Derek Oil and Gas Corporation announced the retirement of Mr. Barry C.J. Ehrl as President, Chief Executive Officer and Director. Mr. Ehrl was the person solely responsible for the decision to have the company focus on North American oil assets in the late nineties when oil was under $10 per barrel. This key decision led to the eventual acquisition of LAK Ranch oil project. Mr. Greg Amor has agreed to fill the roles left by Mr. Ehrl on an interim basis.

Derek Oil and Gas Corporation announced the successful conclusion of negotiations with Maha Energy Inc. (Maha) that has led to the execution of a Joint Acquisition Agreement (the JAA) on Derek's LAK Ranch Property. Under the terms of the JAA, Derek has ceded a 60% working interest in and to its LAK Ranch Wyoming oil leases to Maha. Terms of the JAA call for Maha to drill, at their expense, 5 wells over the next 12 months. If these wells produce at an agreed rate, then a further 3 wells are to be drilled without capital contribution by Derek. Once production from the LAK Ranch field reaches 600 barrels per day, Derek is to receive from Maha a bonus payment of $750,000. A second $750,000 bonus is to be paid once production reaches 1,000 barrels per day. Maha must also pay $500,000 of Derek's past due royalties, taxes and supplier bills. Operatorship shall be granted to Maha.

Derek Oil and Gas Corporation announced the appointment of Mr. Allen Wilson to its board of directors. Mr. Wilson is a long time shareholder of the company and has previously been instrumental in raising funds for Derek. Mr. Wilson will now be able to add more support to the company's endeavors. Mr. Wilson is a director and chief executive officer of Dakar Resources Corp. and a director of Shasta Gold Corp.