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With reference to the news item appearing in a leading web portal titled “Deep Industries in talks of bagging 1 oil & gas block under Nelp VII”, Deep Industries Ltd has clarified to BSE as under:

1. As mentioned Deep Industries in talks of bagging one Oil & Gas blocks under
NELP - VII.

Expl: The Company would like to mention that the Company had bidded for the Oil & Gas block under NELP VII on June 30, 2008. The said block is at Satpura Rewa with an area of about 789 sq. kms. With regard to news on news channel the Company have not informed about it to any Research Analyst. The Company understand that DGH had opened the bid on same date but award of the bid would be declared by DGH sometime later. The Company have not been informed in writing by DGH, therefore the Company cannot comment on it at this time. However as the Company understand that DGH might have declared the results on their website as provisional winners for the bid. The Company also understand that DGH would be doing detailed evaluation of the bid and final results can take reasonable time for announcing the award.

2. It is true that Company has been awarded two Coal Bed Methane blocks in Madhya Pradesh & Andhra Pradesh and three Gas Marginal field in Rajasthan long time ago.

3. With respect to the estimation of reserves, the Company cannot comment on the same at this time as reserve could be estimated only after doing the seismic survey.

Deep Industries Ltd has informed BSE that the members at the Annual General Meeting (AGM) of the Company held on May 30, 2008, inter alia, has unanimously passed all the resolutions set out in the Notice of the Annual General Meeting.

Resolutions relating to Special Business :

1. Authority to the Board of Directors to borrow money from time to time even though the money to be borrowed together with moneys already butt owed by the Company (apart from temporary loans obtained from Company’s bankers in the ordinary course of business exceeds the aggregate of the paid up capital of the Company and its free reserve that is to say, reserve not set apart for any specific purpose, provided however the total amount of such borrowing shall not exceed the sum of Rs 500 Crores (Rupees Five Hundred Crores only), subject to the necessary provisions & approvals.

2. Authority to the Board of Directors to hypothecate and / or mortgage and / or charge tangible movable properties, stocks, book debts and plant and machineries and immoveable assets both present and future or the whole or substantially the whole of the undertaking or the undertakings of the Company for securing any loan obtained or to the obtained from any financial institution, bank or person or persons together with interest, costs, charges, expenses and any other money payable by the Company, subject to the necessary provisions & approvals.

Deep Industries Ltd has informed BSE that the Company has obtained Letter of Award from ONGC, Rajahmundry Asset for deployment of following Compressors for compressing the natural gas at various locations of Rajahmundry Asset, approx. value of contract aggregating to Rs 415.57 Million.

1. Location : Lingala
- Approx. Contract Value (in Million) : 224.23

2. Location : Odalarevu
- Approx. Contract Value (in Million) : 79.73

3. Location : Gopavaram-EPT
- Approx. Contract Value (in Million) : 111.61.

Deep Industries Ltd has informed BSE that the Company has obtained Letter of Award from Oil and Natural Gas Corporation Ltd, for deployment of Rigs for Ankleshwar Asset as below:

- Particulars : 100-MT Work Over Rig

- LOA from : ONGC, BARODA

- Approx. Contract Value : Rs 67 million.

Deep Industries Ltd has informed BSE that the Company had applied for Environment Clearance from Ministry of Environment & Forest for two CBM Blocks located at Godhavari Valley in Andhra Pradesh and Singrauli Coalfield in Madhya Pradesh. Now, Company has got the Environment Clearance in respect of both CBM Blocks.

Deep Industries Ltd has announced that the Company has obtained Letter of Award from Oil & Natural Gas Corporation Ltd (ONGC), for deployment of followings Rigs and Compressors aggregating to Rs 1615 Lacs.

1. Particulars: 30 ton Work Over Rig (R3)
LOA From: ONGC, Ahmedabad Asset
Approx. Contract Value in Rs: 655 Lacs

2. Particulars: 50 ton Work Over Rig (R2)
LOA From: ONGC, Mehsana Asset
Approx. Contract Value in Rs: 788 Lacs

3. Particulars: 120 Kg Mobile Air Compressors
LOA From: ONGC, Ahmedabad Asset
Approx. Contract Value in Rs: 172 Lacs