|   | 1).  You      agree to purchase an undivided 5.00% Working Interest      in the 2009-1      Drilling      Program for a total Buy-In Cost of $13,125.00 ($262,500.00      x 5.00%) which is      your proportionate share.  The Buy-In Cost shall be invoiced on      a unit by unit basis as each unit becomes ready to drill after all      leasing/pooling takes place.  The Buy-In Cost shall be      $52,500/unit. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2).    Your      initial Buy-In Cost includes all leasehold, whether force pooled or leased      in support of the initial test well as referred to in the trade summary      sections in the 2009-1Drilling Program      technical brochure, geologic expenses, brokerage costs, seismic usage (if      applicable), geophysical interpretations (if applicable), and      overhead. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3).  You      agree to pay your Buy-In Cost, as well as your drilling cost, for the 1st      well/unit upon the execution of this Letter      Agreement.  In      addition, you agree to pay your share of the Estimate Costs to Casting      Point, along with subsequent Unit Buy-In Cost, within three (3) business      days of receipt of an invoice, to be sent at a date prior to the SPUD Date      of each well for the following: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Drilling:  Saddle      Prospect | Saddle      #1-28*           | Garvin      County, OK |
|-------------------------------------------|------------------------------|------------------------|
|                                      | Saddle      #2-28*           | Garvin      County, OK |
|                                      | Saddle      #3-28*           | Garvin      County, OK |
|                                      | Saddle      #1-27*           | Garvin      County, OK |
|                                      | Saddle      #2-27*           | Garvin      County, OK |
|                                      | *Well      names may change. |                   |

| 4). | You      agree to participate in the Drilling Operations to casing point in the      five wells as specified in Item #3 above, with your interest, bearing your      proportionate share of a 12.5% carried Working      Interest in all five wells.  Your Before Casing Point Interest      “BCP” shall be 5.714286% and your After      Casing Point Interest “ACP” shall be 5.00%. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5). | Your      Net Revenue Interest Lease “NRI” in the 2009-1 Drilling      Program shall be at 75%. |
|-----|-------------------------------------------------------------------------------------------------------------|

| 6). | You      understand that one of the 40 acre spacing units is Held By Production      (HBP).  Ranken Energy Corporation is currently in negotiations      with the operator of this unit.  It is possible that this      particular unit cannot be drilled. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7). | You      acknowledge and understand that the 2009-1 Drilling      Program required Forced Pooling under Oklahoma law and as such, the      various Respondents have the right to participate in any      well.  Should any Respondents elect to participate, then your      participation interest may be proportionately reduced in the various      spacing units.  Your drilling costs in the project will also be      proportionately reducedrespectively. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8). | Should      you agree to participate in any completion attempt in any well drilled in      the 2009-1 Drilling      Program, you agree to immediately forward your proportionate share      of the Estimated Completion Costs, upon receipt of invoice, to Ranken      Energy Corporation. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9). | You      agree to become a signatory to a mutually agreeable Joint Operating      Agreement “JOA” consistent with industry standards    (enclosed). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10). | You      acknowledge that you are a sophisticated & accredited investor and      fully understand the inherent risks associated with oil & gas      investing.  Further, you acknowledge that no return on      Investment or Rate of Return has been guaranteed or promised, and, in      fact, accept the possibility that you could lost 100% of your investment      in this program. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11). | You      further agree to complete the subscription agreement required by the      Oklahoma Securities Commission (enclosed), if  applicable. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 12). | RISK FACTORS - The      undersigned understands and agrees that the Working Interest described in      the Brochure are not offered on a “Turn-Key” or similar fixed cost      basis.  Purchasers of Working Interests will be required to pay      for their proportionate share of all costs of drilling, completion, and      operation of the Wells described in the Brochure on the financial basis as      described in the Brochure.  The undersigned confirms that he/she      has the financial capability of paying for his/her share of such costs of      drilling, completing and operating the Wells and that such costs my exceed      the initial estimated costs set forthherein. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| WI      Owner:  Delta Oil & Gas,      Inc.                                                                                                                         | Signature:  /s/      Douglas      Bolen                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                   |
| By:  Douglas      Bolen                             |                     Date:        27 July      2009                                  |

----