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Last $0.09 USD
Change Today +0.02 / 28.57%
Volume 1.0K
DWOG On Other Exchanges
As of 8:10 PM 10/8/15 All times are local (Market data is delayed by at least 15 minutes).

deep well oil & gas inc (DWOG) Snapshot

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52 Week High
11/5/14 - $0.29
52 Week Low
03/18/15 - $0.06
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deep well oil & gas inc (DWOG) Details

Deep Well Oil & Gas, Inc., together with its subsidiaries, operates as an independent junior oil and gas exploration and development company in Canada. It is involved in exploring for, developing, producing, and selling crude oil and natural gas. The company has a 90% working interest in 51 contiguous sections on 6 oil sands leases; a 100% working interest in 5 sections on 1 oil sands lease; and a 25% working interest in an additional 12 contiguous sections on 2 oil sands leases in the Peace River oil sands area of North Central Alberta, Canada. Its leases cover approximately 43,015 gross acres. The company was formerly known as Allied Devices Corporation and changed its name to Deep Well Oil & Gas, Inc. in September 2003. Deep Well Oil & Gas, Inc. was founded in 1988 and is headquartered in Edmonton, Canada.

3 Employees
Last Reported Date: 01/13/15
Founded in 1988

deep well oil & gas inc (DWOG) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: --
Chief Financial Officer, Treasurer, Secretary...
Total Annual Compensation: $198.7K
Compensation as of Fiscal Year 2014.

deep well oil & gas inc (DWOG) Key Developments

Deep Well Oil & Gas, Inc. Adopts Amended and Restated By-Laws

On September 29, 2015, the Board of Directors of Deep Well Oil & Gas, Inc. adopted amended and restated By-Laws of the company. The By-Laws became effective immediately upon adoption. The significant amendments reflected in the By-Laws are as follows: the provisions related to the fixing of a record date for the purpose of determining the stockholders entitled to notice of or to vote at a stockholders meeting have been amended to require that such record date must be not more than 60 days and not less than 10 days before the date of the meeting. Prior to the amendments, the record date was required to be not more than 59 days before the date of the meeting; and Clause 2.8 and 2.9 - the provisions related to what constitutes a quorum of stockholders entitled to vote at a stockholder meeting has been amended from a majority shall constitute a quorum to at least one-third of the presence in person or by proxy of the holders of at least one-third in voting power of all outstanding shares of stock entitled to vote at the meeting of stockholders, shall now constitute a quorum at such meeting of stockholders; and the provisions related to submission of stockholder proposals has been corrected for when advance notice of stockholder proposals and director nominations for consideration at the annual meeting of stockholders are to be submitted to the company.

Deep Well Oil & Gas, Inc. Announces Production Update of Joint Steam Assisted Gravity Drainage Project Located in the Peace River Oil Sands Area of Alberta, Canada

Deep Well Oil & Gas, Inc. announced a production update of joint Steam Assisted Gravity Drainage project located in the Peace River oil sands area of Alberta, Canada. SAGD Project production rate at the end of 11 months exceeded the average rate forecasted for the first year by 76% of the 'Proved Plus Probable' production type curve projection as determined by DeGolyer and MacNaughton Canada Limited as reported in September 30, 2014 reserves report. Production type curves are theoretical forecasts of reservoir performance and are used by qualified reserves evaluators, to predict and forecast, but not limited to, reservoir production rates and cash flows that have not yet been observed in a certain reservoir field. This 'Proved Plus Probable' estimate is just as likely to be high as it could be low, therefore DeGolyer's 'Proved Plus Probable' estimate is 'right in the middle' of expected estimates of type curve projections. DeGolyer estimated that production would average 226 barrels of oil per day with an SOR of 4.12 in the first year of SAGD Project, based on a 100% basis. The first oil production from joint SAGD Project commenced on September 16, 2014 from the first SAGD well pair. Results to date indicate that the use of SAGD technology is successful in producing oil in the form of bitumen from the Bluesky reservoir. Bitumen production on a 100% basis averaged 399 barrels per day in July 2015 with an average SOR of 4.4. Based on the operator's forecasts, the steam chamber is expected to reach the top of the Bluesky reservoir by the end of September 2015 and maximum oil production is now expected to be reached by the end of November of 2015. The operator is now aiming for consistent bitumen production of more than 440 barrels of bitumen per day, based on 100% working interest basis, with an associated SOR of about 3.1. The NACD is the recognized authority focused on advancing exemplary board leadership and establishing leading boardroom practices. Deep Well and its Canadian subsidiaries, Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd., have a 90% working interest in 51 contiguous square miles of oil sands leases, an 100% working interest in 5 contiguous square miles of oil sands leases and a 25% working interest in 12 contiguous square miles in the Sawn Lake heavy oil area in North Central Alberta. These leases cover 17,408 gross hectares (43,015 gross acres). Deep Well is fully committed to best practices in Environmental Stewardship to assure sustainable development of its in-situ heavy oil holdings.

Deep Well Oil & Gas, Inc., Annual General Meeting, Sep 29, 2015

Deep Well Oil & Gas, Inc., Annual General Meeting, Sep 29, 2015., at 14:00 US Mountain Standard Time. Location: Leduc Room of The Westin Hotel. Agenda: To receive the audited consolidated financial statements of the company for the year ended September 30, 2014, together with the report of the independent auditors; to re-elect eight directors to serve as the company's Board of Directors until the next meeting of shareholders; to ratify the appointment of Sadler, Gibb & Associates, LLC to serve as the company's independent registered public accounting firm for the fiscal year ending September 30, 2015; and to transact such other business as may properly come before the annual meeting.


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