SCOTTSDALE, Ariz., Sept. 1, 2011 /PRNewswire/ -- Delta Mutual, Inc.
("Delta" or the "Company") -- (OTTC NY: DLTZ) proudly announces
that its wholly-owned subsidiary, Southamerican Hedge Fund (SAHF),
has been awarded with the License to Explore, Drill and eventually
Produce Oil & Natural Gas in the Valle de Lerma Area located in
Salta, Argentina. SAHF is planning
on commencing on September 15th, 2011
its field program, which will encompass: a reinterpretation of
existing 2D seismic lines of the Area; and resource definition
drilling, engineering and environmental baseline studies, and a
work-over on a 1994 well named "La Troja." In addition, a
Preliminary Economic Assessment ("PEA") is in progress and is
expected to be completed in the fourth quarter of 2011.
The Company recently announced on August
18th, 2011 the receipt of a Government Note (Resolution
Number 07/11) from REMSA (Mining and Energy Resources Company), a
state-owned Salta Company, notifying the approval of the Assignment
of the Valle de Lerma Concession to SAHF and Grasta Petroleo, an
Argentine local Refinery. The International and Domestic Bid Nr
02/11 was made according to Article 31 of the Federal Law 6838.
Field Program Details. SAHF is the Joint Venture
Operator
Valle de Lerma is an oil and gas
concession with an area of 5259 Km(2) that encompasses the Salta
capital. The Area has two wells that were drilled in the early
1990's: St. CMo. x-1 (Coronel Moldes) in 1990, and St. LT. X-1001
(La Troja) in 1994. The exploration target according to initial
interpretation of 2D was the Cretaceous formation.
SAHF has received the required regulatory permits to commence
its field program, which will include approximately 14 days of
work-over on the La Troja Well, with a depth of 1435 meters,
drilled in 1994, with tests showing hydrocarbon traces at the
1277/1280 meter interval depth. The 2011 program is designed to
detect the pay zone of the La Troja Well and accommodate the Area
to start production.
- Resource Definition - data collection to update the
existing resource estimate:
- Aiming to the reinterpretation of existing 2D seismic
lines,
- NEXUS, LLC performing the geology and lithology review of the
block, and
- Intending to increase the hydrocarbon migrate pathway knowledge
using extensive micro seepage survey.
- Geological Studies – 3D Seismic procedures to be
performed around the existing wells to improve the collection of
surface, structural and drill hole data to enhance the current
geological model.
- Oil Analysis & Marketing - obtain an oil sample from
La Troja Well core for oil quality analysis to:
- Determine if oil specifications meet commercial standards,
and
- Estimate potential pricing.
- Engineering Studies - Detailed work for definition of
Layout structures like Containers, Gas Separators, Batteries,
including:
- Tests and studies to fully assess surface capability.
- Environmental Baseline and Specific Impact Studies -
data will be collected to meet regulatory requirements for
environmental baseline data.
About Delta Mutual, Inc.
The common shares of the Company are currently listed on the
OTCC Market (symbol DLTZ ). For further details on the Company
readers are referred to the Company's web site
(www.deltamutual.com), and to the United
States regulatory filings on EDGAR at www.sec.gov.
On Behalf of the Board of Directors of
DELTA MUTUAL, INC.
"Daniel Peralta"
(signed)
Dr Daniel Peralta, Chief Executive
Officer
Contact Information:
Malcolm Sherman
Email: mwsherman3@aol.com
Phone: 480-477-5809
Fax: 480-477-5808
Cautionary Note Regarding 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 fund, 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, total
potential revenue, substantially exceeds, etc. 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 filings.
SOURCE Delta Mutual, Inc.