Deep Well Oil & Gas Acquires Acreage at Alberta Auction

Deep Well Oil & Gas, together with its 20% working interest partner, Maxen Petroleum Inc, a privately held Canadian company, successfully bid for three parcels of heavy oil sands leases in the Company's Sawn Lake Project area. The thirty square mile (19,200 acres, 7,936 ha.) oil sands lease acquisition, purchased from the Alberta Government in a blind bidding process, effectively doubles the land holdings of the Company. The parcels are located immediately adjacent to the existing thirty-two section (20,480 acres, 8,192 ha.) oil sands lease holdings that the Company controls. The strategic importance to the Company of acquiring these leases prior to the initiation of operations cannot be overstated. Bidding for and successfully acquiring oil sands leases in an increasingly competitive market once oil production commences, will add significantly to Company costs.

The Sawn Lake Oil Sands are situated in and near an all weather accessible region of north central Alberta with good proximity to roads, pipelines and facility infrastructure.

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