Deep Well Oil & Gas, Inc. report that its wholly-owned Canadian subsidiaries are in possession of a duly signed and certified reserves report from an independent third party, commissioned as part of due diligence required and requested by potential financiers.

The report by DeGolyer & MacNaughton Canada Limited ("D&M") estimates the oil reserves and resources from the working interests held by Deep Well's subsidiaries in the Peace River Oil Sands.

D&M assigned Probable and Possible reserves (2P and 3P) on the half square mile of land designated for a pilot project. D&M has estimated that in that portion alone there are Probable reserves of 7,806,000 barrels of heavy oil and Probable plus Possible reserves of 9,370,000 barrels attributable to Deep Well's working interests before adjusting for any Provincial or potential royalties ("DWOG's portion"). It is anticipated that Proven (1P) reserve category also can be assigned once production commences on the pilot project.

Tags: Deep Well Oil & Gas