PRESS RELEASE

DEER LAKE OIL& GAS INC. ANNOUNCES HOLDING OF AGM ON DECEMBER 30, 2008

January 02, 2009

Deer Lake Oil & Gas Inc. announces its 2007 AGM of shareholders was held on December 30, 2008 at the Fairmont Newfoundland in St. John’s, Newfoundland and Labrador.

Following a comprehensive report from Chairman Dr. James M. Edwards on Deer Lake’s Exploration Strategy for the year 2009 (see Attachment 1) the meeting:

Re-elected the following persons as Directors of the Corporation:

Dr James M. Edwards,
Mr. Chris Collingwood,
Mr. Williams R. Dixon,
Mr. Cabot Martin,
Captain Sidney Hines,
Mr. Frank Ryan, and
Mr. Martin O’Brien.

Re-appointed Mr. Michael Bruce CA as the Corporation’s Auditor.

Approved an option plan for Directors as described in the Management Information Circular dated December 8, 2008.

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.