DEBT SETTLEMENT AGREEMENT AND SUBSCRIPTION FOR UNITS (Rule 122.2 of the Alberta Securities Commission Rules)Debt Settlement Agreement • August 17th, 2005 • Deep Well Oil & Gas Inc • Crude petroleum & natural gas • Alberta
The undersigned subscriber (the "Subscriber") hereby tenders to the Corporation this subscription offer which, upon acceptance by the Corporation, will constitute an agreement of the Subscriber to subscribe for, take up, purchase and pay for and, on the part of the Corporation, to issue and sell to the Subscriber, the number of Units set out below on the terms and subject to the conditions set out in this Subscription Agreement. The Subscriber hereby acknowledges and agrees that the terms and conditions contained in the attached Schedule “A” form part of this Subscription Agreement and are incorporated herein by reference. The Corporation and the Subscriber acknowledge and agree that the Subscription Price for the Units will be entirely paid and satisfied by way of the forgiveness of certain indebtedness of the Corporation to the Subscriber.
