Cumberland Oil & Gas Ltd. Begins Trading on the TSX Venture Exchange and Announces Acquisition of Doe Creek Oil Pool

Cumberland Oil & Gas Ltd. (TSX VENTURE:COG) ("Cumberland") announced today that
it's common shares will commence trading today on the TSX Venture Exchange under
the trading symbol "COG".


Cumberland also announced today that, effective March 1, 2010, it has acquired
operatorship of the Valhalla Doe Creek "M" Pool (the "Pool") in the Peace River
Arch area of Alberta pursuant to a Pooling and Farmout Agreement (the
"Agreement") with the working interest owners of the Pool.


Under the terms of the Agreement, Cumberland has assumed 100% ownership of the
Pool subject to spending a minimum of $2.65 million of capital to implement
secondary recovery operations in the Pool.


Cumberland intends to drill two new oil wells, a water-source well and convert
two existing oil wells to water- injection wells, prior to the end of the third
quarter of 2010. Production equipment, pipelining and central battery facilities
will also be installed. The Pool is currently producing approximately 20 barrels
per day of light gravity sweet oil.


About Cumberland Oil & Gas Ltd.

Cumberland has been engaged in the business of exploring for, developing and
producing and, acquiring oil and natural gas properties in western Canada since
it commenced operations in October 2008. It has concentrated on the exploitation
and development of drilling prospects in its core areas in the Province of
Alberta, including south-east Alberta and the Peace River Arch. Cumberland's
exploration and development projects are currently directed towards both natural
gas and light oil prospects.


The Cumberland management team most recently led Rockyview Energy Inc., a
TSX-listed oil and gas company that grew to approximately 3,000 BOE/d when it
was sold to Direct Energy in January 2008. Prior to that, they were the
management group at APF Energy Trust, a TSX-listed income trust with daily
production of 18,000 BOE/d, which was sold to StarPoint Energy Trust in 2005.


Reader Advisory

Certain information regarding Cumberland set forth in this news release
including management's assessment of future operations and expenditures and the
timing thereof to implement secondary recovery operations in the Pool contains
forward-looking statements that involve substantial known and unknown risks and
uncertainties. These forward-looking statements are subject to numerous risks
and uncertainties, certain of which are beyond Cumberland's control, including
without limitation, exploration, development and production risks, the receipt
of regulatory approvals, the impact of general economic conditions, industry
conditions, volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition from other producers, the
lack of availability of qualified personnel or management, stock market
volatility and ability to access sufficient capital from internal and external
sources. As a consequence, actual results may differ materially from those
anticipated from the forward-looking statements. Readers are cautioned that the
foregoing list of factors is not exhaustive. Furthermore, the forward-looking
statements contained in this news release are made as at the date of this news
release and Cumberland does not undertake any obligation to update publicly or
to revise any of the forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by applicable
securities laws.

Cumberland Oil And Gas Ltd. (TSXV:COG)
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