Cruiser Oil & Gas Ltd.

Cruiser Oil & Gas Ltd.
Hoodoo Hydrocarbons Ltd.

Hoodoo Hydrocarbons Ltd.

July 27, 2005 11:05 ET

Cruiser Announces Successful Completion of Corporate Reorganization, Name Change and Operations Update

CALGARY, ALBERTA--(CCNMatthews - July 27, 2005) - Cruiser Oil & Gas Ltd. (TSX VENTURE:COG) ("Cruiser" or the "Company") is pleased to announce that, effective July 28, 2005 the Company will re-commence trading on the TSX Venture Exchange under its new name Cruiser Oil & Gas Ltd. (formerly Hoodoo Hydrocarbons Ltd.). Cruiser will be a Tier 2 listed issuer with 50,439,862 common shares issued and outstanding.

On June 3, 2005 the Company announced that it had entered into a participation agreement involving a joint venture drilling program of multi-zone gas and oil prospects concentrated west of the fifth meridian in Alberta, on land secured for drilling by the company's joint venture partner. Under the agreement the Company will participate in the drilling or re-entry of a minimum of 7 wells over the next eighteen months, with capital expenditures of up to $8,725,000. In addition, Cruiser will have the option to participate in all new prospects generated by its joint venture partner.

On June 10, 2005 the Company announced the closing of its non-brokered private placement of 37,500,000 common shares at a price of $0.10 per common share, for gross proceeds of $3,750,000. Proceeds from the private placement have been used to address the Company's initial anticipated expenses under the participation agreement, with the balance allocated for general working capital purposes. All common shares issued are subject to a four-month hold period expiring on October 11, 2005. In addition, those common shares purchased by management and directors of the Corporation and subscribers holding in excess of 10% of the issued and outstanding common shares of the Corporation are escrowed pursuant to the terms of a TSXV Form 5D Value Escrow Agreement.

OPERATIONAL UPDATE (at July 1, 2005 )
Production: 38 boepd
P + P Reserves (1): 997 Mboe
P + P Reserve Value (1) @ 10%: $ 13,280 M
Net Working Capital: $ 1,463 M
Net Asset Value (fully diluted): $ 15,635 M
Net Asset Value per share: $0.27 / share
(58,306,575 shares O/S FD)

Note 1: Reserves and Values based on GLJ April 2005 Price Forecast
(WTI $US 53.00 / bbl; $Cdn 7.25 / mmbtu ), excluding the participation

The Company's management team is led by Douglas Meiklejohn, Chief Executive Officer, Kurt Miles, President and Chief Operating Officer and Susan McClinton, Chief Financial Officer. The Board of Directors of the Company is composed of the following:

- Douglas L. Meiklejohn, CEO of the Company;

- Kurt D. Miles, President and COO of the Company;

- J.G (Jeff) Lawson, Partner with Burnet, Duckworth & Palmer LLP;

- Jay B. Simmons, President and a Director of ENTx Capital; and

- Raymond G. Smith, Chairman of the Company and a Director of True Energy Inc., Rolling Thunder Exploration and Cork Exploration Ltd.

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.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

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