**FORM        10-QSB**

| [X]                  | Quarterly                  Report pursuant to Section 13 or 15(d) of the Securities Exchange                  Act of                  1934 |
|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------|
|                 |                                                                                                                                       |
|                 | For                  the quarterly period ended September                  30, 2005                                                        |
|                 |                                                                                                                                       |
| [                  ] | Transition                  Report pursuant to 13 or 15(d) of the Securities Exchange Act of                  1934                         |
|                 |                                                                                                                                       |
|                 | For                  the transition period __________                   to                  __________                                |
|                 |                                                                                                                                       |
|                 | Commission                  File Number:  333-82636                                                                                   |

| Colorado | 91-2102350 |
|----------|------------|

| (State                          or other jurisdiction of incorporation or                          organization) | (IRS                          Employer Identification No.) |
|------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|

| 1122                  6th                  Avenue North, Seattle, Washington 98109 |
|------------------------------------------------------------------------------------|
| (Address                  of principal executive offices)                          |

| 866-355-3644                                                                                                         |
|----------------------------------------------------------------------------------------------------------------------|
| (Issuer’s                  telephone number)                                                                   |
|  _______________________________________________________________                                                |
| (Former                  name, former address and former fiscal year, if changed since last                  report) |

----

Table            of Contents

|                                                  | TABLE                  OF CONTENTS                                                            |   Page |
|-------------------------------------------------------|-----------------------------------------------------------------------------------------------|------------------|
|  PART                  I - FINANCIAL INFORMATION |
| Item                  1:                              | Financial                  Statements                                                         | 3                |
| Item                  2:                              | Management’s                  Discussion and Analysis                                   | 4                |
| Item                  3:                              | Controls                  and Procedures                                                      | 9                |
|  PART                  II - OTHER INFORMATION    |
| Item                  1:                              | Legal                  Proceedings                                                            | 10               |
| Item                  2:                              | Unregistered                  Sales of Equity Securities and Use of                  Proceeds | 10               |
| Item                  3:                              | Defaults                  Upon Senior Securities                                              | 10               |
| Item                  4:                              | Submission                  of Matters to a Vote of Security                  Holders         | 11               |
| Item                  5:                              | Other                  Information                                                            | 11               |
| Item                  6:                              | Exhibits                                                                                      | 11               |

----

Table            of Contents

**PART        I - FINANCIAL INFORMATION**

**Item        1.** **     Financial        Statements**

| (a)       | Unaudited                  Consolidated Balance Sheet as of September                  30, 2005.                                                                                 | F-1       |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|  (b) |  Unaudited                  Consolidated Statements of                  Operations for the three and nine month periods ended September 30,                  2005 and 2004; |  F-2 |
|  (c) |  Unaudited                  Consolidated Statements of Cash Flows for the                  nine months ended September 30, 2005 and 2004; and                               |  F-3 |
|  (d) |  Unaudited                  Consolidated Statement of Changes in                  Stockholders' Equity (Deficiency)                                                         |  F-4 |
|  (d) |  Notes                  to Unaudited Consolidated Financial                  Statements                                                                                     |  F-5 |

----

Table            of Contents

**DELTA        OIL & GAS, INC.**

**(A        Development Stage Company)**

**CONSOLIDATED        FINANCIAL STATEMENTS**

**SEPTEMBER        30, 2005**

**(Unaudited)**

**(Stated        in U.S. Dollars)**

----

Table            of Contents

**DELTA        OIL & GAS, INC.**

**(A        Development Stage Company)**

**CONSOLIDATED        BALANCE SHEETS**

**(Unaudited)**

**(Stated        in U.S. Dollars)**

|                                                                                                                       | **SEPTEMBER                  30** |              | DECEMBER                  31 |
|----------------------------------------------------------------------------------------------------------------------------|-----------------------------------|-------------------|------------------------------|
|                                                                                                                       | **2005**                          |              | 2004                         |
|                                                                                                                       |                              |              |                         |   |  (Audited) |
| **ASSETS**                                                                                                                 |                              |              |                         |   |   |
| **Current**                                                                                                                |                              |              |                         |   |   |
| Cash                                                                                                                       | **$**                             | **845,758**       |                         | $ | - |
| Accounts                  receivable                                                                                       |                              | **9,393**         |                         |   | 7,863 |
| Prepaid                  expenses                                                                                          |                              | **8,047**         |                         |   | - |
|                                                                                                                       |                              | **863,198**       |                         |   | 7,863 |
| **Natural                  Gas And Oil Properties**                                                                        |                              |              |                         |   |   |
| Proved                  property                                                                                           |                              | **1,272**         |                         |   | 1,272 |
| Unproved                  properties                                                                                       |                              | **1,919,393**     |                         |   | 50,000 |
|                                                                                                                       |                              | **1,920,665**     |                         |   | 51,272 |
| **Other                  Equipment**                                                                                       |                              |              |                         |   |   |
| Computer                  equipment                                                                                        |                              | **3,492**         |                         |   | 1,741 |
| Less:                  Accumulated depreciation                                                                            |                              | **(1,957)**       |                         |   | 1,741 |
|                                                                                                                       |                              | **1,535**         |                         |   | - |
|                                                                                                                       |                              |              |                         |   |   |
|                                                                                                                       | **$**                             | **2,785,398**     |                         | $ | 59,135 |
|                                                                                                                       |                              |              |                         |   |   |
| **LIABILITIES**                                                                                                            |                              |              |                         |   |   |
| **Current**                                                                                                                |                              |              |                         |   |   |
| Excess                  of checks issued over funds on deposit                                                             | **$**                             | **-**             |                         | $ | 5,283 |
| Accounts                  payable                                                                                          |                              | **309,945**       |                         |   | 16,679 |
| Accrued                  interest payable                                                                                  |                              | **-**             |                         |   | 17,362 |
| Advances                  payable                                                                                          |                              | **-**             |                         |   | 7,974 |
| Due                  to related party                                                                                      |                              | **-**             |                         |   | 13,122 |
| Current                  portion of notes payable                                                                          |                              |  211,441     |                         |   |  - |
|                                                                                                                       |                              | **521,386**       |                         |   | 60,420 |
| **Promissory                  Note Payable**                  (Note 4)                                                     |                              | **-**             |                         |   | 37,254 |
|                                                                                                                       |                              | **521,386**       |                         |   | 97,674 |
|                                                                                                                       |                              |              |                         |   |   |
| **STOCKHOLDERS’                  EQUITY (DEFICIENCY)**                                                               |                              |              |                         |   |   |
|                                                                                                                       |                              |              |                         |   |   |
| **Share                  Capital**                                                                                         |                              |              |                         |   |   |
| Authorized:                                                                                                                |                              |              |                         |   |   |
| 100,000,000                  common voting shares, par value $0.001 per share                                              |                              |              |                         |   |   |
| 25,000,000                  preferred shares, par value $0.001 per share                                                   |                              |              |                         |   |   |
|                                                                                                                       |                              |              |                         |   |   |
| Issued                  and outstanding:                                                                                   |                              |              |                         |   |   |
| 43,050,735                  common shares at September 30, 2005 and41,296,750                  shares at December 31, 2004 |                              |  **43,051**  |                         |   |  41,297 |
|                                                                                                                       |                              |              |                         |   |   |
| Additional                  paid-in capital                                                                                |                              | **2,050,013**     |                         |   | 63,328 |
| Share                  subscriptions received                                                                              |                              |  **899,985** |                         |   |  160,000 |
| Stock                  options receivable                                                                                  |                              | **(16,000)**      |                         |   | - |
|                                                                                                                       |                              |              |                         |   |   |
| **Deficit                  Accumulated During The Development Stage**                                                      |                              | **(713,037)**     |                         |   | (303,164) |
|                                                                                                                       |                              | **2,264,012**     |                         |   | (38,539) |
|                                                                                                                       |                              |              |                         |   |   |
|                                                                                                                       | **$**                             | **2,785,398**     |                         | $ | 59,135 |

----

Table            of Contents

**DELTA        OIL & GAS, INC.**

**(A        Development Stage Company)**

**CONSOLIDATED        STATEMENTS OF        OPERATIONS**

**(Unaudited)**

**(Stated        in U.S. Dollars)**

|                                                                     | **THREE                        MONTHS ENDED****SEPTEMBER                        30** | **NINE                        MONTHS ENDEDSEPTEMBER 30** | **CUMULATIVE****PERIOD                                FROM****INCEPTION****JANUARY                                9****2001                                TO****SEPTEMBER                                30** |
|--------------------------------------------------------------------------|--------------------------------------------------------------------------------------|----------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                     | **2005**                                                                             | 2004                                                     | **2005**                                                                                                                                                                                                       | 2004 | 2005 |
|                                                                     |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| **Revenue**                                                              |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Natural                        gas and oil sales                         |  **$**                                                                          |  **1,073**                                          |  $                                                                                                                                                                                                        |  148 |  **$** |  **4,861** |  $ |  6,865 |  $ |  91,624 |
|                                                                     |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| **Costs                        And Expenses**                            |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| Natural                        gas and oil operating expenses            |                                                                                 |   **922**                                      |                                                                                                                                                                                                           |   3,180 |   |   **3,590** |   |   6,243 |   |   32,894 |
| General                        and administration                        |                                                                                 |  **60,137**                                         |                                                                                                                                                                                                           |  10,858 |   |  **142,213** |   |  27,022 |   |  281,331 |
| Depreciation                        and depletion                        |                                                                                 |  **146**                                            |                                                                                                                                                                                                           |  - |   |  **217** |   |  1,385 |   |  37,529 |
| Impairment                        of oil and gas properties              |                                                                                 |  **-**                                              |                                                                                                                                                                                                           |  - |   |  **-** |   |  - |   |  65,503 |
| Dry                        well costs written off                        |                                                                                 | **-**                                                    |                                                                                                                                                                                                           |  - |   |  **-** |   |  - |   |  118,690 |
| Stock                        based compensation                          |                                                                                 |  **268,714**                                        |                                                                                                                                                                                                           |  - |   |  **268,714** |   |  - |   |  268,714 |
|                                                                     |                                                                                 | **329,919**                                              |                                                                                                                                                                                                           | 14,038 |   | **414,734** |   | 34,650 |   | 804,661 |
|                                                                     |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| **Net                        Loss For The Period**                       |  **$**                                                                          |  **(328,846)**                                      |  $                                                                                                                                                                                                        |  (13,890) |  **$** |  **(409,873)** |  $ |  (27,785) |  $ |  (713,037) |
|                                                                     |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                     |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| **Basic                        And Diluted Loss Per Share**              |  **$**                                                                          |  **(0.01)**                                         |  $                                                                                                                                                                                                        |  (0.00) |  **$** |  **(0.01)** |  $ |  (0.00) |   |   |
|                                                                     |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                     |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| **Weighted                        Average Number Of Outstanding Shares** |                                                                                 |  **42,664,440**                                     |                                                                                                                                                                                                           |  41,296,750 |   |  **42,016,997** |   |  41,296,750 |   |   |

----

Table            of Contents

**DELTA        OIL & GAS, INC.(A Development Stage        Company)**

**CONSOLIDATED        STATEMENTS OF CASH FLOWS**

**(Unaudited)**

**(Stated        in U.S. Dollars)**

|                                                                                                                  | **NINE                  MONTHS ENDED****SEPTEMBER                  30** | **CUMULATIVE****PERIOD                          FROM****INCEPTION****JANUARY                          9****2001                          TO****SEPTEMBER                          30** |
|-----------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  | **2005**                                                                | 2004                                                                                                                                                                                   | 2005 |
|                                                                                                                  |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| **Cash                  Flows Used By Operating Activities**                                                          |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| Net                  loss for the period                                                                              | **$**                                                                   | **(409,873)**                                                                                                                                                                          | $ | (27,785) | $ | (713,037) |
|                                                                                                                  |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| **Adjustments                  To Reconcile Net Loss To Net Cash Used By Operating                  Activities** |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| Depreciation                  and depletion                                                                           |                                                                    | **217**                                                                                                                                                                                |   | 1,385 |   | 37,529 |
| Impairment                  of natural gas and oil                      properties                |                                                                    |  **-**                                                                                                                                                                            |   |  - |   |  65,503 |
| Dry                  well costs written off                                                                           |                                                                    | **-**                                                                                                                                                                                  |   | - |   | 118,690 |
| Stock                  based compensation                                                                             |                                                                    | **268,714**                                                                                                                                                                            |   | - |   | 268,714 |
|                                                                                                                  |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| Change                  in non-cash operating working capital items:                                                  |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| Accounts                  receivable                                                                                  |                                                                    | **(1,530)**                                                                                                                                                                            |   | 3,465 |   | (9,393) |
| Accounts                  payable                                                                                     |                                                                    | **293,266**                                                                                                                                                                            |   | 15,517 |   | 309,945 |
| Accrued                  interest payable                                                                             |                                                                    | **(17,362)**                                                                                                                                                                           |   | 6,465 |   | - |
| Prepaid                  expenses                                                                                     |                                                                    | **(8,047)**                                                                                                                                                                            |   | - |   | (8,047) |
| **Net                  Cash Used By Operating Activities**                                                            |                                                                    | **125,385**                                                                                                                                                                            |   | (953) |   | 69,904 |
|                                                                                                                  |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| **Cash                  Flows Used By Investing Activities**                                                          |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| Purchase                  of natural gas and oil properties                                                           |                                                                    | **(1,869,394)**                                                                                                                                                                        |   | - |   | (2,140,430) |
| Purchase                  of other equipment                                                                          |                                                                    | **(1,751)**                                                                                                                                                                            |   | - |   | (3,492) |
| **Net                  Cash Used By Investing Activities**                                                            |                                                                    | **(1,871,145)**                                                                                                                                                                        |   | - |   | (2,143,922) |
|                                                                                                                  |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| **Cash                  Flows From Financing Activities**                                                             |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| Issue                  of common stock                                                                                |                                                                    | **1,719,725**                                                                                                                                                                          |   | - |   | 1,824,350 |
| Share                  subscriptions received                                                                         |                                                                    | **739,985**                                                                                                                                                                            |   | - |   | 899,985 |
| Share                  subscriptions receivable                                                                       |                                                                    | **(16,000)**                                                                                                                                                                           |   | - |   | (16,000) |
| Due                  to related party                                                                                 |                                                                    | **(13,122)**                                                                                                                                                                           |   | - |   | - |
| Advances                  payable                                                                                     |                                                                    | **(7,974)**                                                                                                                                                                            |   | 2,000 |   | - |
| Promissory                  notes payable                                                                             |                                                                    | **174,187**                                                                                                                                                                            |   | - |   | 211,441 |
| **Net                  Cash From Financing Activities**                                                               |                                                                    | **2,596,801**                                                                                                                                                                          |   | 2,000 |   | 2,919,776 |
|                                                                                                                  |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| **Increase                  In Cash**                                                                                 |                                                                    | **851,041**                                                                                                                                                                            |   | 1,047 |   | 845,758 |
|                                                                                                                  |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| **Cash                  (Excess Of Checks Issued Over Funds On Deposit), Beginning Of                  Period**       |                                                                    |  **(5,283)**                                                                                                                                                                      |   |  63 |   |  - |
|                                                                                                                  |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| **Cash,                  End Of Period**                                                                              | **$**                                                                   | **845,758**                                                                                                                                                                            | $ | 1,110 | $ | 845,758 |

----

Table            of Contents

**DELTA        OIL & GAS, INC.(A Development Stage        Company)**

**CONSOLIDATED        STATEMENT OF CHANGES IN STOCKHOLDERS’        EQUITY(DEFICIENCY)**

**PERIOD        FROM INCEPTION, JANUARY 9, 2001, TO SEPTEMBER 30, 2005**

**(Unaudited)**

**(Stated        in U.S. Dollars)**

|                                                                                                         | **COMMON                      STOCK**              | **DEFICIT                      ACCUMULATED** |                         |
|--------------------------------------------------------------------------------------------------------------|----------------------------------------------------|----------------------------------------------|------------------------------|
|                                                                                                         | **NUMBER                          OF**COMMONSHARES | **PAR**VALUE                                 | **ADDITIONAL**PAID-INCAPITAL | **SHARE**SUBSCRIPTIONSRECEIVED | **STOCK**OPTIONSRECEIVABLE | **DURING                          THE**DEVELOPMENTSTAGE |  **TOTAL** |
|                                                                                                         |                                               |                                         |                         |   |   |   |   |   |   |   |   |   |   |
| Shares                      issued for cash at $0.00018                                                      | 13,750,000                                         | $                                            | 13,750                       | $ | (11,250) | $ | - | $ | - | $ | - | $ | 2,500 |
| Shares                      issued for cash at $0.0036                                                       | 27,500,000                                         |                                         | 27,500                       |   | 72,500 |   | - |   | - |   | - |   | 100,000 |
| Shares                      issued for cash at $0.045                                                        | 46,750                                             |                                         | 47                           |   | 2,078 |   | - |   | - |   | - |   | 2,125 |
| Net                      loss for the period                                                                 | -                                                  |                                         | -                            |   | - |   | - |   | - |   | (184,407) |   | (184,407) |
|                                                                                                         |                                               |                                         |                         |   |   |   |   |   |   |   |   |   |   |
| Balance,                      December 31, 2001                                                              | 41,296,750                                         |                                         | 41,297                       |   | 63,328 |   | - |   | - |   | (184,407) |   | (79,782) |
|                                                                                                         |                                               |                                         |                         |   |   |   |   |   |   |   |   |   |   |
| Net                      loss for the year                                                                   | -                                                  |                                         | -                            |   | - |   | - |   | - |   | (62,760) |   | (62,760) |
|                                                                                                         |                                               |                                         |                         |   |   |   |   |   |   |   |   |   |   |
| Balance,                      December 31, 2002                                                              | 41,296,750                                         |                                         | 41,297                       |   | 63,328 |   | - |   | - |   | (247,167) |   | (142,542) |
|                                                                                                         |                                               |                                         |                         |   |   |   |   |   |   |   |   |   |   |
| Net                      loss for the year                                                                   | -                                                  |                                         | -                            |   | - |   | - |   | - |   | (24,423) |   | (24,423) |
|                                                                                                         |                                               |                                         |                         |   |   |   |   |   |   |   |   |   |   |
| Balance,                      December 31, 2003                                                              |  41,296,750                                   |                                         |  41,297                 |   |  63,328 |   |  - |   |  - |   |  (271,590) |   |  (166,965) |
|                                                                                                         |                                               |                                         |                         |   |   |   |   |   |   |   |   |   |   |
| Share                      subscriptions received                                                            | -                                                  |                                         | -                            |   | - |   | 160,000 |   |   |   | - |   | 160,000 |
| Net                      loss for the year                                                                   | -                                                  |                                         | -                            |   | - |   |   |   | - |   | (31,574) |   | (31,574) |
|                                                                                                         |                                               |                                         |                         |   |   |   |   |   |   |   |   |   |   |
| Balance,                      December 31, 2004                                                              |  41,296,750                                   |                                         |  41,297                 |   |  63,328 |   |  160,000 |   |  - |   |  (303,164) |   |  (38,539) |
|                                                                                                         |                                               |                                         |                         |   |   |   |   |   |   |   |   |   |   |
| Shares                      issued for cash at $1.00, net of   share issuance                      cost |  1,583,985                                    |                                         |  1,584                  |   |  1,582,141 |   |  (160,000) |   |  - |   |  - |   |  1,423,725 |
| Options                      exercised for cash at $0.80                                                     | 170,000                                            |                                         | 170                          |   | 135,830 |   | - |   | (16,000) |   | - |   | 120,000 |
| Stock                      based compensation                                                                | -                                                  |                                         | -                            |   | 268,714 |   | - |   | - |   | - |   | 268,714 |
|  Share                    subscriptions received                                                        |                                               |                                         |                         |   |   |   |  899,985 |   |   |   |   |   |  899,985 |
| Net                      loss for the period                                                                 | -                                                  |                                         | -                            |   | - |   | - |   | - |   | (409,873) |   | (409,873) |
| Balance,                      September 30, 2005                                                             | 43,050,735                                         | $                                            | 43,051                       | $ | 2,050,013 |   | 899,985 |   | (16,000) | $ | (713,037) | $ | 2,264,012 |

----

Table            of Contents

**DELTA        OIL & GAS, INC.(A Development Stage        Company)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER        30, 2005**

**(Unaudited)**

**(Stated        in U.S. Dollars)**

| **1.** | **BASIS                  OF PRESENTATION** |
|--------|--------------------------------------------|

| **2.** | **ORGANIZATION                  AND BUSINESS** |
|--------|------------------------------------------------|

| **3.** | **NATURAL                  GAS AND OIL PROPERTIES** |
|--------|-----------------------------------------------------|

----

Table            of Contents

**DELTA        OIL & GAS, INC.**

**(A        Development Stage Company)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER        30, 2005**

**(Unaudited)**

**(Stated        in U.S. Dollars)**

| **3.** | **NATURAL                  GAS AND OIL PROPERTIES**                  (Continued) |
|--------|----------------------------------------------------------------------------------|

| **4.** | **PROMISSORY                  NOTES PAYABLE** |
|--------|-----------------------------------------------|

| **5.** | **SHARE                  CAPITAL** |
|--------|------------------------------------|

----

Table            of Contents

**DELTA        OIL & GAS, INC.**

**(A        Development Stage Company)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER        30, 2005**

**(Unaudited)**

**(Stated        in U.S. Dollars)**

| **5.** | **SHARE                  CAPITAL**                  (Continued) |
|--------|-----------------------------------------------------------------|

|                                                          | **NUMBER** |      | **WEIGHTED****AVERAGE****EXERCISE****PRICE** |
|---------------------------------------------------------------|------------|-----------|----------------------------------------------|
|  Balance                                                 |       | -         |                                         | $ | - |
|                                                          |       |      |                                         |   |   |
|  Granted                                                 |       | 550,000   |                                         | $ | 0.80 |
|  Exercised                                               |       | (170,000) |                                         | $ | (0.80) |
|                                                          |       |      |                                         |   |   |
|  Balance                  outstanding, December 31, 2004 |       | 380,000   |                                         | $ | (0.80) |

| ** OPTIONS                    OUTSTANDING** | ** OPTIONS                    EXERCISABLE** |
|--------------------------------------------------|--------------------------------------------------|
| **EXERCISE****PRICE**                            | **NUMBERS                    OF****SHARES**      | **REMAINING****CONTRACTUAL****LIFE                    (YEARS)** | **NUMBER                    OF SHARES** |
|  $                    0.80                  |  380,000                                    |  2.75 |  242,500 |

|  Dividend                  yield          | 0                          |
|------------------------------------------------|----------------------------|
|  Expected                  volatility     | 82%                        |
|  Risk                  free interest rate | 3.77%                      |
|  Expected                  life           | 3                    years |

| **6.** | **RELATED                  PARTIES** |
|--------|--------------------------------------|

| **7.** | **SUBSEQUENT                  EVENT** |
|--------|---------------------------------------|

----

Table            of Contents

**Item        2.     Management’s Discussion and Analysis**

**Forward-Looking        Statements**

**Management’s        Discussion and Analysis **

----

Table            of Contents

----

Table            of Contents

| a)   | in                  the Spacing Unit for the Earning                  Well: |
|----------------|-----------------------------------------------------------------------------|

| i)   | a                  2.000% interest in the petroleum and natural gas below the base                  of the                  Mannville excluding natural gas in the Leduc formation;                  and |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table            of Contents

| ii)   | a                  4.000% interest in the natural gas in the Leduc formation before                  payout                  subject to payment of the Overriding Royalty which is convertible                  upon                  payout at royalty owners option to 50% of our Interest;                  and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | a                  1.600% interest in the rights below the base of the Shunda formation                  in                  Section 10, Township 38, Range                  9W5M. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | a                  1.289% interest in the rights below the base of the Shunda formation                  in                  Section 15 and 16, Township 38, Range 9W5M, down to the base of                  the                  deepest formation penetrated. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Results        of Operations for the Three and Nine Months Ended September 30,        2005**

| ·   | Rent                  payment in connection with the acquisition of additional office                  space; |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| ·   | The                  creation of information packages available for interested parties                  upon                  request; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Fees                  paid to consultants and outside directors. |
|--------------------|------------------------------------------------------------------|

**Assets**

----

Table            of Contents

**Liquidity        and Capital Resources**

**Going        Concern  **

**Revenue        Recognition **

----

Table            of Contents

**Item        3.     Controls and Procedures**

----

Table            of Contents

**PART        II - OTHER INFORMATION**

**Item        1.     Legal        Proceedings**

**Item        2.     Unregistered Sales of Equity        Securities and Use of Proceeds**

**Item        3.     Defaults upon Senior        Securities**

----

Table            of Contents

**Item        4.     Submission of Matters to a Vote        of        Security Holders**

**Item        5.     Other        Information**

**Item        6.      Exhibits**

| **Exhibit****Number** | **Description                  of Exhibit**                                                                                                                                                                                                                        |
|-----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1                  | Farmout                  Agreement with Odin Capital Inc. relating to Leduc formation test                  well                  1                                                                                                                                |
| 10.2                  | Farmout                  Agreement relating to Cache Slough Prospect 2                                                                                                                                                                                             |
| 31.1                  | Certification                  of Chief Executive Officer pursuant to 18                  U.S.C. Section 1350, as adopted pursuant to Section 302 of the                  Sarbanes-Oxley Act of 2002                                                               |
| 31.2                  | Certification                  of Chief Financial Officer pursuant to 18                  U.S.C. Section 1350, as adopted pursuant to Section 302 of the                  Sarbanes-Oxley Act of 2002                                                               |
| 32.1                  | Certification                  of Chief Executive Officer and Chief                  Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted                  pursuant                  to Section 906 of the Sarbanes-Oxley Act of                  2002 |

| 1   | Previously                  filed as an exhibit to Current Report on Form 8-K filed with the                  Securities and Exchange Commission on May 26,                  2005 |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2   | Previously                  filed as an exhibit to Current Report on Form 8-K filed with the                  Securities and Exchange Commission on September 29,                  2005 |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table            of Contents

**SIGNATURES**

|   | **Delta                  Oil & Gas, Inc.**                                                                                                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                  |
| Date:  | November                  17, 2005                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                  |
|   |  By:       /s/                  Douglas Bolen                Douglas                  BolenTitle:**    Chief                  Executive Officer, Chief Financial Officer, and                  Director** |