EDMONTON, ALBERTA–(Marketwired – Sept. 17, 2014) – Deep Well Oil & Gas, Inc. (and its subsidiaries – “Deep Well” or “Company) (OTCQB:DWOG) will be announcing at a meeting of its shareholders later today that the development of its Sawn Lake Heavy Oil Project is progressing.
Our target for 2014 was to initiate production from a single SAGD well pair. We are pleased to announce that on September 16, bitumen production commenced. It is anticipated that a stable daily bitumen production rate and associated steam oil ratio will be achieved within the next six to eight weeks, at which time the company will provide an update to shareholders.
A copy of the presentation made to the Shareholders after the formal portion of the meeting will be incorporated into the Company’s web site at www.deepwelloil.com.
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.
Deep Well Oil & Gas, Inc. is fully committed to best practices in Environmental Stewardship to assure sustainable development of its in-situ heavy oil holdings. Deep Well is a Nevada corporation based in Edmonton, Canada.
Deep Well Oil & Gas, Inc.