|
Deep Well
Oil & Gas, Inc. through its wholly owned
subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil
& Gas (Alberta) Ltd. has a 100% working interest in
15 sections of petroleum and natural gas licences
(“P&NG”) in the Peace River area of Alberta,
Canada, an 80% working interest in 56 contiguous
sections of oil sands development leases, and a 40%
working interest in an additional 12 contiguous sections
of oil sands development leases in the Peace River oil
sands area of Alberta, Canada. Our P&NG licences and
oil sands development leases cover 52,505
gross acres. Of the 68 oil sands leases we are the
operator of 56 sections, Andora Energy Corporation is
the operator of the other 12 sections where we have a
40% working interest.
Deep
Well's management believes that the Sawn Lake Heavy Oil
Project is at the same pre-growth stage experienced by
other heavy oil companies prior to a major period of
growth.
Other operators
targeting the deeper Slave Point Formation have
previously drilled much of the land. Because of the
earlier extensive exploration for light oil, Deep Well
is able to benefit from data collected by others
pertaining to the drilling of more than seventy-five
wells that penetrated and partially delineated the heart
of the Bluesky Formation heavy oil reservoir.
|
