INVITATION FOR PROPOSAL

CALGARY, AB , April 3, 2024 /CNW/ - Ernst & Young Inc., in its capacity as Court-appointed Receiver (the "Receiver") of Deep Well Oil & Gas (Alberta) Ltd. and Northern Alberta Oil Ltd. (collectively, "Deep Well"), is undertaking a sale and investment solicitation process ("SISP") for a 25% working interest in an undeveloped Sawn Lake oil sands project, consisting of two oil sands leases (the "Assets").

The Court of King's Bench of Alberta approved the SISP on March 8, 2024, and approved a stalking horse purchase and sale agreement (the "APA") to sell the Assets to Andora Energy Corporation. The purpose of the SISP is to determine whether a superior offer than the APA may be obtained by the Receiver.

The bid deadline is April 19, 2024 and further information outlining the opportunity is available on the Receiver's website www.ey.com/ca/DeepWell, or by contacting Josh Heagy at [email protected].

Ernst & Young Inc., in its capacity as Court-appointed Receiver of Deep Well Oil & Gas (Alberta) Ltd. and Northern Alberta Oil Ltd. and not in its personal or corporate capacity.

2200, 215 2nd Street SW
Calgary, AB T2P 1M4
Fax: 403-206-5075

SOURCE Ernst & Young (Deep Well Oil & Gas Alberta Ltd. and Northern Alberta Oil Ltd.)