Cumberland Oil & Gas Ltd. Agrees to Acquire Partner's Interest in Liquids Rich Montney Project

Cumberland Oil & Gas Ltd. (TSX VENTURE:COG)("Cumberland" or the "Company") is
pleased to announce that it has agreed to acquire its partner's 60% working
interest in lands located at West Nig in N.E. British Columbia. Total
consideration is $250,000. Closing is expected to occur within five business
days, following customary due diligence. 


Upon closing, Cumberland will own a 100% working interest in 1,128 hectares of
land situated in the middle of an emerging liquids rich Montney play. Recent
British Columbia Crown land sales adjacent to the Company's acreage have seen
prices of between $1,800 and $2,000 per hectare, valuing the Company's 100%
interest at West Nig in excess of $2.0 million.


This acquisition enables Cumberland to operate and proceed with the
re-completion of the d-08-C/094-H-04 well-bore in the fourth quarter of this
year. The Company plans to perforate, fracture stimulate and production test
both the Upper and Lower Montney zones in this cased well. Both zones have been
successfully developed by numerous operators in this region with exceptional
results.


The Company's lands have pipeline infrastructure with all season access through
the middle of the acreage. Positive production tests could lead to the drilling
of at least four Upper and four Lower Montney horizontal wells beginning in
2012.


Reader Advisory 

Forward Looking Statements 

This news release contains certain forward-looking information and statements
within the meaning of applicable securities laws. The use of any of the words
"expect', "anticipate", "continue", "estimate", "may", "will", "should",
"believe", "intends" and similar expressions are intended to identify
forward-looking information or statements. In particular, but without limiting
the foregoing, this news release contains forward-looking information and
statements pertaining to the following: anticipated closing date of the
acquisition; re-completion of the d-08-C/094-H-04 wellbore in the fourth quarter
of this year and the Company's drilling plans for 2012. 


Forward-looking statements or information are based on a number of material
factors, expectations or assumptions of Cumberland which have been used to
develop such statements and information but which may prove to be incorrect.
Although Cumberland believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue reliance should
not be placed on forward-looking statements because Cumberland can give no
assurance that such expectations will prove to be correct. In addition to other
factors and assumptions which may be identified herein, assumptions have been
made regarding, among other things: the value of the acquired lands; results
from drilling and development activities consistent with past operations and
offsetting wells; continued and timely development of infrastructure in areas of
new production; availability of debt and equity financing and cash flow to fund
Cumberland's current and future plans and expenditures; the impact of increasing
competition; stability of the economic and political environment in which
Cumberland operates; timely receipt of any required regulatory approvals;
ability of Cumberland to obtain qualified staff, equipment and services in a
timely and cost efficient manner; drilling results; ability of Cumberland to
operate the field in a safe, efficient and effective manner; ability of
Cumberland to obtain financing on acceptable terms; field production and decline
rates; ability to replace and expand oil and gas reserves through acquisition,
development and exploration; timing and cost of pipeline, storage and facility
construction and expansion and the ability of Cumberland to secure product
transportation; future commodity prices; currency, exchange and interest rates;
regulatory framework regarding royalties, taxes, and environmental matters in
the jurisdictions in which Cumberland operates; and the ability of Cumberland to
successfully market its oil and natural gas products. 


The forward-looking information and statements included in this news release are
not guarantees of future performance and should not be unduly relied upon. Such
information and statements, including the assumptions made in respect thereof,
involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such
forward-looking information or statements including, without limitation: an
incorrect assessment of the acquired lands; failure to realize the anticipated
benefits of the acquired lands; changes in commodity prices; changes in the
demand for or supply of Cumberland's products; unanticipated operating results
or production declines; changes in tax or environmental laws, royalty rates or
other regulatory matters; changes in development plans by Cumberland; inaccurate
estimation of Cumberland's oil and gas reserve and resource volumes; limited or
a lack of access to capital markets; increased costs; inadequate insurance
coverage; impact of competitors and certain other risks detailed from
time-to-time in Cumberland's public disclosure documents (including, without
limitation, those risks identified in this news release and Cumberland's Annual
Information Form). 


The forward-looking information and statements contained in this news release
speak only as of the date of this news release and Cumberland does not assume
any obligation to publicly update or revise any of the included forward-looking
statements or information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities laws.