Deep Well Oil & Gas Acquires Mikwec Energy

Deep Well Oil & Gas reports that its Board of Directors has approved the signing of a Letter of Intent with the Directors of Mikwec Energy Canada Ltd., an Alberta, Canada development stage corporation. The Letter of Intent confirms an agreement to complete transactions whereby Deep Well will acquire all of the issued and outstanding common voting shares in the capital of Mikwec from each of Mikwec's shareholders in exchange for the Company's common voting shares. The closing of the share exchange transaction is subject to certain conditions precedent, such as: (a) the Company is required to obtain certain regulatory approvals; and (b) Deep Well's officers and directors must assume all director and officer positions of Mikwec. Additionally, Deep Well's acquisition of Mikwec is subject to more specific terms to be incorporated into a final written share exchange agreement.

The share exchange will be one common voting Deep Well share deemed to be valued at US $1.00, for each common voting Mikwec share held, deemed to be valued at US $1.00. The Letter of Intent provides that Deep Well is required to pay a maximum purchase price based on one hundred percent (100%) of the all of the issued and outstanding common shares of Mikwec, which is 5,500,000 common voting shares, including all those preferred shares that may be converted.

The Company continues to focus on its new business plan to commence operations as an oil and gas exploration and development company with special emphasis on potential oil and gas exploration activities in Northern Alberta, Canada. Should the Company complete the acquisition of Mikwec, it will be in compliance with the Alberta Department of Energy regulations by having a local 100% owned subsidiary becoming its operating entity in Alberta, Canada.

The Company's Pink Sheets trading symbol is "DWOG".

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