, SAHF will acquire 23.5% ownership in two oil and gas concessions, known as the Jollin Concession and the Tonono Concession, located in the Province of Salta in Northern Argentina.
These concessions are now producing oil in a commercially accepted amounts. Based on first month of test production, the wells on these concessions are expected to produce between 3,700 and 4,600 barrels per month.
One producing well in the Jollin Concession also contains natural gas. A test re- entry well at this location is expected to be completed in the fourth quarter of 2008. The natural gas production from this source is expected to reach between 530,000 and 600,000 cubic feet per day.
In addition, SAHF anticipates finalizing an agreement in October to construct a 37- kilometer gas pipeline from the Jollin Concession well to a nearby refinery. It is estimated that construction will require a minimum of 45 days before delivery of the natural gas will occur.
About Delta Mutual, Inc. (NOW DELTA INTERNATIONAL OIL & GAS, INC.)
Delta International Oil & Gas, Inc. invests in oil and gas properties in South America. It intends to focus its future investments in currently operating and profitable oil and gas properties.
Forward Looking Statement
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 this Press Release that are not historical facts such as “are expected to produce, is expected to be completed, are expected to reach, anticipates finalizing an agreement, and estimated that construction will require….” Because these forward looking statements involve risk and uncertainties, actual results could differ materially from those discussed in this Press Release. These risks are outlined in our SEC fillings.
Contact: Delta Mutual, Inc. Malcolm W. Sherman, Executive Vice President 215-258-2800