Deep Well Oil & Gas, Inc.
PINK SHEETS : DWOG

Deep Well Oil & Gas, Inc.

December 18, 2008 08:01 ET

Deep Well Completes First and Spuds the Second of the Planned Seven Wells of the Sawn Lake Project

EDMONTON, ALBERTA--(Marketwire - Dec. 18, 2008) - Deep Well Oil & Gas, Inc. ("Deep Well") (PINK SHEETS:DWOG) and its subsidiaries are pleased to announce that the first of the planned seven wells has been completed at a depth of 680 meters (2,231 feet). It was determined that the well has a total net pay of 11.5 meters (37.7 feet) crude bitumen. Results of the core analysis will be available in the new year. The drilling of the second well, situated at 9-16-092-13-W5, has commenced and the depth to be drilled is 680 meters (2,231 feet).

Deep Well Oil & Gas, Inc. is a Nevada corporation based in Alberta Canada. Deep Well and its subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd. have a 100% working interest in 6 contiguous sections of a P&NG license, an 80% working interest, in 51 contiguous sections of oil sands development leases, 40% working interest in an additional 12 sections of oil sands development leases and an 80% working interest in 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in North Central Alberta. The permits and leases cover 47,759 acres. Degolyer and MacNaughton Canada Limited ("D&M"), an independent engineering company, has summarized the original oil in place for the Sawn Lake Project. D&M have concluded that net to Deep Well there are 1.2 billion barrels of oil in place, based on mapping generated for the appraisal report.

This press release contains forward-looking statements including, without limitation, the use of proceeds of the private placement. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the Company's proposed oil and gas related business and described in this press release. The Company's business and the realization of the results contemplated by this press release are subject to various risks, which are discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such a statement. Deep Well Oil & Gas, Inc. (PINK SHEETS:DWOG).

Contact Information

  • Deep Well Oil & Gas, Inc.
    Investor Relations
    1-888-OILSAND (1-888-645-7263)
    Website: www.deepwelloil.com