Cumberland Oil & Gas Ltd.
TSX VENTURE : COG

April 06, 2010 17:24 ET

Cumberland Oil & Gas Ltd. Announces Filing of Annual Information Form

CALGARY, ALBERTA--(Marketwire - April 6, 2010) - Cumberland Oil & Gas Ltd. ("Cumberland" or the "Company") (TSX VENTURE:COG) has filed its annual information form ("AIF") for the year ended December 31, 2009, which includes the disclosure and reports relating to reserves data and other oil and gas information required pursuant to National Instrument 51-101. Copies of this document may be obtained via the SEDAR website at www.sedar.com.

The net present value of the Company's proved plus probable reserves at December 31, 2009, using a 10% discount rate is $2.57 million. In addition, Cumberland held approximately 10,000 net undeveloped acres of land in the provinces of British Columbia, Alberta and Saskatchewan.

Included in the AIF is independent reserves data on the Company's ownership in the Valhalla Doe Creek "M" Pool (the "Valhalla Property"), effective March 1, 2010. The Company entered into a farmout and pooling agreement effective March 1, 2010, whereby Cumberland earned a 100% working interest in the Valhalla Property subject to a royalty, in return for committing to incur 100% of the capital on a water-flood project on the Valhalla Property, to commence by July 2010. The net present value of the Valhalla Property's proved plus probable reserves at March 1, 2010, based on the independent reserves evaluators December 31, 2009 price forecast, using a 10% discount rate, is $4.75 million.

On February 26, 2010, Cumberland completed an amalgamation with four Capital Pool Corporations. Following the amalgamation, the Company had positive working capital of approximately $4.40 million and 32.38 million common shares outstanding.

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 news release.

Contact Information

  • Cumberland Oil & Gas Ltd.
    Alan MacDonald
    Vice President, Finance and Chief Financial Officer
    (403) 237-0790