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Explanation of Responses:
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(1)
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On June 20, 2013, Deep Well Oil & Gas, Inc. (the "Issuer") granted non-qualified stock options to the reporting person to purchase up to 450,000 shares of common stock at an exercise price of $0.05 per common share, 150,000 vesting immediately and the remaining vesting one-third on June 20, 2014, and one-third on June 20, 2015, with an expiration date of June 20, 2018. In August of 2013, the reporting person exercised a portion of the June 20, 2016 non-qualified stock options for 150,000 shares of the Issuer's common stock, which such transaction was previously reported on Form 4.
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(2)
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On June 20, 2013, the Issuer granted the reporting persons consulting company, Portwest Investments Ltd., non-qualified stock options to purchase up to 1,000,000 shares of common stock at an exercise price of $0.05 per share of common share, with one-half vesting immediately and one-half vesting on June 20, 2014, with an expiration date of June 20, 2018. In August of 2013, the reporting persons consulting company, Portwest Investments Ltd., exercised a portion of the June 20, 2016 non-qualified stock options for 500,000 shares of the issuer's common stock, which such transaction was previously reported on Form 4.
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(3)
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Portwest Investments Ltd., is a company owned 100% by the reporting person, providing consulting services as President and Chief Executive Officer to the Issuer.
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(4)
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The transactions reported, in the above Table I rows 1 and 2 and Table II row 1, reflect the cashless exercise of the reporting person's stock options. As of June 10, 2018, the reporting person exercised 300,000 of the remaining non-qualified stock options issued on June 20, 2013 of which 214,286 common shares were withheld by the Issuer at the market price of $0.07 per common share to fund the cashless exercise. 85,714 common shares of the Issuer's common stock were issued to the reporting person as a result of this cashless exercise. Where the number of common shares deducted for the cashless exercise is a fraction, the number has been rounded to the nearest whole number of common shares. The cashless exercise was approved by the Board of the Issuer and a majority of shareholders under the Issuer's stock option plan as amended.
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(5)
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The transactions reported, in the above Table I rows 3 and 4 and Table II row 3, reflect the cashless exercise of Portwest Investments Ltd.'s stock options. As of June 10, 2018, Portwest Investments Ltd. exercised 1,000,000 of the remaining non-qualified stock options issued on June 20, 2013 of which 714,286 common shares were withheld by the Issuer at the market price of $0.07 per common share to fund the cashless exercise. 285,714 common shares of the Issuer's common stock were issued to Portwest Investments Ltd. as a result of this cashless exercise. Where the number of common shares deducted for the cashless exercise is a fraction, the number has been rounded to the nearest whole number of common shares. The cashless exercise was approved by the Board of the Issuer and a majority of shareholders under the Issuer's stock option plan as amended.
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(6)
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The total number of non-derivative securities Directly and Indirectly owned by the reporting person after the transactions reported in Table I above is 3,651,428 common shares, of which 235,714 commons shares are owned Directly by the reporting person, 2,565,714 commons shares are owned Indirectly by the Issuer's company, Portwest Investment Ltd., and 850,000 common shares are owned Indirectly by the Issuer's 100% owned company Trans World Factors Inc.
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(7)
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On September 19, 2014, the Issuer's Board granted the reporting person, options to purchase 600,000 shares of common stock at an exercise price of $0.38 per common share, with one-third vesting immediately, one-third vesting on September 19, 2015, and one-third vesting on September 19, 2016, with a five-year life from the original grant date. The reporting person has not exercised any of these Directly owned outstanding options. These options were previously disclosed on Form 4 and are again being disclosed in Table II row 2 of this Form 4.
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(8)
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On September 19, 2014, the Issuer's Board granted Portwest Investments Ltd., options to purchase 1,200,000 shares of common stock at an exercise price of $0.38 per common share, with one-half vesting immediately and one-half vesting on September 19, 2015, with a five-year life from the original grant date. The reporting person has not exercised any of these Indirectly owned outstanding options. These options were previously disclosed on Form 4 and are again being disclosed in Table II row 4 of this Form 4.
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