DEER LAKE OIL& GAS INC. ANNOUNCES COMPLETION OF PRIVATE PLACEMENT

 Further to its press release of May 24, 2007, Deer Lake Oil & Gas Inc. (Deer Lake) confirms closing of the sale of Units, each unit consisted of one Flow Through Class A Common Share and two Non-Flow Through Class A Common Shares, on November 15, 2007.

 A total of 207,431 Units were subscribed for resulting in gross proceeds of $248,918.  As previously advised, these funds will be used for general and administrative costs, working capital, project acquisition fees and conducting a major farm-out marketing effort for Deer Lake’s properties.

 Deer Lake Oil & Gas Inc. is a St. John’s, Newfoundland and Labrador, based oil and gas exploration company with its activities concentrated in Western Newfoundland and Labrador. For further information please call 709-579-5050 or Fax 709-726–0584 or access our website at www.deerlakeoilandgas.com. 

 This press release is made solely for informational purposes and under no circumstances is it to be construed as a public offering of securities.