Algonquin Oil & Gas Limited
TSX VENTURE : AQX

January 20, 2012 14:49 ET

Algonquin Oil & Gas Limited Announces Closing of Shares for Debt Transaction

CHATHAM, ONTARIO--(Marketwire - Jan. 20, 2012) -

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

Algonquin Oil & Gas Limited ("Algonquin") (TSX VENTURE:AQX) is pleased to announce that it has received the approval of the TSX Venture Exchange ("TSXV") to complete its previously announced shares for debt transaction allowing Algonquin to issue 3,633,000 common shares at a price of $0.10 per share to settle US$350,000 of previously incurred debt held by James Fair, the President and Chief Executive Officer of Algonquin (the "Debt Settlement"). All of the common shares issued pursuant the Debt Settlement are subject to a 4-month hold period.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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