Cumberland Oil & Gas Ltd.

April 26, 2010 18:10 ET

Cumberland Oil & Gas Ltd. Announces Graduation to A Tier 1 Listing on the TSX Venture Exchange

CALGARY, ALBERTA--(Marketwire - April 26, 2010) - Cumberland Oil & Gas Ltd. ("Cumberland") (TSX VENTURE:COG) is pleased to announce that its application for graduation to a Tier 1 issuer on the TSX Venture Exchange (the "TSXV") has been accepted by the TSXV. Cumberland will commence trading as a Tier 1 issuer on the TSXV on April 27, 2010.

As a result of Cumberland's graduation to a Tier 1 issuer, the common shares ("Common Shares") of Cumberland (and its predecessor entities) previously deposited in escrow pursuant to the rules of the TSXV will now be governed by the release provisions of "Tier 1 Value Escrow". As such, an aggregate of 1,142,581 Common Shares will be immediately releasable from escrow and an aggregate of 8,569,356 Common Shares that will remain in escrow will be released from escrow as follows: 2,856,452 Common Shares are releasable September 10, 2010; 2,856,452 Common Shares are releasable on March 10, 2011; and the remaining 2,856,452 Common Shares are releasable on September 10, 2011.

Reader Advisory

Certain information regarding Cumberland set forth in this news release including the release of Common Shares from escrow and the date of such releases contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Cumberland's control, including without limitation, regulatory changes and regulatory approvals, including the TSXV. As a consequence, actual results may differ materially from those anticipated from the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. 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.

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