Tamm Oil Enters Into Share Exchange Agreement With Shareholders of Deep Well Oil & Gas
December 06 2007 - 2:24AM
PR Newswire (US)
Tamm Substantially Increases Ownership Effectively Becoming the
Major Controlling Interest in the Sawn Lake Project CALGARY,
Alberta, Dec. 6 /PRNewswire-FirstCall/ -- Tamm Oil and Gas Corp.
(OTC:TAMO) (BULLETIN BOARD: TAMO) is pleased to announce that the
Company has entered into a Share Exchange Agreement with
Shareholders of Deep Well Oil & Gas, Inc. (Pink Sheets: DWOG)
wherein Tamm will acquire 31,800,000 shares of Deep Well, which
based on 83 million Deep Well shares outstanding, represents 38% of
Deep Well's holdings in Sawn Lake, in exchange for 31,800,000
shares of Tamm Oil and Gas. The share exchange will increase Tamm's
working interest substantially in 63 sections of Oil Sands leases
in the Sawn Lake Region in Northern Alberta. Through the
combination of this share exchange, a pending acquisition and an
earlier announced Gross Overriding Royalty Rights ("GORR")
acquisition, Tamm will hold directly and indirectly, a majority
interest in the project containing an estimated 819.5 million
initial barrels of oil in place. As pursuant to the terms of this
agreement Tamm Oil and Gas will cancel 22 million of its common
shares. Tamm will also cancel an additional 34 million common
shares upon the closing of a Letter of Intent ("LOI") signed with
1132559 Alberta Ltd. This will bring Tamm's issued and outstanding
shares to 85,300,000 shares post exchange. "This share exchange
dramatically increases Tamm's interest in the prolific Sawn Lake
Oil Sands region of Northern Alberta combined with a pending
acquisition of 1132559 Alberta Ltd. and an earlier announced GORR.
We will now directly and indirectly control a major interest in 63
sections of Oil Sands leases in the Sawn Lake Region" states Sean
Dickenson, President of Tamm Oil and Gas. Tamm recently completed
the acquisition of the GORR in Oil Sands Leases that will provide
Tamm with a revenue source of 2% from every barrel of oil sold from
these leases without the burden of operating expenses in the Sawn
Lake Region of Northern Alberta. The GORR ultimately has a higher
value than the equivalent percentage working interest in a
property. Tamm also recently executed a LOI between the Company and
1132559 Alberta Ltd., which is expected to further enhance Tamm's
planned presence in the Sawn Lake Region. According to the terms of
the LOI, Tamm is to acquire all of the issued and outstanding
shares of 1132559 Alberta Ltd., a private company incorporated
under the laws of Alberta, Canada, which holds a direct working
interest of 10% in 63 sections of Oil Sands leases in the Sawn Lake
Region. An independent petroleum consultant estimates that these
sections hold estimated resources of 819.5 million initial barrels
of oil in place. "This means that in the span of just a few weeks,
Tamm has become a significant player in the booming oil sands play
in Alberta," adds Dickenson. Forward-Looking Statements in this
news release that are not historical facts are forward-looking
statements that are subject to risks and uncertainties.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management. Forward looking statements are generally, but not
always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "aims",
"potential", "goal", "objective", "prospective", and similar
expressions or that events or conditions "will", "would", "may",
"can", "could" or "should" occur. Additional information on risks
for the Company can be found in filings on Edgar of other junior
oil and gas exploration companies with the US Securities and
Exchange Commission. DATASOURCE: Tamm Oil and Gas Corp. CONTACT:
Tamm Oil and Gas Corp., +1-403-975-9399,
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