Extension...
As previously disclosed, on July 31, 2013, Deep Well Oil & Gas, Inc., through its subsidiary companies (the “Corporation”), entered into a Farmout Agreement (the “Farmout Agreement”) with MP West Canada SAS (the “Farmee”) to fund the Corporation’s share of the joint Steam Assisted Gravity Drainage project (the “SAGD Project”) located on the Corporation’s Sawn Lake oil sands acreage in Alberta, Canada.
Effective on November 17, 2014, the Corporation and the Farmee agreed to amend the Farmout Agreement (the “Amending Agreement”) to extend the expiry date of the Farmee’s option, from December 31, 2014 to December 31, 2015, to elect to acquire additional working interests of 45% to 50% in the remaining 56 sections of land where the Corporation has working interests ranging from 90% to 100%, by committing $110,000,000 of financing to the Corporation’s Sawn Lake oil sands project.
