Cougar Oil and Gas Canada Inc.

Cougar Oil and Gas Canada Inc.

April 11, 2012 16:05 ET

Cougar Oil and Gas Canada, Inc.: News Release

CALGARY, ALBERTA--(Marketwire - April 11, 2012) - Cougar Oil and Gas Canada, Inc. (OTCBB:COUGF) ("the Company") wishes to announce that Mr. Hamilton, Mr. Galachiuk, Mr. Owens and Mr. Lischka resigned as directors of the Company effective April 10, 2012. The current financial condition of the Company was given as the reason for the resignations.

While under CCAA protection, the Company will continue with its day to day operations with the assistance of Ernst & Young Inc. in its capacity as the Court-appointed Monitor of the Company. The Company anticipates presenting a restructuring Plan to its creditors in these CCAA proceedings and will issue a further press release on or before May 23, 2012 to provide an update regarding the status of the Plan and the CCAA proceedings generally.

While under the CCAA, the Company will not be filing audited financials on SEDAR or EDGAR.

Forward-looking statements

This news release includes certain statements that may be deemed to be "forward-looking statements " All statements, other than statements of historical facts, included in this news release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events and results may differ materially from those anticipated in the forward-looking statements which include but are not limited to the ability to raise additional capital, risks associated with the Company's ability to implement its business plan, its ability to successfully submit a timely plan to its creditors and the risk of bankruptcy or receivership under the CCAA and to resolve its operational, legal and financial difficulties, risks inherent in the oil industry, regulatory and economic risks land tenure risks and those factors listed under the caption "Risk Factors" in the Company's Form 20-F, as amended, filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by law.

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