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Deep
Well Oil & Gas, Inc. through its wholly owned subsidiaries
Northern Alberta Oil Ltd. and Deep Well Oil & Gas
(Alberta) Ltd. has an 80% working
interest in 51 contiguous sections of oil sands leases and 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in
North Central Alberta. Deep Well also has a 40% working interest in another 12 sections of
which Signet Energy Inc. (now known as 1350826 Alberta
Ltd. a subsidiary of Andora Energy Corporation) has earned 40% from Deep Well.
The permits and leases cover 43,964 acres.
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.
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