December 14, 2007

Deer Lake Oil & Gas Inc. announces that the Closing of its private placement offering announced on November 15, 2007 and previously scheduled for December 15, 2007, has been changed to December 28, 2007.

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.