Ryland Oil Provides Update on Proposed Arrangement With Crescent Point Energy Corp.

   Ryland Oil Corporation ("Ryland") (TSX VENTURE: RYD) is pleased to announce that the Court of Queen's Bench of Alberta has granted an interim order with respect to Ryland's proposed plan of arrangement ("Arrangement") with Crescent Point Energy Corp. ("Crescent Point") pursuant to which Crescent Point proposes to acquire all of the issued and outstanding shares of Ryland in exchange for Crescent Point shares.

An annual and special meeting (the "Meeting") of the holders of Ryland common shares will be held in Calgary, Alberta on Thursday, August 19, 2010. At the Meeting, Ryland shareholders will be asked to approve the proposed Arrangement with Crescent Point, the details of which are set forth in Ryland's management information circular and proxy statement dated July 22, 2010 ("Circular") which has been mailed to shareholders and can be found under Ryland's profile on SEDAR at www.sedar.com.

Completion of the Arrangement is subject to the approval of 66 2/3% of the votes cast by Ryland shareholders present in person or represented by proxy at the Meeting. Completion of the Arrangement is also subject to the final approval of the Court of Queen's Bench of Alberta (the "Court"). The application for a final order of the Court has been scheduled for August 20, 2010. It is also a condition of completion of the Arrangement that the Toronto Stock Exchange shall have approved the listing of the Crescent Point Shares issuable to Ryland's shareholders as consideration for the Ryland common shares. Assuming all conditions are satisfied, it is expected that the Arrangement will be completed on or about August 20, 2010.

Ryland's directors and senior management have unanimously approved the Arrangement and have entered into support agreements under which they have agreed to vote their Ryland common shares in favour of the Arrangement.

RYLAND OIL CORPORATION

Gerald J. Shields, President

Reader Advisory

Investors are cautioned that, except as disclosed in the Circular, any information released or received with respect to the Arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of Ryland should be considered highly speculative.

Certain statements contained in this press release constitute forward-looking statements. All forward-looking statements are based on Ryland's beliefs and assumptions based on information available at the time the assumption was made. The use of any of the words "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "projected", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well positioned" and similar expressions are intended to identify forward-looking statements. By their nature, such forward-looking statements 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 statements. Ryland believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this press release or, if applicable, as of the date specified in those documents specifically referenced herein.

In particular, this press release contains forward-looking statements pertaining to the following: timing and completion of the Arrangement, the proposed Meeting; receipt of all necessary Court, shareholder, regulatory and third party approvals and the approval of the Toronto Stock Exchange.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of Ryland) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain drilling rigs and other services; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; risks associated to the uncertainty of reserve estimates; governmental regulation of the oil and gas industry, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of production, costs and expenses; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; access to capital; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed herein or otherwise and Ryland undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required to do so pursuant to applicable law.

This news release is not for dissemination in the United States or to any United States news services. The shares of Crescent Point have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Issued and Outstanding: 201,673,418

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Ryland Oil Corporation Mr. Jim Welykochy Vice-President Corporate Development 403.861.1242 www.rylandoil.com