EDMONTON, ALBERTA -- (Marketwire) -- 12/12/12 -- Deep Well Oil & Gas, Inc. (OTCQB: DWOG) (News) ("Deep Well") reports in accordance with National Instrument 62-103, on behalf of Mr. Malik Youyou, Sadovnicheskeya nab 69, Moscow 115035, Russia (the "Offeror") a Director of Deep Well, that the Offeror has announced that he has recently acquired, directly, 42,857,142 common shares ("Shares") of Deep Well by way of a private placement with Deep Well.
Deep Well successfully closed an equity investment as of November 23, 2012 with the Offeror for $2,978,100 CDN ($3 million U.S.) for 42,857,142 units at a price of $0.069 CDN ($0.07 U.S.) per unit. Included in the subscription are 42,857,142 Shares plus purchase warrants to acquire an additional 42,857,142 Shares at a price of $0.104 CDN ($0.105 U.S.) per common share. The warrants are exercisable for a period of three years.
As a result of this private placement, the Offeror now owns or controls 110,733,823 Shares of Deep Well representing approximately 61.66% of the issued and outstanding Shares of Deep Well on an undiluted basis. In addition, the Offeror owns warrants to acquire an additional 71,428,570 Shares, plus options to acquire another 300,000 Shares of Deep Well and if Mr. Youyou exercises all of his warrants and options, Mr. Youyou would own 72.6% of the issued and outstanding Shares of Deep Well. To date Mr. Youyou has not exercised any warrants or options.
The Shares are held by the Offeror for investment purposes. The Offeror expects to review from time to time its investment in Deep Well and may, depending on the market and other conditions, acquire additional securities of Deep Well in the open market, in privately negotiated transactions or otherwise, and/or dispose of all or a portion of the securities of Deep Well over which it now or hereafter exercises, or may be deemed to exercise, control or direction, or owns.
Except as provided in the private placement or warrants, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the Offeror and any other person with respect to any shareholdings of Deep Well.
Deep Well Oil & Gas, Inc.
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