Latigo Capital Corporation: Withdrawal of Proposed Acquisition of Flow-Back Oil & Gas Ltd. and Resignation of Director

Latigo Capital Corporation (TSX VENTURE:LTG.P) ("LCC" or the "Corporation")
announced today that it has decided not to proceed with the proposed acquisition
of Flow-Back Oil & Gas Ltd. ("Flow-Back") as previously announced by the
Corporation on August 11, 2008. The Corporation will also not be proceeding with
the name change and consolidation of the Corporation's common shares, which were
approved at the annual and special meeting of shareholders of the Corporation
held on September 30, 2008, as these matters were contingent on closing of the
transaction with Flow-Back. In addition, the private placement of securities of
a wholly owned subsidiary of the Corporation, which was previously announced on
August 11, 2008, will also not be proceeding, as the private placement was to
occur in connection with the transaction with Flow-Back.


Trading of the common shares of LCC was halted in connection with the entering
into of the original letter of intent among LCC and Flow-Back although LCC
expects that its common shares will resume trading on or about January 26, 2009
under the symbol "LTG.P".


In addition, LCC announced today that Mr. J.G. (Jeff) Lawson has resigned from
the board of directors of LCC. Mr. Lawson has accepted employment that requires
he resign from all directorships of public companies. The Corporation wishes to
thank Mr. Lawson for his contribution to the Corporation and wishes him well in
his future endeavours.


LCC, a capital pool company within the meaning of the policies of the TSX
Venture Exchange (the "Exchange"), was incorporated in April 2007 and was listed
on the Exchange in October 2007. LCC does not have any operations and has no
assets other than cash. LCC's business is to identify and evaluate businesses
and assets with a view to completing a Qualifying Transaction under the policies
of the Exchange.


Forward Looking Information

Certain information in this news release is forward-looking within the meaning
of certain securities laws, and is subject to important risks, uncertainties and
assumptions. This forward-looking information includes, among other things,
information with respect to LCC's beliefs, plans, expectations, anticipations,
estimates and intentions and the date LCC's common shares will resume trading on
the TSX Venture Exchange. The words "may", "could", "should", "would",
"suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend",
"plan", "target" and similar words and expressions are used to identify
forward-looking information. The forward-looking information in this news
release describes LCC's expectations as of the date of this news release.


The results or events anticipated or predicted in such forward-looking
information may differ materially from actual results or events. Material
factors which could cause actual results or events to differ materially from
such forward-looking information include, among others, risks arising from
general economic conditions and adverse industry events, risks arising from
operations generally, reliance on contractual rights such as licences and leases
in the conduct of its business, reliance on third parties for sales of product,
reliance on key personnel, the need to protect intellectual property and other
proprietary rights, possible failure of the business model or business plan or
the inability to implement the business model or business plan as planned,
fluctuations in the cost of materials, competition, environmental matters, and
insurance or lack thereof.


LCC cautions that the foregoing list of material factors is not exhaustive. When
relying on LCC's forward-looking information to make decisions, investors and
others should carefully consider the foregoing factors and other uncertainties
and potential events. LCC has assumed a certain progression, which may not be
realized. It has also assumed that the material factors referred to in the
previous paragraph will not cause such forward-looking information to differ
materially from actual results or events. However, the list of these factors is
not exhaustive and is subject to change and there can be no assurance that such
assumptions will reflect the actual outcome of such items or factors.


THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE
EXPECTATIONS OF LCC AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS
SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE LCC MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS
INFORMATION AT ANY PARTICULAR TIME UNLESS REQUIRED TO DO SO BY APPLICABLE
SECURITIES LAWS.