EDMONTON, ALBERTA–(Marketwired – April 22, 2014) – Deep Well Oil & Gas, Inc. (and its subsidiaries – “Deep Well” or “Company”) (OTCQB:DWOG) is pleased to announce the following operations update on its joint projects located in Sawn Lake, Alberta.
Since entering into a Farmout Agreement in late July of 2013 with MP West Canada SAS (the “Farmee”), a subsidiary beneficially owned 1/3 by Maurel et Prom and 2/3 by MPI Energy, two listed companies based in Paris, France, and after entering into a steam assisted gravity drainage (“SAGD’) demonstration project with our joint venture partners we can report that Phase 1 of this project is nearing completion. Final construction of the SAGD facility is currently being completed and steam injection at Sawn Lake is scheduled for the end of April 2014. Once construction and initial testing is completed the Bluesky oil sands reservoir will be steamed for approximately three months, after which first bitumen production is anticipated around the end of July 2014. For further information about the SAGD project and photos of the steam facility visit our website at http://www.deepwelloil.com/op_sagd.htm.
SAGD Project – Phase 1 Highlights
SAGD Project – Phase 2 Outlook
After the initial Phase 1 production tests and depending on the results using SAGD technology, the operator of the SAGD project will proceed with Phase 2 of the project. This second phase is anticipated to include the drilling of two additional SAGD well pairs and the associated expansion of the current SAGD steam facility.
HCSS Project – Phase 1 Highlights
Deep Well and its Canadian subsidiaries, Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd., have a 90 per cent working interest in 51 contiguous square miles of oil sands leases, an 80 per cent working interest in 5 contiguous square miles of oil sands leases and a 25 per cent working interest in 12 contiguous square miles in the Sawn Lake oil sands area in North Central Alberta. The leases cover 17,408 gross hectares (43,015 gross acres) of land.
[expand title=”Advisories & Contact”]This press release contains forward-looking statements. The words or phrases “might”,” “purported”, “claimed”, “would be,” “to be,” “will allow,” “intends to,” “will likely result,” ” expected,” “will continue,” “is anticipated,” “potential,” “recoverable,” “estimate,” “forecast,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements.” Actual results could differ materially from those projected in the Corporation’s proposed oil and gas related business and described in this press release. The Corporation’s business and the realization of the results contemplated by this press release are subject to various risks, which are discussed in the Corporation’s filings with the SEC. The Corporation’s filings may be accessed at the SEC’s Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Corporation cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward- looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such a statement.
Deep Well Oil & Gas, Inc.
1 780 409 8144
info@deepwelloil.com
www.deepwelloil.com
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