March 3, 2008

Deer Lake Oil & Gas Inc ( "Deer Lake") wishes to congratulate the Honourable John C. Crosbie P.C., O.C., Q.C. on his appointment as Lieutenant Governor of Newfoundland & Labrador and to announce his resignation from Deer Lake’s Board of Directors.

Mr. Crosbie was appointed Director and Chairman of the Board upon the re-organization of Deer Lake Oil & Gas Inc. in 2002 and served as Chairman from August 2002 to December 2006.

Mr. Crosbie played a very active and important role in the company’s development and was a strong believer in the oil and gas potential of the Province’s west coast.

Dr. James M. Edwards, Deer Lake’s current Chairman, commented:

"We have been very fortunate to have someone of John Crosbie’s stature at the helm of Deer Lake during a period that was very troublesome throughout the whole North American oil and gas exploration sector. With today’s improved conditions, we are now poised to build substantially on the strong base that Mr. Crosbie helped build.

On behalf of the Deer Lake Board of Directors, I wish to offer our congratulations and best wishes as he assumes the prestigious role of the Queen’s representative for Newfoundland and Labrador. We will miss his sage advice and ever active wit."

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