Document:

ex101.htm

    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.                                                          

     

    

    
      
        
        

      

      
        - 1 -

        
          

        

      

      
        
        

      

    

     

    
 

    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)

     

     

    
 

    

    
      
        
        

      

      
        - 2 -

        
          

        

      

      
        
        

      

    

    

    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.

            

    

    

    

    

    
      
        
        

      

      
        - 3 -ex102.htm

    Ranken
Energy Corporation

    Suite 101
- 417 W. 18th
Street

    Edmond,
Oklahoma

    73013 –
3663

    

    August 7,
2009

    Mr.
Douglas Bolen, Chairman

    Delta Oil
& Gas Inc.

    604 – 700
West Pender Street

    Vancouver,
BC

    V6C
1G8

    

    Re: 
Letter Agreement, Ranken Energy Corporation. 2009 – 3 Drilling Program – Garvin
County, OK

     

    
      Dear
Doug,

       

      
        This
LETTER AGREEMENT shall set forth the terms and conditions for your participation
in the Ranken Energy Corporation (“REC”) 2009-3 Drilling Program, located in
Garvin County, Oklahoma.  Specifically, you agree to participate with
a 5.00% Working Interest, subject to the following:

         

        
          
            	
                    1.  

                  	
                     You
      agree to purchase an undivided 5.00% Working Interest in the 2009-3
      Drilling Program for a total Buy-in Cost of $37,775.00 ($755,500.00 x
      5.00%) which is your proportionate share.

                     

                  

          

          
            
              	
                      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 2009-3 Drilling Program technical brochure, geolgic
      expenses, brokerage costs, 3-D seismic usage, geophysical interpretations,
      and overhead.

                       

                    

            

            
              
                	
                        3.  

                      	
                        You
      agree to pay your Buy-in Cost upon execution of this LETTER
      AGREEMENT.  In addition, you agree to pay your share of the
      Estimated Costs to Casing Point within Three (3) business days of the
      receipt of an invoice, to be sent at a date prior to the SPUD date of each
      well for the following:

                         

                      

              

              
                Drilling:                 Coates
Prospect                                Coates
#1-18                               
 Garvin County, OK

                Freeman
Prospect                             Brewer
#1-20                                Garvin
County, OK

                Maness
Prospect                             
DeeAlli
#1-18                              
Garvin County, OK

                West McCarty
Pros.                        Waunice
#1-36                             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 to casing point.  Your Before Casing Point Interest,
      “BCP”, shall be 6.25% and your After Casing Point Interest, “ACP”, shall
      be 5.00%.  This carried Working Interest shall only apply to the
      initial test well in each prospect in the 2009-3 DRILLING
      PROGRAM.

                        

                

                 

                

                  
                    
                       

                    

                    
                      - 1 -

                      
                        

                      

                    

                    
                       

                    

                  

                  
                    
                      	
                              5.  

                            	
                              Your
      NET Revenue Interest Lease, “NRI”, in the 2009-3 DRILLING PROGRAM shall
      be:

                            

                    

                    
                       

                      75% -
Coates Prospect

                      78% -
Freeman Prospect

                      75% -
Maness Prospect

                      78% -
West McCarty Prospect

                      

                      
                        	
                                6.  

                              	
                                You
      acknowledge and understand that the 2009-3 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 drilling
      costs in the project will also be proportionately reduced
      respectively.  Such reduction, if applicable, does not affect
      your buy-in costs in the 2009-3 DRILLING PROGRAM.

                                 

                              

                      

                      
                        
                          	
                                  7.  

                                	
                                  Should
      you agree to participate in any completion attempt in any well drilled in
      the 2009-3 DRILLING PROGRAM, you agree to immediately forward your
      proportionate share of the Estimated Completion Costs, upon receipt of an
      invoice from Ranken Energy Corporation.

                                   

                                

                        

                        
                          
                            	
                                    8.  

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

                                     

                                  

                          

                          
                            
                              	
                                      9.  

                                    	
                                      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 lose 100% of your investment
      in this program.

                                       

                                    

                            

                            
                              
                                	
                                        10.  

                                      	
                                        You
      further agree to complete the subscription agreement required by the
      Oklahoma Securities Commission (Enclosed), if applicable.

                                         

                                      

                              

                              
                                
                                  	
                                          11.  

                                        	
                                          RISK
      FACTORS – The undersigned understands and agrees that the Working
      Interests described in the Brochure are offered on a “Turn-Key” or similar
      basis.  Purchases 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 may
      exceed the initial costs set forth
herein.

                                        

                                

                                 

                                

                                  
                                    
                                       

                                    

                                    
                                      - 2 -

                                      
                                        

                                      

                                    

                                    
                                       

                                    

                                  

                                  

                                  
                                    Should
you agree with the terms and conditions expressed herein, please execute this
LETTER AGREEMENT in the space provided below.

                                     

                                    
                                      Sincerely,

                                       

                                      
                                        /s/
“Randolph L
Coy”                                                          

                                        Randolph
L. Coy

                                        President

                                        

                                        
                                          Agreed to
and accepted this 10th day
of August, 2009.

                                           

                                          

                                          
                                            WI
Owner:  Delta Oil & Gas
Inc                                                                           Signature:  /s/  “D
Bolen”                                           

                                             

                                            
                                              By:  
Douglas Bolen,
President                                                                            
Date:  10 August 2009

                                              
                                                

                                                
                                                  

                                                  
                                                    

                                                    

                                                      
                                                        
                                                           

                                                        

                                                        
                                                          - 3 -

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