Deep Well Appoints Experienced Banker and Entrepreneur to Its Board of Directors
09 Décembre 2013 - 2:00PM
Marketwired
Deep Well Appoints Experienced Banker and Entrepreneur to Its Board
of Directors
EDMONTON, ALBERTA--(Marketwired - Dec 9, 2013) - Deep Well Oil
& Gas, Inc. (and its subsidiaries "Deep Well" or "Company")
(OTCQB:DWOG) are pleased to announce the appointment of Mr. Pascal
Nodé-Langlois to the Board of Directors of Deep Well Oil & Gas,
Inc.
Pascal Nodé-Langlois
is a French entrepreneur with a broad experience in banking. In
1975, he founded in Switzerland, the company Stock and Commodity
Services SA (SCS). In 1991, SCS became Banque SCS Alliance SA
(BSA), a fully licensed Swiss bank with branches in Switzerland and
subsidiaries abroad. In 2006, after a consistent career of more
than 30 years as the principal owner, Managing Director and
Chairman of the Board of BSA (previously SCS), Pascal Nodé-Langlois
sold his stake in the bank.
In 2007, he founded
a new financial boutique, in Luxembourg: Voltaire Group SA. This
company operates as a holding company. It acquires majority
participations and/or creates operating companies with the aim to
cover a large portion of the different financial services
corresponding to the field of expertise that Mr. Pascal
Nodé-Langlois developed during his previous activity in banking.
Its main present participation is PARfinance SA, a Swiss registered
wealth management company.
The Board of
Directors of Deep Well Oil & Gas, Inc. welcome Mr. Pascal
Nodé-Langlois to the Board and look forward to working with him in
the future.
As previously
announced, our joint venture partner as operator, has successfully
completed the SAGD horizontal well pair for the demonstration
project at Sawn Lake, Alberta. The wells were drilled to a true
vertical depth of approximately 650 meters and have a horizontal
length of about 780 meters. Work is anticipated to begin shortly on
the building of the steam generation, water handling, oil-treating,
water source and disposal facilities, along with pipeline tie-ins
between the production facility and water source wells. Steam
operations are expected to begin in late January, with first oil
production anticipated in the first half of 2014.
Deep Well entered
into a farmout agreement (the "Farmout Agreement") with MP West
Canada SAS (the "Farmee"), a subsidiary beneficially owned 1/3 by
Maurel et Prom and 2/3 by MPI, two listed companies based in Paris,
France, to fund our share of the Alberta Energy Regulator approved
SAGD Project at our Sawn Lake heavy oil reservoir in the Peace
River oil sands region of Northern Alberta. The Farmee has informed
us that it plans to transfer its interests in the Farmout to MP
Energy West Canada Corp. In accordance with this Farmout Agreement,
the Farmee has agreed to provide up to USD $40,000,000 in funding
for our portion of the costs for the Steam Assisted Gravity
Drainage ("SAGD") Project, in return for a net 25% working interest
in 12 sections where Deep Well has a working interest of 50%. The
Farmee has since paid CDN $12,073,513 to the operator of the SAGD
Project for the Farmee's share and Deep Well's share of the initial
costs of the SAGD Project.
Currently we have a
90% working interest in 51 contiguous sections on seven oil sands
leases and an 80% working interest in 5 contiguous sections on one
oil sands lease in the Peace River oil sands area of Alberta, where
we are the operator. In addition, we have a 25% working interest,
post Farmout Agreement, in another 12 contiguous sections on two
oil sands leases in the Peace River oil sands area of Alberta,
Canada. Theses oil sands leases cover 17,408 gross hectares (43,015
gross acres).
This press
release contains forward-looking statements. The words or phrases
"would be," "to be," "will allow," "intends to," "will likely
result," " expected," "will continue," "is anticipated,"
"potential," "recoverable," "estimate," "forecast," "project,"
"plans," or similar expressions are intended to identify
"forward-looking statements." Actual results could differ
materially from those projected in the Corporation's proposed oil
and gas related business and described in this press release. The
Corporation's business and the realization of the results
contemplated by this press release are subject to various risks,
which are discussed in the Corporation's filings with the SEC. The
Corporation's filings may be accessed at the SEC's Edgar system at
www.sec.gov. Statements made herein are as of the date of this
press release and should not be relied upon as of any subsequent
date. The Corporation cautions readers not to place reliance on
such statements. Unless otherwise required by applicable law, we do
not undertake, and we specifically disclaim any obligation, to
update any forward- looking statements to reflect occurrences,
developments, unanticipated events or circumstances after the date
of such a statement.
Deep Well Oil & Gas,
Inc.780-409-8144info@deepwelloil.comwww.deepwelloil.com
Deep Well Oil and Gas (CE) (USOTC:DWOG)
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