Longreach Oil & Gas Limited: Issue of Options

JERSEY, CHANNEL ISLANDS--(Marketwire - Jan 16, 2013) -

TSX-V: LOI

January 16, 2013

                    LONGREACH OIL AND GAS LIMITED

                          Issue of Options

LONGREACH OIL AND GAS LIMITED (TSX-V: LOI), the oil & gas company
focused on Morocco ("Longreach" or the "Company"), announces today
(the "Grant Date") that the Board of Directors has issued 3,845,000 options
to members of management, directors and consultants of the Company at
an exercise price of $0.70. These options will vest in thirds, with one
third vesting on the first anniversary of the Grant Date, one third
vesting on the second anniversary of the Grant Date and one third
vesting on the third anniversary of the Grant Date.

Under the terms of the Company's stock option plan, the number of
shares reserved for issuance will not exceed 10% of the issued and
outstanding shares of Longreach. The options issued today represent
approximately 4.76% of the undiluted share capital of Longreach. The
options will be exercisable for a period of up to five years from the
date of grant.

For Further Information:

Longreach

Andrew Benitz    CEO                                 +44 20 3137 7759

Pelham Bell Pottinger

Mark Antelme / Philip Dennis / Rollo Crichton-Stuart +44 207 861 3232

Additional information on Longreach Oil and Gas Limited can be found at
 www.longreachoilandgas.com  or through Longreach's investor relations
agent.

Additional information on Longreach Oil and Gas Limited can also be
found at  www.sedar.com 

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

                                 -ENDS-

                    This information is provided by RNS
          The company news service from the London Stock Exchange

END