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PRESS RELEASE 29 July 2005 Deer Lake Oil & Gas Inc. announces that its Western Adventure #1 well, located near Deer Lake in Western Newfoundland, has been completed and tested in two intervals that were evaluated as having potential for natural gas. Completion operations included perforating both intervals and monitoring the surface pressure buildups. Samples of bottom hole fluids were taken and are being analyzed in a laboratory in Calgary. No measurable inflow was detected, so the possibility of acid or fracture stimulation of the well is being evaluated. Additionally, work will continue on the development of the commercial potential of the Unit 3 reservoir section of the North Brook Formation which is located deeper in the well. This section flowed natural gas at a maximum rate of 100,000 cubic feet per day on test in 2001 and the potential of that reservoir interval is unaffected by the results of the current round of testing which was limited to intervals in Units 1 and 2 in the section of the well above Unit 3. Deer Lake also announces that following a review and analysis of current market conditions, the Deer Lake Board of Directors has directed management to take the appropriate steps to obtain a listing on the TSX Venture Exchange. Deer Lake is now in discussion with various parties in this regard. Deer Lake Oil & Gas Inc. is an independent oil & gas explorer active in Western Newfoundland and is based in St. John’s, Newfoundland. For further information
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www.deerlakeoilandgas.com |