Cruiser Oil & Gas Ltd.
TSX VENTURE : COG

Cruiser Oil & Gas Ltd.

May 15, 2008 09:00 ET

Cruiser Announces Increase to Private Placement

CALGARY, ALBERTA--(Marketwire - May 15, 2008) -

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

Cruiser Oil & Gas Ltd. (TSX VENTURE:COG) ("Cruiser" or the "Company") is pleased to announce that due to market demand it has agreed to increase the private placement offering of special warrants of the Company announced on April 30, 2008 from maximum gross proceeds of $6 million to maximum gross proceeds of approximately $6.3 million. The additional special warrants will be priced at $0.07 per special warrant. Persons who are not related to the Company will subscribe for the additional special warrants. The increase to the offering is subject to the approval of the board of directors of the Company and the TSX Venture Exchange.

Cruiser intends to use the net proceeds from the offering to repay debt and the balance will be used for working capital needs and general corporate purposes, including potential future acquisitions.

The offering is scheduled to close on May 21, 2008.

About Cruiser Oil & Gas Ltd.

Cruiser Oil & Gas Ltd. is a public junior oil and gas company engaged in the exploration, exploitation, acquisition and production of petroleum and natural gas in Western Canada. Cruiser is focused on re-entry and new drilling of multi-zone gas and oil prospects west of the fifth meridian.

Cruiser Oil & Gas Ltd. trades on the TSX Venture Exchange under the symbol "COG".

Cautionary Statements

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. The Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise unless required to do by applicable securities laws.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. The securities offered are not, and will not be, registered under the securities laws of the United States of America, nor any state thereof and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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