**FORM        10-QSB/A**

| [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                                                                                   |

| Delta                  Oil & Gas, Inc.                                                          |
|-----------------------------------------------------------------------------------------------------|
| (Exact                  name of small business issuer as specified in its                  charter) |

| 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) |

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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               |

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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 |

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Table            of Contents

**DELTA        OIL & GAS, INC.**

**(A        Development Stage Company)**

**CONSOLIDATED        FINANCIAL STATEMENTS**

**SEPTEMBER        30, 2005**

**(Unaudited)**

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

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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 promissory notes payable                                                                      |                              |  211,441     |                         |   |  - |
|                                                                                                                              |                              | **521,386**       |                         |   | 60,420 |
| **Promissory                  Note Payable**                                                                                      |                              | **-**             |                         |   | 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                  common shares at December 31, 2004 |                              |  **43,051**  |                         |   |  41,297 |
|                                                                                                                              |                              |              |                         |   |   |
| Additional                  paid-in capital                                                                                       |                              | **2,050,013**     |                         |   | 63,328 |
| Share                  subscriptions received                                                                                     |                              |  **883,985** |                         |   |  160,000 |
|                                                                                                                              |                              |              |                         |   |   |
| **Deficit                  Accumulated During The Development Stage**                                                             |                              | **(713,037)**     |                         |   | (303,164) |
|                                                                                                                              |                              | **2,264,012**     |                         |   | (38,539) |
|                                                                                                                              |                              |              |                         |   |   |
|                                                                                                                              | **$**                             | **2,785,398**     |                         | $ | 59,135 |

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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 Common Share**                                     |  **$**                                                                          |  **(0.01)**                                         |  $                                                                                                                                                                                                        |  (0.00) |  **$** |  **(0.01)** |  $ |  (0.00) |   |   |
|                                                                                                   |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                   |                                                                                 |                                                     |                                                                                                                                                                                                           |   |   |   |   |   |   |   |
| **Weighted                        Average Number Of Outstanding Common                        Shares** |                                                                                 |  **42,664,440**                                     |                                                                                                                                                                                                           |  41,296,750 |   |  **42,016,997** |   |  41,296,750 |   |   |

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**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) |
|                                                                                                            |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| Items                  not involving cash:                                                                      |                                                                    |                                                                                                                                                                                   |   |   |   |   |
| 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                                                                   |                                                                    | **723,985**                                                                                                                                                                            |   | - |   | 883,985 |
| 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 |

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**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  |   |                     |
|------------------------------------------------------------------------------------|-----------------------------------------------|--------|----------------|--------|--------------------------|
|                                                                               | NUMBER                        OF COMMONSHARES |   |  PARVALUE |   | ADDITIONALPAID-INCAPITAL |   | SHARESUBSCRIPTIONSRECEIVED(RECEIVABLE) |   | ACCUMULATEDDURING                        THEDEVELOPMENTSTAGE |   |  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                | $ | 883,985 | $ | (713,037) | $ | 2,264,012 |

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**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** |
|--------|-------------------------------------------------------|

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**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** |
|--------|--------------------------------------|

|   | a) | On                    May 2, 2005, the Company issued 1,200,000 units at a price of                    $1.00 per                    unit for gross proceeds of $1,200,000. Each unit consists of                    one common                    share and one common share purchase warrant exercisable within                    5 years at                    an exercise price of $1.50. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**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**                    (Continue) |
|--------|--------------------------------------------------------------------|

|   | b) | Stock                    Options |
|--------|----|----------------------------------|

|                                                           | **NUMBER** |   | **WEIGHTED****AVERAGE****EXERCISE****PRICE** |
|----------------------------------------------------------------|------------|--------|----------------------------------------------|
|                                                           |       |   |                                         |
|  Balance                  outstanding, December 31, 2004  | -          | $      | -                                            |
|                                                           |       |   |                                         |
|  Granted                                                  | 550,000    | $      | 0.80                                         |
|  Exercised                                                | (170,000)  | $      | (0.80)                                       |
|                                                           |       |   |                                         |
|  Balance                  outstanding, September 30, 2005 | 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 |

----

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

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

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

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

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

**Forward-Looking        Statements**

**Management’s        Discussion and Analysis **

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| 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 |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 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**

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**Liquidity        and Capital Resources**

**Going        Concern  **

**Revenue        Recognition **

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**Item        3.     Controls and Procedures**

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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**

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**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 |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**SIGNATURES**

|   | **Delta                  Oil & Gas, Inc.**                                                                                                                                                                                                                                                                                      |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                |
| Date:  | December                  1, 2005                                                                                                                                                                                                                                                                                                   |
|   |  By:       /s/                  Douglas Bolen             Douglas                  BolenTitle:**    Chief                  Executive Officer, Chief Financial Officer, and                  Director** |