Deep Well Oil & Gas, Inc. has acquired an additional 10 per cent working interest in most of its Sawn Lake heavy oil reservoir in the Peace River Oil Sands of Northern Alberta.

The Government of Alberta has confirmed the transfer of the 10 per cent working interest to Deep Well from 1132559 Alberta Ltd. following closing of a purchase and sale agreement.

With this acquisition Deep Well and its Canadian subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd. now have a 90 per cent working interest in 51 contiguous square miles of oil sands leases, an 80 per cent working interest in 5 square miles of oil sands leases and a 50 per cent working interest in an additional 12 square miles in the Sawn Lake heavy oil area in North Central Alberta. The leases cover 43,015 gross acres (17,408 gross hectares.). This transaction increases Deep Well's net acres in the Sawn Lake field from 31,376 to 35,360 (from 12,698 net hectares to 14,310).

Tags: Deep Well Oil & Gas