February 18, 2008

Deer Lake Oil & Gas Inc ( “Deer Lake”)  is pleased to announce that bonds have been placed with respect to its working interests in EP03-101  and EP03-102 (both at Parsons Pond) by Vulcan Minerals Inc., a St. John’s  based oil & gas explorer, and that these Exploration Permits have been extended to February 12, 2010.

As part of that transaction, Deer Lake transferred a 4.2857% working interest in EP03-101 and a 7.39% working interest in EP03-102 to Vulcan Minerals Inc.

Deer Lake now holds a 10% working interest in all three of the exploration permits presently issued by the Province at Parsons Pond and will support the continued exploration of these properties in conjunction with its partners.

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.