Cumberland Oil & Gas Ltd. Announces Filing of June 30, 2012 Interim Financial Statements and MD&A

Cumberland Oil & Gas Ltd. ("Cumberland" or the "Company") (TSX VENTURE:COG) has
filed its unaudited condensed interim financial statements and related
Management's Discussion and Analysis ("MD&A") for the three months and six
months ended June 30, 2012. Copies of these documents may be obtained under
Cumberland's SEDAR profile via the SEDAR website at www.sedar.com or through the
Company's website at www.cumberlandltd.com.


On August 15, 2012, the Company announced that it had entered into an
arrangement agreement providing for the acquisition by Kallisto Energy Corp.
("Kallisto") of all of the outstanding common shares of Cumberland ("Cumberland
Shares") on the basis of 0.9180 of a common share of Kallisto for each
outstanding Cumberland Share (the "Transaction"). At closing of the Transaction,
Cumberland shareholders will own approximately 35% of the pro forma company. An
information circular is expected to be mailed to shareholders in early September
and a special meeting of shareholders is expected to be held in early October.
It is expected that the Transaction will be completed in mid-October on the
assumption that Kallisto and Cumberland receive the requisite approvals and all
of the conditions to closing are satisfied.


Forward-Looking Statements

In the interest of providing Cumberland's shareholders and potential investors
with information regarding Cumberland, certain statements contained in this news
release constitute forward-looking statements or information (collectively
"forward-looking statements") within the meaning of applicable securities
legislation. Forward-looking statements are typically identified by words such
as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will",
"project", "could", "plan", "intend", "should", "believe", "outlook",
"potential", "target" and similar words suggesting future events or future
performance. In particular, this news release contains, without limitation,
forward-looking statements pertaining to the following: expectations of
management regarding the proposed Transaction, including the timing of
completion of the Transaction, holding a shareholder meeting to approve the
Transaction and mailing the information circular in respect thereof.


With respect to forward-looking statements contained in this news release,
Cumberland has made assumptions regarding, among other things: the timing of
receipt of regulatory, Court and shareholder approvals as well as the parties
abilities to meet their currently expected timing targets. Although Cumberland
believes that the expectations reflected in the forward-looking statements
included in this news release, and the assumptions on which such forward-looking
statements are made are reasonable, there can be no assurance that such
expectations will prove to be correct. Readers are cautioned not to place undue
reliance on forward-looking statements included in this news release, as there
can be no assurance that the plans, intentions or expectations upon which the
forwad-looking statements are based will occur.


The forward-looking statements contained in this news release speak only as of
the date of this news release. Except as expressly required by applicable
securities laws, Cumberland does not undertake any obligation to publicly update
any forward-looking statements, whether as a result of new information, future
events or otherwise. The forward-looking statements in this news release are
expressly qualified by this cautionary statement.