March 7, 2008

Deer Lake Oil & Gas Inc is pleased to announce that its Exploration Permits EP03-104 and EP03-105 in the Deer Lake Basin have been extended for two years to February 12, 2010.

These permit extensions will now allow the Company to proceed with the funding of a multi-well, multi-year exploration and drilling program in the Deer Lake Basin.

The permit extensions were granted following the placement of two well performance bonds with the Province.

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.