Stream Announces the Withdrawal of Equity Offering

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Stream Oil & Gas Ltd. (TSX VENTURE:SKO) ("Stream" or the "Company") announced
that due to market conditions, it has elected to withdraw the proposed public
equity offering pursuant to the preliminary short form prospectus filed on June
22, 2011.


"We do not believe that current shareholders are best served by issuing equity
in the current market," said Sotirios Kapotas, President and Chief Executive
Officer. "While it is disappointing that we do not have the additional funds to
accelerate our growth plans at this time, our 2011 ongoing production and
development growth initiatives are moving forward as planned to increase
production and cash flow. In addition, we continue to advance discussions with
prospective lenders regarding long-term debt facilities, which would be used to
fund a portion of the Company's initiatives focused on incremental exploitation
and exploration activities in Albania."


Forward-Looking Statements

This news release includes forward-looking statements regarding the Company's
financing prospects. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and information currently
available to the Company. A number of factors can cause actual events to differ
significantly from any anticipated developments and, although the Company
believes that the expectations represented by such a forward-looking statements
are reasonable, undue reliance should not be placed on the forward-looking
statements as there can be no assurance that such expectations will be realized.
The forward-looking statements contained in this document are made as of the
date hereof and the Company disclaims any intention or obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless expressly required
by applicable securities laws.


About Stream Oil & Gas Ltd.

Stream Oil & Gas Ltd. is a Canadian-based emerging oil and gas production,
development and exploration company focused on the re-activation and
re-development of three oilfields and a gas/condensate field in Albania. The
Company's strategy is to use proven technology, incremental and enhanced oil
recovery techniques to significantly increase production and reserves.