***RANKEN***

***ENERGY***

***CORPORATION***

*417      W. 18th Street, Suite 101*

*Edmond,      Oklahoma 73013-3663*

*(405)      340-2363 · Fax      (405) 340-2365*

| Mr.                Douglas Bolen, PresidentDelta                Oil & Gas, Inc.1055                W. Hastings Street, #300Vancouver,                BC V6E 2E9 |
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**2007-1      Drilling      Program**

**      LETTER AGREEMENT**
**Ranken Energy Corporation (“REC”) 2007-1 DRILLING      PROGRAM**
**20.000% **

| 1.   | You                agree to purchase an undivided **20.0000%** Working Interest                in the **2007-1 DRILLING PROGRAM** for a total Buy-In                Cost of **$77,100.00** ($385,500.00 x .20000000) which is                your proportionate share. |
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| 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 2007-1 Drilling Program technical brochure, geologic                expenses, brokerage costs, 3-D seismic usage, geophysical interpretations,                and overhead. |
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| 3.   | You                agree to pay your Buy-In Cost upon the execution of the **LETTER                AGREEMENT**.  In addition, you agree to pay your share of                the Estimated Costs to Casing Point 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: |
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| Drilling: | NE                Antioch Prospect       | Pollack                #1-35        | Garvin                County, OK       |
|-----------|------------------------------------------|-------------------------------------|----------------------------------------|
|      | Washington                Creek Prospect | Hulsey                #1-8 Re-entry | Garvin                County, OK       |
|      | West                Riverbend Prospect   | River                #1-28          | Garvin                County, OK  |

| 4.   | You                agree to participate in the Drilling Operations to casing point in                the                initial test well of each prospect as specified in Item #3 above,                with                your interest, bearing your proportionate share of a 20% carried                Working                Interest in all of these operations.  Your Before Casing point                Interest “BCP” shall be 25.000% and your After Casing Point Interest “ACP”                shall be 20.000%.  This carried Working Interest shall only                apply to the initial test well in each prospect of the 2007-1 Drilling                Program. |
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| 5.   | Your                Net Revenue Interest Lease “NRI” in the 2007-1 Drilling Program shall                be: |
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| 6.   | You                acknowledge and understand that the**2007-1 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 spacing                unit.  Your costs in the project will also be proportionately                reduced respectively. |
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| 7.   | Should                you agree to participate in any completion attempt in any well drilled                in                the **REC 2007-1 DRILLING PROGRAM**, you agree to immediately                forward your proportionate share of the Estimated Completion costs,                upon                receipt of invoice, to Ranken Energy                Corporation. |
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| 8.   | You                agree to become a signatory to a mutually agreeable Joint Operating                Agreement “JOA” consistent with industry standards                (enclosed). |
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| 9.   | You                acknowledge that you are a sophisticated and accredited investor                and fully                understand the inherent risks associated with oil and 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 lose 100% of your investment                in this program. |
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**RISK      FACTORS**

| 10.   | The                undersigned understands and agrees that the Working Interests 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 costs of                drilling, completing and operating the Wells and that such costs                may                exceed the initial estimated costs set forth                herein. |
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| **WI                OWNER:   ________________________________****Print                Company/Individual                Name** | **Signature:                 ____________________________________**  |
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| **By:                 ________________________________________****Print                Name and                Title**              | **Date:                 ________________________________________**   |

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