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Deep Well Oil & Gas Inc acquires and cancels Potential Royalty Claim

Thursday, 3 Jul 2014 08:00am EDT 

Deep Well Oil & Gas Inc:Acquires and cancels 5.5 pct of purported 6.5 pct overriding royalty interest claim on certain lands it owns from two separate parties at total cost of $3,442,124.While Deep Well does not admit validity of these alleged overriding royalty interest claims on any lands it owns.Says Deep Well determined that it was in interests of shareholders to come to an arrangement to prevent potential encumbrance over lands or possibility of future litigation resulting from these alleged royalty claims.This acquisition and cancellation of purported overriding royalty interest claim allows Deep Well to move forward in objectives to develop Sawn Lake oil sands properties, while reducing the risk of future litigation.Deep Well and Canadian subsidiaries, Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd have 90 pct working interest in 51 contiguous square miles of oil sands leases and.Says an 80 per cent working interest in 5 contiguous square miles of oil sands leases and 25 pct working interest in 12 contiguous square miles in Sawn Lake oil sands area in North Central Alberta.Leases cover 17,408 gross hectares (43,015 gross acres) of land.Says it is fully committed to 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. 

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26 May 2016