Cumberland Oil & Gas Ltd. Announces Equity Offering

Cumberland Oil & Gas Ltd. ("Cumberland") (TSX VENTURE:COG) announced today that
it intends to complete the private placement of up to 3,637,000 flow-through
common shares of Cumberland at a price of $0.275 per share for total gross
proceeds of up to $1,000,175, subject to receipt of all applicable regulatory
approvals.


Cumberland intends to use the proceeds of the offering to fund ongoing drilling.

The common shares issuable under the private placement will be subject to a hold
period of four months and one day from the closing date.


About Cumberland Oil & Gas Ltd.

Cumberland has been engaged in the business of exploring for, developing and
producing and, acquiring oil and natural gas properties in western Canada since
it commenced operations in October 2008. It has concentrated on the exploitation
and development of drilling prospects in its core areas in the Province of
Alberta, including south-east Alberta and the Peace River Arch. Cumberland's
exploration and development projects are currently directed towards both natural
gas and light oil prospects.


Reader Advisory

Certain information in this news release contains forward-looking statements
including the completion of the offering and the use of proceeds of the
offering. These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond Cumberland's control including,
without limitation, the receipt of all regulatory approvals and the impact of
general economic conditions, industry conditions, fluctuation of commodity
prices, fluctuation of exchange rates, environmental risks, industry
competition, availability of qualified personnel and management, stock market
volatility, timely and cost effective access to sufficient capital from internal
and external sources. As a consequence, actual results may differ materially
from those anticipated in the forward-looking statements. Readers are cautioned
that the forgoing list of factors is not exhaustive. Additional information on
these and other factors that could effect 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).
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 forward-looking
statements, whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.