March 12, 2008

Deer Lake Oil & Gas Inc. plans to raise up to $ 450,000 through the private placement of 500,000 Units. Each unit will consist of two Flow-Through Class A Common Share and one non Flow-Through Class A Common Shares at a price of $0.90 per Unit. Closing of the offering is scheduled for April 4, 2008.

Any resident of the Province who qualifies for an exemption under Newfoundland and Labrador securities legislation will be entitled to participate in the Private Placement.

In addition, exempt investors in other jurisdictions may qualify if they meet the requirements of relevant securities legislation.

The proceeds will be used for exploration activities on its Deer Lake Basin, Bay St. George and Parsons Pond lands and for general corporate purposes.

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.