REPEAT/Deep Well Oil & Gas, Inc.: Operator Confirms Cold Flow at Sawn Lake, Production Testing Continues
March 07 2006 - 9:00AM
Business Wire
Deep Well Oil & Gas, Inc. and its subsidiaries ("Deep Well")
(PINK SHEETS:DWOG) are pleased to announce that production testing
is continuing on the first well of the Sawn Lake 2006 drill
program. The operator, Signet Energy, has confirmed that the well
is now showing initial signs of oil flow as expected. The Company
is very encouraged by the initial results demonstrating the cold
flow capability of this reservoir. As per the farmout agreement
production testing will continue for a period of up to 90 days.
Further information will be released by the Company on the status
of the well testing as relevant information becomes available. 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, subject to a farmout agreement, 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. After Signet Energy drills 10 wells at
no cost to Deep Well, they will fully earn their interest in the
project. Deep Well will then directly hold 40% of the project. In
addition, Deep Well owns approximately 29.5% of Signet's common
shares. A previously published independent engineering report
estimated that, there are 819.5 million original barrels of oil in
place. 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. Deep Well Oil & Gas, Inc. (PINK
SHEETS:DWOG)
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