Document:

Exhibit
      10.26

    DEEP
      WELL OIL & GAS, INC.

    NON-QUALIFIED
      STOCK OPTION AGREEMENT

     

    This
      NON-QUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) is made this 28 day of
      November, 2005, by and between Deep Well Oil & Gas, Inc., a Nevada
      corporation (the “Corporation”) and _________________., an Alberta Company
      (“Optionee”).

     

    Whereas
      the Optionee has entered in to a consulting services agreement with a subsidiary
      of the Corporation dated July 1, 2005 (“Consulting Agreement”)

    
      	
              1.

            	
              Amendment
                to Existing Agreement

            
	 	 	 
	 	
              This
                Agreement shall be in addition to the and amend it
                accordingly.

            
	 	 	 
	
              2.

            	
              Grant
                of Option

            
	 	 	 
	 	
              The
                Corporation hereby grants Optionee the option (the “Option”) to purchase
                all or any part of an aggregate of 390,000 shares (the “Shares”) of Common
                Stock of the Corporation at the exercise price of $0.71 per share
                according to the terms and conditions set forth in this Agreement
                and in
                the Deep Well Oil & Gas, Inc. November 28, 2005 Stock Option Plan (the
                “Plan”). The Option will not be treated as an incentive stock option
                within the meaning of Section 422 of the Internal Revenue Code of
                1986, as amended (the “Code”). The Option is issued under the Plan and is
                subject to its terms and conditions. A copy of the Plan will be furnished
                upon request of Optionee.

            
	 	 	 
	 	
              The
                Option shall terminate at the close of business five years from the
                date
                hereof (the “Option Termination Date”).

            
	 	 	 
	
              3.

            	
              Vesting
                of Option Rights; Transferability

            
	 	 	 
	
              (A)

            	
              This
                Option shall be exercisable, in whole or in part, according to the
                following vesting schedule:

            
	 	 	 
	 	
              (i)

            	
              130,000
                Shares on July 1, 2006,

            
	 	
              (ii)

            	
              130,000
                Shares on July 1, 2007,

            
	 	
              (iii)

            	
              130,000
                Shares on July 1, 2008,

            
	 	 	 
	
              subject
                to Optionee’s continuing to provide services to the Corporation or any
                Subsidiary as an employee, director or consultant, as the case may
                be,
                provided that the Optionee continues to provide services on such
                anniversary date.

               

            
	 	
              (iv)

            	
              During
                the lifetime of the consulting contract with the Optionee, the Option
                shall be exercisable only by Optionee and shall not be assignable
                or
                transferable by Optionee.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              Exercise
                of Option after Death or Termination of Services or
                Employment

            
	 	 	 
	 	
              Except
                as otherwise determined by the Board:

            
	 	 	 
	
              (A)

            	
              In
                the event that an Optionee ceases to provide services to the Corporation
                as a result of termination for cause (as such term is defined in
                clause
                22.3 of the Consulting Agreement), each of the Options held by the
                Optionee shall cease to be exercisable after the date of termination
                of
                services as a consultant. 

            
	 	 	 
	
              (B)

            	
              In
                the event that an Optionee ceases to provide services to the Corporation
                for any reason other than termination for cause, any vested Option
                held by
                Optionee may continue to be exercised by the Optionee to and until
                the
                earlier of:

            
	 	 	 
	 	
              (i)

            	
              the
                applicable expiration of the Option Period in respect of such Option;
                and

            
	 	 	 
	 	
              (ii)

            	
              the
                period after the date on which Optionee ceases to provide services
                to the
                Corporation that is permitted by the applicable laws, policies, rules
                and
                regulations of any stock exchange upon which the Underlying Shares
                are
                then listed, posted and/or quoted for trading; 

            
	 	 	 
	
              (C)

            	
              Notwithstanding
                the above, in no case may the Option be exercised to any extent by
                anyone
                after the Option Termination Date.

            
	 	 	 
	
              5.

            	
              Method
                of Exercise of Option

            
	 	 	 
	 	
              Subject
                to the foregoing, the Option may be exercised in whole or in part
                from
                time to time by serving written notice of exercise on the Corporation
                at
                its principal office within the Option period. The notice shall state
                the
                number of Shares as to which the Option is being exercised and shall
                be
                accompanied by payment of the exercise price. Payment of the exercise
                price shall be made;

            
	 	 	 
	
              (A)

            	
              in
                cash (including bank check, personal check or money order payable
                to the
                Corporation),

            
	 	 	 
	
              (B)

            	
              with
                the approval of the Corporation (which may be given in its sole
                discretion), by delivering to the Corporation for cancellation shares
                of
                the Corporation’s Common Stock already owned by Optionee having a Fair
                Market Value (as defined in the Plan) equal to the full exercise
                price of
                the Shares being acquired,

            
	 	 	 
	
              (C)

            	
              with
                the approval of the Corporation (which may be given in its sole
                discretion), by electing to have the Corporation retain from the
                number of
                Shares to be issued to the Optionee upon the exercise of such Option
                Shares having a Fair Market Value on the date of exercise equal to
                the
                aggregate exercise price payable upon exercise of such
                Option;

            
	 	 	 
	
              (D)

            	
              through
                a special sale and remittance procedure pursuant to which Optionee
                (or any
                other person or persons permitted to exercise the option) shall
                concurrently provide irrevocable instructions

            
	 	
              (i)

            	
              to
                a Corporation designated brokerage firm to effect the immediate sale
                of
                the purchased shares and remit to the Corporation, out of the sale
                proceeds available on the settlement date, sufficient funds to cover
                the
                aggregate exercise price payable for the purchased shares plus all
                applicable income and employment taxes required to be withheld by
                the
                Corporation by reason of such exercise and

            
	 	 	 
	 	
              (ii)

            	
              to
                the Corporation to deliver the certificates for the purchased shares
                directly to such brokerage firm in order to complete the sale;
                or

            
	
               

            
	(E) 	by
              any combination of the methods of payment described
              above.

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              6.

            	
              Securities
                Law Matters.

            
	 	 	 
	
              (A)

            	
              Restricted
                Securities. The Optionee understands and acknowledges that neither the
                Option nor the Shares have been registered under the United States
                Securities Act of 1933, as amended (the “Securities Act”), that the Option
                has been issued to it in reliance on an exemption from the registration
                requirements of the Securities Act, and that the Option and the Shares
                are, or will be, as applicable, “restricted securities” as defined in Rule
                144 under the Securities Act.

            
	 	 	 
	
              (B)

            	
              Accredited
                Investor. The Optionee represents that it is an “accredited investor”
                within the meaning of Rule 501(a) under the Securities
                Act.

            
	 	 	 
	
              (C)

            	
              Restrictions
                on Exercise. The Optionee understands and acknowledges that the Option
                may be exercised only pursuant to an exemption from the registration
                requirements of the Securities Act and applicable state securities
                laws,
                and that at the time of any proposed exercise, the Corporation may
                require
                an opinion of counsel or other evidence satisfactory to it to the
                effect
                that the Shares may be issued pursuant to such exercise without
                registration under the Securities Act or applicable state securities
                laws.

            
	 	 	 
	
              (D)

            	
              Resale
                Restrictions. The Optionee understands and acknowledges that
                notwithstanding anything to the contrary contained in this Agreement,
                the
                Option and the Shares may be offered, sold, pledged or otherwise
                transferred only

            
	 	 	 
	 	
              (i)

            	
              to
                the Corporation;

            
	 	 	 
	 	
              (ii)

            	
              outside
                the United States in accordance with Rule 904 of Regulation S under
                the
                Securities Act and in compliance with applicable Canadian local laws
                and
                regulations; or

            
	 	 	 
	 	
              (iii)

            	
              within
                the United States, in a transaction that does not require registration
                under the Securities Act or any applicable state securities laws.
                In
                connection with any proposed sale, pledge or other transfer of the
                Option
                or the Shares, the Corporation may require an opinion of counsel
                or other
                evidence satisfactory to it to the effect that the proposed sale,
                pledge
                or other transfer may be effected without registration under the
                Securities Act or applicable state securities laws.

            
	 	 	 
	
              (E)

            	
              Legend.
                The Optionee understands and acknowledges that upon the original
                issuance
                of the Shares, as applicable, and until such time as the same is
                no longer
                required under applicable requirements of the Securities Act or state
                securities laws, the certificates representing the Shares, and all
                certificates issued in exchange therefor or in substitution thereof,
                shall
                bear a legend with respect to the transfer restrictions set forth
                above.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              7.

            	
              Miscellaneous

            
	 	 	 
	
              (A)

            	
              Plan
                Provisions Control.
                In the event that any provision of the Agreement conflicts with or
                is
                inconsistent in any respect with the terms of the Plan, the terms
                of the
                Plan shall control.

            
	 	 	 
	
              (B)

            	
              No
                Rights of Stockholders.
                Neither Optionee, Optionee’s legal representative nor a permissible
                assignee of this Option shall have any of the rights and privileges
                of a
                stockholder of the Corporation with respect to the Shares, unless
                and
                until such Shares have been issued in the name of Optionee, Optionee’s
                legal representative or permissible assignee, as
                applicable.

            
	 	 	 
	
              (C)

            	
              No
                Right to Employment.
                The grant of the Option shall not be construed as giving Optionee
                the
                right to be retained in the employ of, or as giving a director of
                the
                Corporation or a Subsidiary (as defined in the Plan) the right to
                continue
                as a director of the Corporation or a Subsidiary, nor will it affect
                in
                any way the right of the Corporation or a Subsidiary to terminate
                such
                employment or position at any time, with or without cause. In addition,
                the Corporation or Subsidiary may at any time dismiss Optionee from
                employment, or terminate the term of a director of the Corporation
                or a
                Subsidiary, free from any liability or any claim under the Plan or
                the
                Agreement. Nothing in the Agreement shall confer on any person any
                legal
                or equitable right against the Corporation or any Subsidiary, directly
                or
                indirectly, or give rise to any cause of action at law or in equity
                against the Corporation or a Subsidiary. The Option granted hereunder
                shall not form any part of the wages or salary of Optionee for purposes
                of
                severance pay or termination indemnities, irrespective of the reason
                for
                termination of employment. Under no circumstances shall any person
                ceasing
                to be an employee of the Corporation or any Subsidiary be entitled
                to any
                compensation for any loss of any right or benefit under the Agreement
                or
                Plan which such optionee might otherwise have enjoyed but for termination
                of employment, whether such compensation is claimed by way of damages
                for
                wrongful or unfair dismissal, breach of contract or otherwise. By
                participating in the Plan, Optionee shall be deemed to have accepted
                all
                the conditions of the Plan and the Agreement and the terms and conditions
                of any rules and regulations adopted by the Committee and shall be
                fully
                bound thereby.

            
	 	 	 
	
              (D)

            	
              Governing
                Law.
                The validity, construction and effect of the Plan and the Agreement,
                and
                any rules and regulations relating to the Plan and the Agreement,
                shall be
                determined in accordance with the internal laws, and not the law
                of
                conflicts, of the State of Nevada.

            
	 	 	 
	
              (E)

            	
              Severability.
                If any provision of the Agreement is or becomes or is deemed to be
                invalid, illegal or unenforceable in any jurisdiction or would disqualify
                the Agreement under any law deemed applicable by the Committee (as
                defined
                in the Plan), such provision shall be construed or deemed amended
                to
                conform to applicable laws, or if it cannot be so construed or deemed
                amended without, in the determination of the Committee, materially
                altering the purpose or intent of the Plan or the Agreement, such
                provision shall be stricken as to such jurisdiction or the Agreement,
                and
                the remainder of the Agreement shall remain in full force and
                effect.

            
	 	 	 
	
              (F)

            	
              No
                Trust or Fund Created.
                Neither the Plan nor the Agreement shall create or be construed to
                create
                a trust or separate fund of any kind or a fiduciary relationship
                between
                the Corporation or any Subsidiary and Optionee or any other
                person.

            
	 	 	 
	
              (G)

            	
              Headings.
                Headings are given to the Sections and subsections of the Agreement
                solely
                as a convenience to facilitate reference. Such headings shall not
                be
                deemed in any way material or relevant to the construction or
                interpretation of the Agreement or any provision
                thereof.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              (H)

            	
              Conditions
                Precedent to Issuance of Shares;
                Repurchase Rights. Shares shall not be issued pursuant to the exercise
                of the Option unless such exercise and the issuance and delivery
                of the
                applicable Shares pursuant thereto shall comply with all relevant
                provisions of law, including, without limitation, the Securities
                Act of
                1933, as amended, the Exchange Act of 1934, as amended, the rules
                and
                regulations promulgated thereunder, the requirements of any applicable
                Stock Exchange or the Nasdaq National Market and the corporate laws
                of the
                state of Nevada. As a condition to the exercise of the purchase price
                relating to the Option, the Corporation may require that the person
                exercising or paying the purchase price represent and warrant that
                the
                Shares are being purchased only for investment and without any present
                intention to sell or distribute such Shares if, in the opinion of
                counsel
                for the Corporation, such a representation and warranty is required
                by
                law.

            
	 	 	 
	
              (I)

            	
              Withholding.
                In order to comply with all applicable federal, state or provincial
                income
                tax laws or regulations, the Corporation may take such action as
                it deems
                appropriate to assure that all applicable federal, state or provincial
                payroll, withholding, income or other taxes are withheld or collected
                from
                Optionee.

            
	 	 	 
	
              (J)

            	
              Adjustment
                to Number of Shares and Exercise Price. Subject to approval if
                necessary of any relevant stock exchange, the Board will adjust the
                number
                of Shares subject to an Option, and the exercise price per Share
                payable
                upon exercise of an Option, upon the occurrence of any stock dividend,
                stock split, reverse stock split, combination of shares, reclassification
                of shares, recapitalization or other similar corporate transaction
                with
                respect to the Shares. Notwithstanding the preceding sentence to
                the
                contrary, no such adjustment will be made upon the conversion of
                any debt
                instrument, share of preferred stock or other convertible security
                of the
                Corporation into Shares.

            
	 	 	 
	
              (K)

            	
              Review
                of Plan. Optionee acknowledges receipt of a copy of the Plan and
                represents that he or she is familiar with the terms and provisions
                thereof, and hereby accepts this Option subject to all of the terms
                and
                provisions thereof. Optionee has reviewed the Plan and this Option
                in
                their entirety, has had an opportunity to obtain the advice of counsel
                prior to executing this Option and fully understands all provisions
                of the
                Option. Optionee hereby agrees to accept as binding, conclusive and
                final
                all decisions or interpretations of the Board upon any questions
                arising
                under the Plan or this Option.

            
	 	 	 
	
              (L)

            	
              Change
                of Address. Optionee further agrees to notify the Corporation upon any
                change in the residence address indicated
                below.

            

    

    

      IN
        WITNESS WHEREOF, the Corporation and Optionee have executed this Agreement
        as of
        the date set forth in the first paragraph.

       

    

    
      
        	 	 	 
	 	DEEP
                WELL
                OIL & GAS, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	Name:	 
	 	Title:  	 
	 	 

      

      

        	 	 	 
	 	OPTIONEE
	 
 	 
 	 
 
	 	Name:	 
	 	Address:
	 
	 	 

      

       

       

      
        
          
          

        

        
          5Exhibit
      10.27

    INDEMNITY

    

    NOW
      THEREFORE IN CONSIDERATION OF ____________________ (hereinafter called the
      “Indemnified Party”) agreeing to act, or to continue to act, as a director
      and/or officer of Northern Alberta Oil Ltd. (hereinafter referred to as "NAOL”),
      NAOL and Deep Well Oil & Gas, Inc. (hereinafter referred to as "DWOG")
      hereby covenants and agrees to indemnity and hold harmless the Indemnified
      Party
      and his or her heirs and legal representatives, from and against all costs,
      charges, legal fees and expenses, and all claim, demands, actions, or damages,
      including any amount paid to settle an action or satisfy a Judgment, incurred
      by
      the indemnified Party in respect of any civil, criminal or administrative action
      or proceeding to which the Indemnified Party is made a party by reason of being
      or having been a director, officer and or employee of NAOL it:

    

    (a)
      the
      Indemnified Party acted honestly and In good faith with a view to the best
      interests of NAOL; and

    

    (b)
      in
      the case of a criminal or administrative action or proceeding that is enforced
      by a monetary penalty, the Indemnified Party had reasonable grounds for
      believing his or her conduct was lawful.

    

    If
      any
      claim, action, demand or proceeding whatsoever is asserted against the
      Indemnified Party in respect of which this indemnity might reasonably be
      considered to be applicable (such claim, action, demand or proceeding being
      hereafter referred to as a “claim”), the Indemnified Party shall promptly notify
      NAOL and DWOG in writing of the nature of such claim. and NAOL and/or DWOG
      shall
      be entitled (but not required) to participate in the defence of any suit brought
      to enforce the claim. In any event, NAOL and/or DWOG shall be entitled (but
      not
      required) to participate in the selection of legal counsel for the defence
      of
      any claim. All legal and other expenses incurred by the Indemnified Party in
      connection with the defence of a claim shall be paid directly by NAOL and DWOG
      on a monthly basis.

    

    In
      the
      event that the Indemnified Party is required to pay tax or interest, by any
      applicable Canadian federal or provincial law requiring payment of tax
      calculated on or with respect to any amount payable as an indemnity pursuant
      hereto (the amount payable being hereinafter called the "Indemnity”). NAOL and
      DWOG shall pay to the Indemnified Party forthwith on written demand accompanied
      by proof of the amount so payable having been given by the Indemnified Party
      to
      NAOL and DWOG, the amount by which the aggregate of all taxes and interest
      payable by the Indemnified Party when the tax or interest payable on or in
      respect of the Indemnity are included in the calculation of the aggregate of
      all
      taxes and interest payable by the Indemnified Party, exceeds the aggregate
      amount of all taxes, and interest that would be payable by the Indemnified
      Party
      if no taxes were payable by the Indemnified Party or in respect of the
      indemnity.

    

    Expenses
      incurred by the Indemnified Party against which he is indemnified pursuant
      hereto shall be paid promptly by NAOL and DWOG upon receipt of a written request
      and reasonable proof of payment from the Indemnified Party. The Indemnified
      Party shall be required to refund any advance where a court of competent
      jurisdiction determines that such indemnification is not available under
      applicable law.

    

    In
      the
      event that any action is instituted by the Indemnified Party hereunder to
      enforce or interpret any of the terms hereof, the Indemnified Party shall be
      entitled to be paid all court costs and expenses, including reasonable legal
      fees, incurred by the Indemnified Party with respect to such action, unless
      as
      part of such action, the court of competent jurisdiction determines that
      material assertions made by the Indemnified Party as a basis for such action
      were not made in good faith or were frivolous.

    

    This
      indemnity shall also apply to any future appointments, either as a director
      or
      officer, to any of NAOL's subsidiary or affiliated corporations that the
      Indemnified Party agrees to undertake at NAOL's request.

    

    This
      indemnity is in addition to and not in substitution for any indemnity which
      may
      be available to the officers and/or directors of NAOL by private contract or
      under the by-laws of NAOL or the Alberta Business Corporations Act.

    

    DATED
      at
      the City of Edmonton, in the Province of Alberta, this ____ day of _____, 2005
      and

    

    effective
      as and from the date the Indemnified Party was first elected or appointed as
      a
      director and/or officer as documented in NAOL's Minute Book.

     

     

    
      	 	 	 
	 	NORTHERN
              ALSERTA
              OIL LTD.
	 
 	 
 	 
 
	 	Per: 	 
	 	Per: 	 

    

     

    

    
      	
            	 	 
	 	DEEP
              WELL OIL
              & GAS, INC.
	 
 	 
 	 
 
	 	Per: 	 
	 	Per: 	 
	 	Witness:

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