Deep Well Oil & Gas Announces $3 Million Private Placement

Deep Well Oil & Gas, Inc. announces that on September 7, 2004, the Company closed a convertible debenture agreement, with an interest coupon of 8.5%, with a Zurich, Switzerland based group of private investors to provide funding to the Company for a sum of US$1,000,000. Furthermore, the Company has set private placements of an additional US$2,000,000.

Deep Well will use the proceeds of the private placements for working capital and funds to initiate drilling operations on horizontal test wells in the Sawn Lake Project. Deep Well Oil & Gas, Inc. continues to focus on its business plan as an oil and gas exploration and development company with special emphasis on heavy oil and gas exploration activities in Northern Alberta, Canada.

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