Deep Well Oil & Gas Notes Farmout Agreement in Default.EDMONTON, Alberta -- Deep Well Oil & Gas, Inc. (PINK SHEETS:DWOG) ("Deep Well") wishes to announce that it has informed Surge that they are in default of the terms of the Farmout agreement on Deep Well's lands. On February 25, 2005 Deep Well Oil & Gas, Inc. ("Deep Well") and its subsidiary, Northern Alberta Norhern Alberta is a region located in the Canadian province of Alberta. Its primary industry is oil and gas, with large heavy oil reserves being exploited at the Athabasca Oil Sands and Wabasca Area in the east of the region. Oil Ltd., signed a farmout agreement with Surge Global Energy, Inc and Surge Global Energy (Canada), Ltd. (collectively "Surge"). This agreement allowed Surge to earn up to a 40% working interest in the farmout lands. The agreement was amended on July 14, 2005 by Deep Well and Surge to allow Surge an extension to the February 25, 2005 agreement until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 25, 2005. Surge did not "spud" the first well by September 25, 2005 so the farmout agreement has been noted in default for this and other reasons. Deep Well Oil & Gas, Inc. is a Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. based in Alberta Canada. Deep Well and its subsidiary Northern Alberta Oil have an 80% working interest in 63 contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. sections of oil sands leases in the Sawn Lake oil sands in North Central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta. Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. , Canada. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the Company's proposed oil and gas related business. The Company's business is subject to various risks, which are discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). The Company'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 Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. 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. (PINK SHEETS:DWOG) |
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