SCOTTSDALE, Ariz., Nov. 1, 2011 /PRNewswire/ -- Delta Mutual, Inc.
(OTCBB: DLTZ) is pleased to announce that the Valle de Lerma
Exploration and Exploitation Oil & Gas Block License has been
awarded to the Company through its wholly-owned subsidiary, SAHF,
by the Government of Salta, Argentina, under Salta Governor Decree Number
4519 dated October 25th, 2011.
The License covers an area of approximately 5,259 square
kilometers and is located in the Northwest Cretaceous Metan Basin
surrounding the capital city of Salta situated approximately 1700
km Northwest of Buenos Aires. The
license allows SAHF twenty years to explore and produce
hydrocarbons with a renewal option of ten more years.
The Valle de Lerma block has been explored in the past by
YPF and several seismic 2D lines were extensively performed to
research the area. Two Exploratory Wells were drilled in
December 1990 and November 1994 by a private Company; both
indicated hydrocarbon traces or presence. In the second Well, named
"La Troja" (total depth of 1433 mbbp), an oil production of 28 API
density was tested at 1277 mbbp for a test time of 19 hs. For
strategic reasons, the wells were capped.
Delta and its partner, Grasta Petroleum, (a mid size refinery)
will develop the block exploration starting with 2D Seismic
interpretation with Nexus LLC; geological model application and
Hydrocarbon Micro seepage Survey with Geo Microbial Technologies
Argentina (Guemes Method), and La Troja well work over with a local
Rig Co; the target will be the Cretaceous zone, both in old and new
wells.
The exploration Terms are four years for the first period, three
years for the second and two years for the last period.
Dr. Peralta, CEO and Chairman, says: "We are extremely excited
about the challenge of developing this area in the Cretaceous Basin
that we consider, after careful data analysis, to have been
underexplored and, because of that, to have maintained its full
reserve potential." Delta expects to commence the "work-over" phase
of the "La Troja" Well exploration prospect in the Valle de Lerma
Area (SAHF holds controlling interest and is the operator) in the
fourth quarter of 2011.
ABOUT DELTA MUTUAL, INC.
Delta Mutual, Inc. invests in oil and gas properties in
South America. It intends to focus
on its investments in the energy sector, including development of
energy producing investments and alternative energy production in
Latin America and the United States and Canada. Delta is pursuing a strategy of
balancing "carry-over" participation rights in producing Blocks,
and capital-intensive investments in exploratory on-shore Blocks in
which it has operational control.
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 "subject to the executions of definitive agreements,
governments licenses 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.
Contact: Delta Mutual, Inc.
Malcolm W. Sherman, Executive Vice
President
Tel: 480-477 5809
E-Mail Mwsherman3@aol.com
SOURCE Delta Mutual, Inc.