Cruiser Oil & Gas Ltd.

Cruiser Oil & Gas Ltd.

November 21, 2006 13:24 ET

Cruiser Oil & Gas Ltd.: News Release

CALGARY, ALBERTA--(CCNMatthews - Nov. 21, 2006) - Cruiser Oil & Gas Ltd. (TSX VENTURE:COG) ("Cruiser" or the "Company") is pleased to announce that, subject to regulatory approvals, it intends to raise up to $5,000,000 in a non-brokered private placement ("Private Placement") by issuing up to 41,666,666 common shares (the "Common Shares") at a price of $0.12 per Common Share. At the Company's election, up to $1,000,000 of the funds raised pursuant to the Private Placement may be issued on a "flow-through" basis (the "Flow-Through Shares") by issuing up to 7,142,857 Flow-Through Shares, which Flow-Through Shares will be renounced as "Canadian Development Expense" and will be issued at $0.14 per Flow-Through Share, provided that the maximum proceeds raised pursuant to the Private Placement will not exceed $5,000,000.

Proceeds from this Private Placement will be used to fund the development of the Company's oil and gas properties in Western Canada.

Cruiser is a public junior oil and gas company engaged in the exploration, exploitation, acquisition and production of petroleum and natural gas in Western Canada. The Company is focused on re-entry and new drilling of multi-zone gas and oil prospects west of the fifth meridian. Cruiser trades on the TSX Venture Exchange under the symbol COG.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


FORWARD-LOOKING STATEMENTS Certain information set forth in this document, including management's assessment of Cruiser's future plans and operations, contain forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond these parties' control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Cruiser's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Cruiser will derive therefrom. Cruiser disclaims any intention or obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable securities legislation.

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

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