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Delta Mutual Subsidiary Executes Concession Agreement In Argentina

March 31, 2009 (FinancialWire) -- Delta Mutual, Inc. (OTCBB: DLTM), through its subsidiary South American Hedge Fund, has executed the final agreement to buy interests in oil and gas concessions in Argentina.

SAHF executed the agreement in August 2007 with Oxipetrol-Petroleros de Occidenta, AS Argentina, and JHP Petroleum Engineering of China. The concessions include the Tartagal and Morillo, located in the Salta Province of northern Argentina and cover an area of about 7,063 and 3,534 square kilometers, respectively.

Following an exchange with Oxipetrol-Petroleros de Occidente, SA Argentina and JHP Petroleum Engineering of China of certain development rights, a 60% participation interest in each of the Tartagal and Morillo concessions was acquired by New Times Group Holdings Ltd. of Hong Kong (stock symbol: HK-0166) for HK$ 2.1 billion, following approval by its shareholders on March 19, 2009. Delta Mutual, Inc., through its wholly-owned SAHF subsidiary, holds a carry-over partial interest of 9% in each of the Tartagal and Morillo concessions. The joint exploration and development venture has been granted the Tartagal and Morillo concession rights for the next 25 years.

According to public releases by the company holding the majority interest in each of these concessions, a Technical Report generated by an independent valuation firm estimated the gross unrisked, prospective resources of these two concessions at approximately 144.5 million barrels of oil and 2.3 billion cubic feet of gas. The explored crude oil will be sold to local markets in Argentina.

Based on the evaluation as issued and reported from the independent valuation firm, New Times Group Holdings Ltd. of Hong Kong ( has reported the entries in the amount of HK$ 11.7 billion (equivalent value of over $ 1.5 billion, as of March 30, 2009).

The company noted that there can be no assurances as to the production levels of oil and gas from the Tartagal and Morillo concessions. Furthermore, there is no assurance as to the timetable for development of these properties.

Delta Mutual, Inc. invests in oil and gas properties in South America. It intends to focus its investments in the energy sector, including development of energy producing investments and alternative energy production in Latin America and the United States and Canada.

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