Mr. Martin Bajic reports

OYSTER OIL PROVIDES AN UPDATE ON DRILLING AND CORING PROGRAM IN BLOCK 1101 MADAGASCAR

Oyster Oil and Gas Ltd. is providing an update on the continuing drilling and coring program in block 1101, onshore Madagascar.

Two wells located in the central part of the block have been drilled and cored. The total combined drilled depth at these locations was about 850 metres. Both wells completed their objectives to assess specific geological criteria at these locations.

The surface casing has been set at the next location, and the rig is currently being mobilized to drill two further wells at Ankaramy. These wells are located close to the only previous well in this onshore block drilled in 1902, which reportedly had shows and recovery of hydrocarbons to surface. The objective of these wells will be to evaluate the structure, which is defined by a limited amount of seismic.

Oyster holds a 10-per-cent working interest in block 1101.