Research, Report & Profiling Services by IPOdesktop.com Deep Well Oil & Gas, Inc Stock symbol: DWOG.PK….…………………………………….Average daily volume: 313,000

Stock price 3/27/06: $2.11……………………..…….Common shares 12/01/05: 55.2mm (est)

52-week price range: $.30 - $2.60………………………Equity market capitalization: $116mm

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Listen to the Interview with Dr. Horst Schmid, CEO (click) BUSINESS

Emerging independent oil and gas exploration & development company

Principal asset - Sawn Lake Oil Sands Project in Alberta, Canada

SISM ESTIMATES NET ASSET VALUE OF $5.75

"We at SISM estimate total gross recoverable volume of 140.9 million barrels from our assessment against 1,174.8 million recoverable reserves, which is $5.75 per share in net asset value," said Ernest Schlotter.

Ernest C. Schlotter is a senior analyst with SISM Research

ALBERTA, CANADA OILSANDS

With an estimated 175 billion barrels of proven reserves, Alberta's oilsands are the largest reserves of crude outside of the Middle East.

"Oilsands have become king of the future when it comes to the Canadian oil industry" said Peters & Co. analyst Wilf Gobert in an interview with Bloomberg News. If "oil in place" were considered, the reserves of the oilsands far exceed one trillion barrels.

Time Magazine described Alberta's oilsands "Canada's greatest buried energy treasure which could satisfy the world's demand for petroleum for the next century."

UP TO 1.2 BILLION BARRELS OF OIL IN PLACE AT SAWN LAKE

There are 819 million to 1.2 billion barrels of oil in place in the Sawn Lake project, according to two respected third-party petroleum engineering firms*

Sawn Lake is a 44 thousand acre oil sands development project in Alberta, Canada

Controlled by DWOG and its operating partner, Signet Energy

* Ryder Scott, an independent petroleum consulting firm. Ryder Scott Petroleum Consultants is one of the largest, oldest and most respected reservoir-evaluation consulting firms in the petroleum industry. The company performs more than 1,000 consulting studies a year for oil and gas producers. The Houston-based firm has branch offices in Calgary and Denver. Ryder Scott conducted an estimate of the bitumen resources in place attributable to the Bluesky formation of Deep Well's Sawn Lake Project. The report addresses the Sawn Lake Oil Sands Project land holdings as of February 9, 2005, and estimates there are 819 million initial barrels of oil in place, not including the 6.5 sections acquired in November of 2005. AJM Petroleum Consultants conducted an estimate of the original oil in place of the Sawn Lake property. The report estimated that the pool has 1.2 billion barrels of original oil in place and an initial estimated recovery factor of 8%.

DWOG’s Sawn Lake interests

Direct working interest

80% working interest (subject to farmout agreement with Signet Energy, which has the right to earn half of DWOG’s 80% working interest).

Indirect working interest

.As of January 23, 2006 DWOG owns 29.5% or 7.55 million common shares of its working interest partner, Signet Energy, resulting in an additional 11.8% indirect interest in the Project

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Address: 10117 Jasper Avenue, Suite 510, Edmonton, AB T5J 1W8

CANADA

Telephone: (780) 409-8144, Fax: 780-409-8146

CEO: Dr. Horst A. Schmid, Chairman of the Board & CEO

Web Site: http://www.deepwelloil.com

State or other jurisdiction of incorporation or organization: Nevada

Transfer Agent: Manhattan Transfer Registrar Co., Holbrook, NY 11741

Investor contact: (1 888 - OILSAND (1-888-645-7263)

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DWOG OPERATING PARTNER

Signet Energy

Signet will Earn a 40% working interest in the Sawn Lake project after completing an initial 10 well drilling program in accordance with the amended farmout agreement dated November 15, 2005. The first 10 wells are to be drilled at no cost to DWOG for Signet to fully earn their interest in the project.

To finance the drilling, Signet completed a $14.2 million private placement with institutional investors in December 2005.

SIGNET ENERGY

Leigh Cassidy is Chairman and Chief Executive Officer Signet Energy Inc.

Prior to Signet, he was CFO of UTS Energy, which has a market cap of $2.8 billion (Canadian) and is listed on the Toronto Stock Exchange under the symbol UTX.TO (click). He helped raise over $250 million for UTS Energy.

At the January, 2006, Annual Canadian Oil Sands Summit in Alberta, Canada, he shared the podium with senior executives from major companies including Canadian Natural Resources (NYSE:CNQ), Chevron Lummus Global (NYSE:CVX), Encana (NYSE:ECA), Shell Canada (TSX:SHC), Synenco Energy (TSX:SYN), Opti Canada (TSX:OPC), Petrobank (TSX:PBG) and UTS Energy (TSX:UTS).

SAWN LAKE PRODUCTION STATUS & HISTORY

Drilling Activity - First Well

September 2005 - Drilling of the first test well commenced, targeting the Bluesky formation zone.

October 2005 - Review of coring and logging on the first vertical test well completed. Began drilling the horizontal portion of the first well.

November 2005 - The first well was drilled to a vertical depth of 672 meters followed by a horizontal leg of 630 meters within the Bluesky oil sands zone

January 2006 – production testing of first well initiated

March 2006 -- confirmed that the well is shows initial signs of oil flow as expected. Production testing will continue for a period of up to 90 days.

According to Signet

Signet has indicated it plans to complete 3 additional wells before the end of the June 2006.

Plans to have production of 2000 barrels per day by the end of 2006

Targets 10,000 barrels per day by the end of 2009

The oil sands reservoir has a porosity of 30% and hydrocarbon saturation is 70%

ABOUT HEAVY OIL IN ALBERTA

More than half of Canada's total oil production is currently classified as heavy oil. Conventional oil production is projected to decline while heavy oil production is expected to more than double from the current level of over 1.0 million barrels per day within 10 years. Capital expenditures in Alberta's heavy oil industry are anticipated to exceed $60 billion in the period between 2003 and 2012.

Alberta has huge deposits of oil sands that underlie 140,800 square kilometers (54,363 square miles) of the province. These deposits are separated into three regions: Peace River, Athabasca (Fort McMurray area), and Cold Lake (north of Lloydminster).

According to the Alberta Energy & Utilities Board (2), 829,000 barrels per day of bitumen production occurred in 2002. Of this total, over sixty percent was upgraded to produce 435,000 barrels per day of synthetic crude oil and distillates, and 305,000 barrels per day was sold as bitumen. Oil sands production currently represents 35% of Canada's total crude output. By 2005, marketable sales of synthetic crude oil and bitumen are expected to account for 50% of Canadian crude oil output and 10% of North America's output.

SAWN LAKE PROJECT

Overview

The Sawn Lake project has similar geological characteristics to the existing Seal Field project producing heavy oil from the same Bluesky reservoir formation.

DWOG believes that the Sawn Lake Heavy Oil Project is at the same pre-growth stage experienced by other heavy oil companies prior to a major period of growth. Drilling and oil sands lease activity in Seal Lake Field during the years 2000 to 2002 could be considered analogous to DWOG’s Sawn Lake project.

Other operators targeting the deeper Slave Point Formation have previously drilled much of the land. Because of the earlier extensive exploration for deeper light oil, Sawn Lake project is able to benefit from data collected by others pertaining to the drilling of 67 wells that penetrated and partially delineated the Bluesky Formation heavy oil reservoir.

Early positive cash flow is the focus

The early focus of the drilling program is to define the heavy oil reservoir one section at a time and attempt to initiate production from each drilled location as soon as practical in order to generate an early positive cash flow.

Upon the successful testing of each drilled section, Signet Energy will prepare and file applications with the Alberta Department of Energy for full-scale development. The section-by-section test period is to be followed by a comprehensive production-drilling program. Full production will be coordinated with the start-up of the field enhancement facility to minimize dependence upon trucking.

Proximity to existing pipelines

A significant factor in the potential profitability of the project is the physical proximity to oil and gas pipelines.

These existing pipelines have a significant excess capacity that may become available.

Production Plan

Produce the Bluesky Formation sand with primary production techniques at the Sawn Lake Heavy Oil Project. Nearby examples of heavy oil projects completed in the Bluesky Formation are currently or were capable of primary production at economic rates when drilled horizontally (Seal Field, Wabasca Field, Joussard Pool).

Complete an initial delineation production scheme utilizing large diameter horizontal wells that are essential for a successful program.

DWOG believes that significant solution gas reserves are contained within the Sawn Lake project. Production and marketing of this gas is planned to occur simultaneously with oil production.

Existing infrastructure is in place to accommodate the earliest stages of production; however, additional capacity will have to be added as the project grows.

MANAGEMENT & DIRECTORS

Chairman and CEO, Director, Dr. Horst A. Schmid

Dr. Schmid has been the Chairman of Deep Well Oil & Gas, Inc. since February 2004 and has a long and distinguished career as Chairman and/or President and CEO of International Companies exporting Alberta Petroleum Equipment and Products. For fifteen years he was a Cabinet Minister for the Government of Alberta in various portfolios, such as International Trade and then for a further ten years he was the Commissioner General for Trade. During that time he was involved on numerous successful overseas negotiations for the Alberta Oil & Gas Industry, achieving major contracts for Production/Equipment/Service companies, amounting to hundreds of millions of dollars. He is the recipient of many Canadian and International Awards and Honors for his accomplishments.Chief Operating Officer, Director, Mr. Cyrus Spaulding, P.Eng.

Mr. Spaulding is a registered Professional Engineer with over 17 years experience in the oil and gas industry. He has worked on projects in Canada as well as overseas. His experience includes gas plants, hydrocarbon liquids fractionation plants, heavy oil pilot plants and heavy oil commercial plants. He has also worked with a major oil and gas company in Alberta providing forecasting and analysis on heavy oil projects. Mr. Spaulding is a graduate of Lakehead University.

Chief Financial Officer, Director, Mr. Curtis J. Sparrow, P.Eng., MBA

Mr. Sparrow has been involved in the oil and gas industry in various capacities for more than twenty-five years. After working for a major integrated oil company, he also held directorships and senior officer positions with junior exploration and development companies before becoming a self-employed consultant. Mr. Sparrow has experience in the marketing side of the oil and gas industry and he was a member of an acquisitions team formed to assess and develop a bid for a multi-billion dollar integrated oil company. His experience also includes corporate and project management, international businesses and mining. Mr. Sparrow holds both an MBA and an Engineering degree and is a registered Professional Engineer.

Director, Donald E. H. Jones

Mr. Jones brings over 30 years of broad oil, natural gas and petrochemical experience to Deep Well. His experience spans the manufacturing and service sectors, engineering and project management in the EPC environment. He has also worked at a senior management level for companies with both new and established oil and gas properties. In addition to the above mentioned work experience, Mr. Jones was Project Manager, including field construction, commissioning, and optimization on past SAGD Pilot Facilities which laid the ground work for commercial scale production and processing of heavy oil. A graduate of the University of Calgary, Mr. Jones is a registered Professional Engineer. He has significant domestic and international experience having worked in Canada, Africa, Russia, Kazakhstan and South East Asia.

IPOdesktop (ID) SAFE HARBOR STATEMENT: Statements contained in this document, including those pertaining to estimates and related plans, potential mergers and acquisitions, estimates, growth, establishing new markets, expansion into new markets and related plans other than statements of historical fact, are forward-looking statements subject to a number of uncertainties that could cause actual results to differ materially from statements made. ID provides no assurance as to the subject company's plans or ability to effect any planned and/or proposed actions. ID has no first-hand knowledge of management and therefore cannot comment on its capabilities, intent, resources, nor experience and makes no attempt to do so. Statistical information, dollar amounts, and market size data was provided by the subject company (the information provided in this report is not from DWOG and DWOG has not paid IPOdesktop any compensation for this report) or its agent and related sources believed by ID to be reliable, but ID provides no assurance, and none is given, as to the accuracy and completeness of this information.

DISCLAIMER: The information, opinions and analysis contained herein are based on sources believed to be reliable but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. Past performance is no guarantee of future results. This report is a paid advertisement and is for information purposes only and should not be used as the basis for any investment decision. ID has been compensated up to thirty five hundred dollars from Novak Capital for preparation and posting of this report, radio interview, and other advertising services. This constitutes a conflict of interest as to ID’s ability to remain objective in its communication regarding the subject company. Analysts, principals, associates and employees of ID do not own or trade equities under coverage. For detailed disclosure as required by Rule 17b of the Securities Act of 1933/1934 contact IPOdesktop, 11693 San Vicente Blvd., #350, Los Angeles, CA 90049. ID is not an investment advisor and this report is not investment advice. This information is neither a solicitation to buy nor an offer to sell securities but is a paid advertisement. Information contained herein contains forward-looking statements and is subject to significant risks and uncertainties, which will affect the results. The opinions contained herein reflect our current judgment and are subject to change without notice. We encourage our readers to invest carefully and read the investor information available at the web sites of the U.S. Securities and Exchange Commission (SEC) at http://www.sec.gov and the National Association of Securities Dealers (NASD) at http://www.nasd.com. The NASD has published information on how to invest carefully at its web site. Readers can review all public filings by companies at the SEC's EDGAR page.