DEER LAKE OIL& GAS INC. ANNOUNCES NEW PRIVATE PLACEMENT

 Deer Lake Oil & Gas Inc. (Deer Lake) plans to raise up to C$8,010,000 through the private placement of a minimum 1,112,500 Units and a maximum of 4,450,000 Units. Each unit will consist of two Flow-Through Class A Common Share and one non Flow-Through Class A Common Shares and will be offered at a price of C$1.80 per Unit. Closing of the offering is scheduled for December 15, 2007 and is being facilitated in the Province of Alberta by Howard A. Wakeham of Howco Ventures Inc. of Calgary.

 The proceeds will be used for its Western Adventure gas/condensate project and for a multi-well and multi-year drilling program in the Deer Lake Basin with targets supported by 2D seismic programs.

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.