ASSIGNMENT OF OIL, GAS &
LIQUID HYDROCARBON LEASES





THE STATE
OF TEXAS    §


§   
KNOW ALL MEN BY THESE PRESENTS:


COUNTY OF
NEWTON     §





THAT, WHEREAS, the undersigned Barry
Lasker(hereinafter referred to
as (“Assignor”), whose address is 451 Brown Saddle Street, Houston, Texas 77057,
is the Lessee in and owner of those certain Oil, Gas & Liquid Hydrocarbon
Leases (the “Leases”) described in Exhibit A attached to this Assignment and
made a part hereof, covering lands situated in Newton County, Texas, all as more
fully described in the Leases; and





WHEREAS, Assignor desires to convey the
Leases to Delta Oil
& Gas, Inc. (hereinafter referred
to as “Assignee”), whose address is Suite 604 - 704 West Pender Street,
Vancouver, British Columbia, Canada, V6C 1G8;





NOW, THEREFORE, for and in
consideration of the sum of Ten and No/100 Dollars ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged and confessed, Assignor has and does hereby GRANT, BARGAIN, SELL,
TRANSFER, CONVEY and ASSIGN unto Assignee all of Assignor’s right, title and
interest in and to the Leases, subject to the conditions hereof.





Assignee shall indemnify, defend and
hold Assignor harmless against any claim, liability, loss or cost which may
arise from or be attributable to Assignee’s operations and activities on or
relating to the lands covered by the Leases or lands pooled
therewith.  Assignee shall fully assume all the responsibilities and
liabilities, if any, of the Lessee in the Leases just as if Assignee had
originally been named as the Lessee therein.





This Assignment may be executed in
counterparts, each of which as so executed shall be given the effect of the
execution of the original instrument.  If counterparts of this
instrument are executed, for recording purposes, the pages containing the
signatures and acknowledgments of the parties, as affixed hereto, may be
combined, and treated and given effect for all purposes, as a single
instrument.





EXECUTED AND DELIVERED, without
warranty of title, by the parties as of the dates of their respective notarial
acknowledgments to be effective for all purposes as of the 15th day of July,
2009.








ASSIGNOR








/s/ Barry
Lasker


Barry Lasker




ASSIGNEE:





Delta Oil & Gas, Inc.








By: /s/
Kulwant
Sandher


Title:    C.F.O.







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STATE OF
TEXAS§


COUNTY OF
HARRIS§





This instrument was acknowledged before
me this 15th
day of July,
2009, by Barry
Lasker.








/s/Kelly
Watson


Notary Public in and for the State of
Texas








PROVINCE
OF BRITISH COLUMBIA








This instrument was acknowledged before
me this 29th
day of July,
2009, by Kulwant Sandher as
CFO of Delta Oil & Gas,
Inc., a Colorado corporation, on behalf of said corporation.








/s/ Edward L.
Mayerhofer


A
Commissioner for Oaths or Notary Public


in and
for the Province of British Columbia.


My
appointment expires (Does Not
Expire)












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EXHIBIT
A





ATTACHED
TO AND MADE A PART OF THAT CERTAIN ASSIGNMENT OF OIL, GAS AND LIQUID HYDROCARBON
LEASES DATED JULY 15, 2009, FROM BARRY LASKER, AS ASSIGNOR, TO
DELTA OIL & GAS,
INC., AS ASSIGNEE, AS TO THE FOLLOWING OIL, GAS & LIQUID HYDROCARBON
LEASES COVERING 243.81 ACRES, MORE OR LESS, OUT OF THE GEORGE BURGIN SURVEY,
A-49, NEWTON COUNTY, TEXAS, TO-WIT:





1.
            Oil,
      Gas & Liquid Hydrocarbon Lease dated March 26, 2009, by and between,
      Donner Properties, as Lessor, and Barry Lasker, as Lessee, a Memorandum of
      which is recorded in Book 578, Page 799 of the Official Public Records of
      Newton County, Texas; and





2.
            Oil,
      Gas & Liquid Hydrocarbon Lease dated March 26,2009, by and between
      James L. Negley and George L. Winter, Trustee of the George L. Winter
      Revocable Trust, as Lessor, and Barry Lasker, as Lessee, a Memorandum of
      which is recorded in Book 578, Page 801  of the Official Public
      Records of Newton County, Texas.











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