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

Deep Well Oil & Gas, Inc.

August 10, 2005 17:36 ET

Deep Well Oil & Gas Change of Auditors and Additional Corporate Information

EDMONTON, ALBERTA--(CCNMatthews - Aug. 10, 2005) - Deep Well Oil & Gas, Inc. ("Deep Well") (PINK SHEETS:DWOG), is pleased to announce that it has retained new auditors. This will allow the company to complete the audit for the fiscal 2004 year end and once again become current in its filings to the SEC.

The company would also like to add further information to what was released in the July 18th 2005 corporate update. In the July 18th press release the company announced that it had given Surge Global Energy an extension to the 150 days from the date of the Farmout agreement to spud the first well. The company would like to add that the extension to the Farmout agreement is until September 25, 2005.

Deep Well, verified via the Alberta Energy and Utilities Board (AEUB) website that on July 28, 2005 Surge Global Energy applied to the government for a drilling permit. The permit is currently under review by the AEUB. Once the AEUB approves the permit, Surge informed the other parties at the joint operators meeting that they intend to begin drilling immediately.

Deep Well Oil & Gas, Inc. is a Nevada corporation based in Alberta Canada. Deep Well and its subsidiary Northern Alberta Oil have an 80% working interest in 63 contiguous sections of oil sands leases in the Sawn Lake oil sands in North Central Alberta, Canada. Deep Well and Northern have a Farmout Agreement with Surge Global Energy, Inc, whereby Surge has the potential to earn up to 50% of Deep Wells' and Northern' s 80% working interest in the 63 contiguous sections.

This press release contains forward-looking statements. 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. The Company's business is 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.

Contact Information

  • Deep Well Oil & Gas, Inc.
    Dr. Horst A. Schmid
    President
    (780) 409-8144