Tamm Oil and Gas Corp. (OTC Bulletin Board: TAMO) entered into a Share Exchange Agreement to acquire 38.02% stake in Deep Well Oil & Gas, Inc. (Pink Sheets: DWOG) for CAD 71.23 million on December 6, 2007. Tamm Oil and Gas Corp will issue 31.8 million shares for 31.8 million shares of Deep Well Oil & Gas, Inc. The share exchange will increase Tamm´s working interest substantially in 63 sections of Oil Sands leases in the Sawn Lake Region in Northern Alberta. The share exchange will increase Tamm´s working interest substantially in 63 sections of Oil Sands leases in the Sawn Lake Region in Northern Alberta.

Deep Well Oil & Gas Inc. announced the company closed a private placement financing in the amount of $5 million with a European investor. Deep Well successfully closed an equity investment of $5 million dollars at a price of $0.60, a full warrant at $0.90 with a term of three years and additional 1,000,000 warrants at U.S. $1.20 with a term of five years. The funds will be utilized to execute Deep Well´s plan of development for Sawn Lake. The first stage of the plan will be the delineation of the reservoir through the systemic use of seismic, drilling, testing, analysis, and engineering studies. The first stage delineation work will allow the execution of the next stages of the plan targeting production with greater efficiency.

Deep Well Oil & Gas Inc. (OTCPK: DWOG) announced a private placement of 8,333,333 units at $0.60 per unit for gross proceeds of $5 million on June 21, 2007. Each unit consists of one common share, one whole warrant, and twelve one-hundredths of a special warrant. Each whole warrant entitles the holder to purchase an additional common share at $0.90 per share till June 22, 2010. The special warrants are exercisable at $1.20 per share till June 22, 2012. The company paid a finder’s fee of $300,000 to Cambridge Strategies Inc., resulting in net proceeds of $4,700,000. The securities were issued to a European investor.