Deer Lake Oil & Gas Inc. (Deer Lake) announced in a Nov 15, 2007 press release its plans to raise new funds through a private placement of securities.

Unfortunately, the private placement could not be concluded as anticipated and the Company will now pursue other opportunities to secure additional investment in support of its exploration and development plans.

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.