Ms. Emily Davis reports

OYSTER OIL AND GAS LTD. ANNOUNCES PROPOSED FINANCING

Oyster Oil and Gas Ltd. intends to complete a private placement for gross proceeds of up to approximately $1.3-million, which is expected to consist of units, with each unit comprising one common share and one-half of one common share purchase warrant, at a price of 40 cents per unit or such other price per unit determined by Oyster management in compliance with TSX Venture Exchange pricing regulations. Each whole share purchase warrant will be exercisable to acquire one common share of the company at a price of 45 cents per share for a period of 18 months following the closing of the financing. The company anticipates that the financing will be closed in two tranches, the first tranche for gross proceeds of $850,000 and the second for the balance of $450,000. The financing may be brokered or non-brokered, and commissions and/or finders' fees in cash or securities may be payable in connection with the financing subject to compliance with exchange policies. Proceeds from the financing are expected to be used for continuing working capital requirements.

Completion of the financing is subject to exchange acceptance, and all securities issued pursuant to the financing will be subject to a hold period as required under applicable securities legislation.

About Oyster Oil and Gas Ltd.

Oyster is an upstream oil and gas company with a focus on Eastern Africa. Oyster holds production sharing contracts interests with the government of Djibouti and the government of Madagascar. Oyster holds four blocks comprising approximately 3.5 million acres onshore and offshore in Djibouti, and holds a working interest in an onshore block in Madagascar covering approximately 2.8 million acres.

We seek Safe Harbor.