Document:

DEEP WELL OIL & GAS, INC.
                           Suite 2600, Sun Life Plaza
                              144 Fourth Street SW
                        Calgary, Alberta, Canada T2P 3N4

                                                              April __, 2005

Northern Alberta Oil Ltd.

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To Whom it May Concern:

         Reference is made to that certain Exchange Agreement, dated as of July
8, 2004, by and among Deep Well Oil & Gas, Inc. (the "Company"), Northern
Alberta Oil Ltd., formerly known as Mikwec Energy Canada Ltd., ("Mikwec") and
the persons executing therein as a shareholder of Mikwec (collectively the
"Mikwec Shareholders") (the "Exchange Agreement"). All capitalized terms used
herein without definition shall have the meanings set forth in the Exchange
Agreement.

         The parties hereto agree that notwithstanding the expiration of the
Closing Date, on July 21, 2004, it is the intent of the parties hereto to
consummate the Exchange in accordance with the terms and conditions hereof,
whereby the Mikwec Shareholders hereby acknowledge and agree that they shall be
receiving shares of the Company, a Nevada corporation and not shares of a
Canadian corporation, in exchange for their shares of Mikwec common stock.

         Accordingly, the parties hereto agree that the Closing Date shall be
extended to ___________ and notwithstanding anything contained in the Exchange
Agreement to the contrary, all representation and warranties of Mikwec and the
Company set forth in the Exchange Agreement shall have been true on July 8, 2004
and the representations and warranties of the Mikwec Shareholders set forth in
Sections 1.19 and 1.20 of the Exchange Agreement shall be true and accurate as
of the Closing Date. In addition, the Mikwec Shareholders hereby represent and
warrant to the Company that (i) the shares of Mikwec's common stock owned by the
undersigned Mikwec Shareholder, and set forth below, have been duly paid for,
(ii) the undersigned Mikwec Shareholder owns no options, warrants or other
rights to purchase any additional shares of the common stock of Mikwec, (iii) to
the knowledge of the undersigned Mikwec Shareholder no other Mikwec Shareholder
or other third party owns any options, warrants or other rights to purchase any
additional shares of the common stock of Mikwec and (iv) the undersigned Mikwec
Shareholder has no claim against Mikwec for the payment of any amounts in
connection with any loan, service or transaction with Mikwec.

                                       1
<PAGE>

         In addition to the foregoing, the Mikwec Shareholders hereby
acknowledge that the Company is currently deficient in its filings pursuant to
the Exchange Act and accordingly many of the representations and warranties of
the Company set forth in the Exchange Agreement are no longer accurate
reflections of the Company's current position.

         Furthermore, although pursuant to Section 5.04 of the Exchange
Agreement, the Company's consummation of the Exchange is contingent upon the
approval of, and delivery by, the holders of not less than one hundred percent
(100%) of the outstanding common and preferred shares of Mikwec, the Company
hereby agrees that so long as the Company shall receive at least fifty-one
percent (51%) of the outstanding common shares of Mikwec on or before the
Closing Date it hereby waives the conditions set forth in Section 5.04 and the
closing of the Exchange shall be held on Closing Date.

         This agreement may be signed in counterparts, each of which is an
original document, and all of which form one agreement. Delivery of a facsimile
version of one or more signatures to this agreement shall be deemed adequate
delivery for purposes of this agreement.

                                                     DEEP WELL OIL & GAS, INC.

                                                     By:  ______________________
                                                          Name:
                                                          Title:

ACCEPTED AND AGREED TO THIS
__ DAY OF ____, 2005:

NORTHERN ALBERTA OIL LTD.

By:  _______________________
     Name:
     Title:

MIKWEC SHAREHOLDER:

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Print Name: _____________
Number of shares of common stock of Mikwec: ________________

                                       2TERMINATION, OPTION AND PUT AGREEMENT

This Agreement is made as of the _____ day of ________, 2005.

BETWEEN:

                         (the "Preferred Shareholder")
                                    - and -
                           DEEP WELL OIL & GAS, INC.
                                 ( "Deep Well")
                                    - and -
                           NORTHERN ALBERTA OIL LTD.
                                  ("Northern")

A. WHEREAS the Preferred Shareholder is the registered holder of Class R
non-voting preferred shares of Northern (the "Northern Preferred Shares");

B. AND WHEREAS the Preferred Shareholder, Deep Well, and Northern (then called
"Mikwec Energy Canada Ltd.") entered into a share exchange agreement (the
"Exchange Agreement") dated the 8th day of July, 2004;

C. AND WHEREAS subsections 3.04(c) and 3.04(h) of the Exchange Agreement
required the Preferred Shareholder to provide Deep Well with an executed option
agreement on the Closing Date (as defined in the Exchange Agreement) in the form
set forth in Schedule 3.04(c) to the Exchange Agreement;

D. AND WHEREAS the Preferred Shareholder and Deep Well entered into an option
agreement (the "Original Option Agreement") on the 8th day of July, 2004 rather
than on the Closing Date contrary to the terms of subsections 3.04(c) and
3.04(h) of the Exchange Agreement;

E. AND WHEREAS pursuant to subsection 3.01 of the Exchange Agreement, in
consideration of the Preferred Shareholder executing the Original Option
Agreement, Deep Well was required, on the Closing Date, to issue to the
Preferred Shareholder thirty (30) shares of its common stock (the "Deep Well
Common Shares") for every one (1) Northern Preferred Share owned by the
Preferred Shareholder;
<PAGE>

F. AND WHEREAS the Preferred Shareholder, Deep Well and Northern entered into an
amending agreement (the "Amending Agreement") to the Exchange Agreement dated
the 25th day of April, 2005 whereby they agreed, among other things, to extend
the Closing Date (as defined in the Exchange Agreement);

G. AND WHEREAS the parties have agreed to waive the requirements in the Exchange
Agreement which relate to the Northern Preferred Shares, including but not
limited to the requirements in section 3.01 to enter into an option agreement in
the form of Schedule 3.04(c) of the Exchange Agreements;

H. AND WHEREAS the parties have agreed to waive the closing conditions in
subsections 3.04(c) and 3.04(h) of the Exchange Agreement and wish to terminate
the Original Option Agreement;

I. AND WHEREAS the parties wish to enter into a new option agreement on the
Closing Date pursuant to which the Preferred Shareholder will have a put option
to sell to Deep Well, all or any part of the Northern Preferred Shares owned by
the Preferred Shareholder and Deep Well shall have a call option ("Call Option")
to purchase all or any part of the Northern Preferred Shares owned by the
Preferred Shareholder, in accordance with the terms hereof;

                  NOW THEREFORE in consideration of the mutual promises of the
parties hereto and the mutual benefits to be gained by the performance thereof
and for other good and valuable condition, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto agree as follows:

                                    SECTION 1
                    TERMINATION OF ORIGINAL OPTION AGREEMENT

1.1 The Original Option Agreement shall terminate upon execution of this
Agreement and be of no further force and effect.

1.2 Northern, the Preferred Shareholder and Deep Well agree to waive the
requirements in the Exchange Agreement which relate to the Northern Preferred
Shares, including but not limited to the requirements in section 3.01 to enter
into an option agreement in the form of Schedule 3.04(c) of the Exchange
Agreements.

1.3 Northern, the Preferred Shareholder and Deep Well agree to waive the closing
conditions in subsections 3.04(c) and 3.04(h) of the Exchange Agreement.

                                       2
<PAGE>

                                   SECTION 2

                          GRANT OF PUT AND CALL OPTIONS

2.1 At any time and from time to time during the Term (as subsequently defined
herein) the Preferred Shareholder may, upon providing ten (10) days written
notice to Deep Well, require Deep Well to purchase all, or any number as may be
designated in the notice, of the Northern Preferred Shares held by the Preferred
Shareholder at that time (the "Put Option"). The purchase price for any Northern
Preferred Share that Deep Well is required to purchase under this Put Option
shall be satisfied by Deep Well issuing thirty (30) Deep Well Common Shares to
the Preferred Shareholder subject to the anti-dilution provisions in section 3
of this Agreement.

2.2 At any time during the final month of the Term (as defined herein), Deep
Well may, upon providing ten (10) days written notice to the Preferred
Shareholder, purchase all, or any number as may be designated in the notice, of
the Northern Preferred Shares held by the Preferred Shareholder at that time
(the "Call Option"). The purchase price payable by Deep Well for each Northern
Preferred Share that Deep Well purchases under this Call Option shall be
satisfied by Deep Well issuing thirty (30) Deep Well Common Shares to the
Preferred Shareholder subject to the anti-dilution provisions in section 3 of
this Agreement.

2.3 The term of the Put Option and the Call Option (collectively the "Options")
shall be thirty six (36) months commencing on the date of this Agreement (the
"Term") and the last day of the Term shall be referred to herein as the "Expiry
Date".

2.4 The Options shall expire and terminate on the Expiry Date and be of no
further force and effect.

2.5 Subject to the terms of this Agreement, the Options may be exercised in all
or any part of the Northern Preferred Shares with respect to which the Options
are exercisable.

                                    SECTION 3

                            ANTI-DILUTION PROVISIONS

3.1   If and wherever at any time prior to the Expiry Date Deep Well shall:

3.1.1 subdivide the outstanding Deep Well Common Shares into a greater number of
      Deep Well Common Shares;

3.1.2 consolidate or combine the outstanding Deep Well Common Shares into a
      small number of Deep Well Common Shares;

                                       3
<PAGE>

3.1.3 issue any Deep Well Common Shares to any of its holders of outstanding
      Deep Well Common Shares by way of a stock dividend; or

3.1.4 issue for less than fair market value any rights, options or warrants to
      subscribe for or purchase any Deep Well Common Shares or securities
      convertible into or exchangeable for Deep Well Common Shares,

then the number of Deep Well Common Shares that Deep Well is required to issue
to a Preferred Shareholder as consideration for a Northern Preferred Share
acquired by Deep Well pursuant to the options shall be adjusted as of the
effective date of any of the events specified in subsections 3.1.1, 3.1.2,
3.1.3, or 3.1.4 above so that such event does not results in any dilutive
consequences for the Preferred Shareholder.
SECTION 4
                        RIGHTS PRIOR TO THE EXERCISE DATE

4.1 The Preferred Shareholder shall not, in that capacity, have any rights as a
shareholder of Deep Well with respect to any Deep Well Common Shares until it is
the registered holder of Deep Well Common Shares.

4.2 Deep Well shall not have any rights as a Northern Preferred Shareholder
until it is the registered holder of Northern Preferred Shares.

                                   SECTION 5
                              RESERVATION OF SHARES

5.1 Deep Well shall at all times during the Term, keep available a sufficient
number of unissued Deep Well Common Shares in its authorized capital to satisfy
its obligations to the Preferred Shareholder pursuant to this Agreement.

                                   SECTION 6
                             ASSIGNMENT OR ENUREMENT

6.1 The Preferred Shareholder shall not sell, transfer or otherwise dispose of
its Northern Preferred Shares during the Term without the prior written consent
of Deep Well, which consent will not be unreasonably withheld provided that the
proposed transferee has agreed to enter into an agreement containing
substantially similar terms as this Agreement.

6.2 This Agreement shall enure to the benefit of and be binding upon the parties
hereto and their executors, administrators, heirs, legal representatives and
successors.

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<PAGE>

                                   SECTION 7
                             EXERCISE OF THE OPTION

7.1 The Options, or any portion thereof, may be exercised by delivering written
notice of the number of Northern Preferred Shares with respect to which the
Options are being exercised in accordance with this Agreement.

                                   SECTION 8
               ISSUANCE OF COMMON SHARE CERTIFICATES UPON EXERCISE

8.1 Within a reasonable time after exercise of the Options, Deep Well shall
issue the required number of Deep Well Common Shares in the name of the
Preferred Shareholder and deliver the certificate therefore bearing both the
Canadian Legend (defined below) and the U.S. Legend (defined below) to the
Preferred Shareholder.

8.2 The share certificates for the Deep Well Common Shares to be issued pursuant
to this Agreement must bear the following Canadian legend (the "Canadian
Legend"):

         "AS THE CORPORATION IS NOT A REPORTING ISSUER IN ANY JURISDICTION OF
         CANADA, UNLESS PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE
         HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA AND MAY
         HAVE TO HOLD THE SECURITY FOR AN INDEFINITE PERIOD."

8.3 The share certificates for the Deep Well Common Shares to be issued pursuant
to this Agreement must bear the following U.S. legend (the "U.S. Legend"):

         "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
         SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED, OR
         HYPOTHECATED WITHOUT EITHER i) REGISTRATION UNDER THE SECURITIES ACT OF
         1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR ii)
         SUBMISSION TO THE CORPORATION OF AN OPINION OF COUNSEL, SATISFACTORY TO
         THE CORPORATION THAT SAID SHARES AND THE TRANSFER THEREOF ARE EXEMPT
         FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933 AND
         APPLICABLE STATE SECURITIES LAWS."

                                       5
<PAGE>

                                   SECTION 9
                                   NOTICES

9.1 All notices and other communications under this agreement shall be in
writing, and shall be deemed to have been duly given on the date of delivery if
delivered personally or when received to the party to whom notice is to be
given, by certified mail, return receipt requested, postage pre-paid, and
addressed as follows, until any such address is changed by notice duly given:

                  To Deep Well at:

                  Deep Well Oil & Gas, Inc.
                  Suite 2600 Sun Life Plaza
                  144 Forth Avenue S.W.
                  Calgary, AB  T2P 3N4

                  To the Preferred Shareholder at:

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                                   SECTION 10
                                     GENERAL

10.1 Time shall be of the essence of this Agreement.

10.2 If any portion of this Agreement shall be determined to be invalid or
unenforceable, the remainder of this Agreement shall be valid and enforceable to
the extent possible.

10.3 This Agreement shall be governed by the laws of the Province of Alberta and
the parties hereto agree to exclusively and irrevocably attorn to the
jurisdiction of the Courts of Alberta and agree that any proceedings taken in
respect of this agreement shall be taken in such Courts and no other.

      IN WITNESS WHEREOF the parties have executed this Agreement as of the date
first above written.

                                                    per
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OR:
                                                    )
                                                    )
                                                    )

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WITNESS

                                                    DEEP WELL OIL & GAS, INC.

                                                    per
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                                                    NORTHERN ALBERTA OIL LTD.

                                                    per
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