Deep Well received an equity investment of $2 million dollars at a price of $0.40 per unit. Each unit is comprised of a common share and a full warrant to buy an additional common share at $0.60. The warrants will have a term of three years.
Deep Well will use the funds instituting its own plan to develop the Sawn Lake property, including an updated engineering study, well testing, working capital and general corporate purposes.
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 an 80% working interest, in 63 contiguous sections of oil sands leases and 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in North Central Alberta. The permits and leases cover 43,964 acres. Signet Energy has earned a 40% interest in 6 sections. In addition, Deep Well owns approximately 7,550,000 of Signet's common shares. A previously published independent engineering report estimated that, there are 819.5 million original barrels of oil in place.
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