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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