Cumberland Oil & Gas Ltd. Announces Filing of March 31, 2010 Interim Financial Statements and MD&A

Cumberland Oil & Gas Ltd. (TSX VENTURE:COG) ("Cumberland") has filed its
unaudited interim financial statements and related Management's Discussion and
Analysis ("MD&A") for the three months ended March 31, 2010. Copies of these
documents may be obtained via the SEDAR website at www.sedar.com.


Highlights



--  Finalized an agreement whereby Cumberland earned 100% of a light oil
    pool at Valhalla. Cumberland's independent reserves evaluators assigned
    321 Mboe of proved plus probable reserves to Cumberland's interest in
    this oil pool. 
--  Amalgamated with four Capital Pool Companies ("CPC's") which added $2.54
    million of cash to Cumberland's balance sheet. 
--  Became listed on the TSX Venture Exchange under the symbol "COG". 
--  Completed a private placement which added $1.14 million, net of issue
    costs, to Cumberland's balance sheet. 
--  Increased working capital to $4.12 million at March 31, 2010. 
--  Net capital expenditures totaled $405,000 and included the drilling of 1
    (1.0 net) well that was dry and abandoned. 

                                                         Three months ended
                                                                   March 31
Financial                                                 2010         2009
----------------------------------------------------------------------------
                                                                            
Oil and gas sales                                      165,259      106,985 
Funds used in operations (1)                          (324,563)    (116,157)
  Per basic and diluted share                            (0.01)       (0.01)
Cash used in operating activites                       (82,711)    (170,606)
  Per basic and diluted share                            (0.00)       (0.01)
Net loss                                              (467,547)     (98,783)
  Per basic and diluted share                            (0.02)       (0.00)
Capital expenditures, net                              405,107      806,513 
Working capital (2)                                  4,124,975    2,499,973 
Weighted average shares                                                     
  Basic and diluted                                 25,008,879   21,338,887 

Notes:

1.  Funds used in operations is calculated as cash used in operating
    activities and adding changes in non-cash working capital and asset
    retirement expenditures, if any. Funds used in operations per share is
    calculated using the basic and diluted weighted-average number of shares
    for the period. Funds used in operations and funds used in operations
    per share are used to analyze the Cumberland's operating performance.
    Funds used in operations and funds used in operations per share do not
    have standardized measures prescribed by GAAP and therefore may not be
    comparable with calculations of similar measures for other companies. 
2.  Working capital includes cash and cash equivalents, accounts receivable,
    deposits and prepaid expenses, and accounts payable and accrued
    liabilities. 

                                                          Three months ended
                                                                    March 31
Operations                                                 2010         2009
----------------------------------------------------------------------------
                                                                            
Daily production                                                            
  Crude oil (bbl/d)                                           4            -
  Natural gas (mcf/d)                                       304          242
  Oil equivalent (boe/d @ 6:1)                               55           40
                                                                            
Average prices                                                              
  Crude oil ($/bbl)                                       79.54            -
  Natural gas ($/mcf)                                      4.91         4.92
  Oil equivalent ($/boe)                                  33.40        29.52
                                                                            
Netback                                                                     
  Operating netback ($/boe) (1)                           12.52        14.04

Note:

1.  Operating netback equals oil and gas sales less royalties, operating
    expenses and transportation costs, calculated on a boe basis. Operating
    netback does not have a standardized measure prescribed by GAAP and
    therefore may not be comparable with the calculation of similar measures
    for other companies. 



Outlook 

Cumberland expects to spend approximately $2.65 million this summer on the
secondary recovery project at Valhalla. Cumberland expects to drill a minimum of
2 new producing oil wells, convert 2 existing oil producers to injectors and
install water injection and pipeline facilities. Water-flood response is
expected by the spring of 2011.


Reader Advisories 

Forward-Looking Statements: This news release contains certain forward-looking
statements, including management's assessment of future plans and operations and
results thereof, sources of funding, and capital expenditures and the timing
thereof, that involve substantial unknown risks, uncertainties and assumptions,
some of which are beyond the Company's control. Such risks, uncertainties and
assumptions include, without limitation, those associated with oil and gas
exploration, development, exploitation, production, marketing, processing and
transportation, loss of markets, volatility of commodity prices, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, delays resulting from or
inability to obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources, the impact of general
economic conditions globally and in Canada, industry conditions, changes in laws
and regulations (including the adoption of new environmental laws and
regulations) and changes in how they are interpreted and enforced, the lack of
availability of qualified personnel or management, fluctuations in foreign
exchange or interest rates, stock market volatility and obtaining required
approvals of regulatory authorities. Cumberland's actual results, performance or
achievements could differ materially from those expressed in, or implied by,
those forward-looking statements and, accordingly, no assurances can be given
that any of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits that Cumberland will
derive therefrom. Readers are cautioned that the foregoing list is not
exhaustive. Additional information on these and other factors that could affect
the Cumberland's operations and financial results are included in reports on
file with Canadian securities regulatory authorities and may be accessed through
the SEDAR website (www.sedar.com). All subsequent forward-looking statements,
whether written or oral, attributable to Cumberland or persons acting on its
behalf are expressly qualified in their entirety by these cautionary statements.
Furthermore, the forward-looking statements contained in this news release are
made as at the date of this news release and Cumberland does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.


Boe's may be misleading, particularly if used in isolation. A boe conversion of
6 Mcf: 1 bbl is based on an energy of equivalency conversion method primarily
applicable at the burner tip and does not represent a value of equivalency at
the wellhead.