Deep Well Oil & Gas, Inc. has acquired and cancelled 5.5% of a purported 6.5% overriding royalty interest claim on certain lands it owns from two separate parties at a total cost of $3,442,124 US.

While Deep Well does not admit the validity of these alleged overriding royalty interest claims on any lands it owns, Deep Well determined that it was in the best interests of its shareholders to come to an arrangement to prevent a potential encumbrance over its lands or the possibility of future litigation resulting from these alleged royalty claims.

Tags: Deep Well Oil & Gas