Deep Well Substantially Increases Its Original Oil in Placeadmin
Deep Well Oil & Gas, Inc. announce that Degolyer and MacNaughton Canada Limited (“D&M”), an independent engineering company, has summarized the original oil in place for the Sawn Lake Project. D&M have concluded that net to Deep Well there are 1.2 billion barrels of oil in place, based on mapping generated for the appraisal report.
This is a substantial increase from the 819.5 million barrels, which were previously stated in Deep Well’s press releases. The previous number (819.5 million) included all interest holders in the Sawn Lake project. The updated number of 1.2 billion barrels of oil excludes Deep Well’s other partners and is the number of barrels that are Deep Wells.
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 a 100% working interest in 6 contiguous sections of a petroleum and natural gas license, an 80% working interest in 51 contiguous sections of oil sands development leases, 40% working interest in an additional 12 sections of oil sands development leases and an 80% working interest in 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in North Central Alberta. The permits and leases cover 47,759 acres. Andora Energy through their subsidiary formerly known as Signet Energy has earned a 40% interest in 12 sections.