Tamm Oil Enters Into Share Exchange Agreement With Shareholders of Deep Well Oil & Gas

    Tamm Substantially Increases Ownership Effectively Becoming the Major
    Controlling Interest in the Sawn Lake Project

    CALGARY, Alberta, Dec. 6 /CNW/ -- Tamm Oil and Gas Corp. (OTC Bulletin
Board: TAMO) is pleased to announce that the Company has entered into a Share
Exchange Agreement with Shareholders of Deep Well Oil & Gas, Inc. (Pink
Sheets: DWOG) wherein Tamm will acquire 31,800,000 shares of Deep Well, which
based on 83 million Deep Well shares outstanding, represents 38% of Deep
Well's holdings in Sawn Lake, in exchange for 31,800,000 shares of Tamm Oil
and Gas. 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. Through the combination of this share exchange, a pending
acquisition and an earlier announced Gross Overriding Royalty Rights ("GORR")
acquisition, Tamm will hold directly and indirectly, a majority interest in
the project containing an estimated 819.5 million initial barrels of oil in
    As pursuant to the terms of this agreement Tamm Oil and Gas will cancel
22 million of its common shares. Tamm will also cancel an additional 34
million common shares upon the closing of a Letter of Intent ("LOI") signed
with 1132559 Alberta Ltd. This will bring Tamm's issued and outstanding shares
to 85,300,000 shares post exchange.
    "This share exchange dramatically increases Tamm's interest in the
prolific Sawn Lake Oil Sands region of Northern Alberta combined with a
pending acquisition of 1132559 Alberta Ltd. and an earlier announced GORR. We
will now directly and indirectly control a major interest in 63 sections of
Oil Sands leases in the Sawn Lake Region" states Sean Dickenson, President of
Tamm Oil and Gas.
    Tamm recently completed the acquisition of the GORR in Oil Sands Leases
that will provide Tamm with a revenue source of 2% from every barrel of oil
sold from these leases without the burden of operating expenses in the Sawn
Lake Region of Northern Alberta. The GORR ultimately has a higher value than
the equivalent percentage working interest in a property.
    Tamm also recently executed a LOI between the Company and 1132559 Alberta
Ltd., which is expected to further enhance Tamm's planned presence in the Sawn
Lake Region. According to the terms of the LOI, Tamm is to acquire all of the
issued and outstanding shares of 1132559 Alberta Ltd., a private company
incorporated under the laws of Alberta, Canada, which holds a direct working
interest of 10% in 63 sections of Oil Sands leases in the Sawn Lake Region. An
independent petroleum consultant estimates that these sections hold estimated
resources of 819.5 million initial barrels of oil in place.
    "This means that in the span of just a few weeks, Tamm has become a
significant player in the booming oil sands play in Alberta," adds Dickenson.
    Forward-Looking Statements in this news release that are not historical
facts are forward-looking statements that are subject to risks and
uncertainties. Forward-looking statements are based on current facts and
analyses and other information that are based on forecasts of future results,
estimates of amounts not yet determined and assumptions of management. Forward
looking statements are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "aims", "potential", "goal", "objective", "prospective", and
similar expressions or that events or conditions "will", "would", "may",
"can", "could" or "should" occur. Additional information on risks for the
Company can be found in filings on Edgar of other junior oil and gas
exploration companies with the US Securities and Exchange Commission.

For further information:

For further information: Tamm Oil and Gas Corp., +1-403-975-9399, 

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