COG Cumberland Oil And Gas Ltd.

Cumberland Oil & Gas Ltd. (TSX VENTURE:COG) ("Cumberland") announced today that
it has closed its previously announced private placement and has issued
3,300,000 flow-through common shares of Cumberland at a price of $0.275 per
share for total gross proceeds of $907,500.


Cumberland intends to use the proceeds of the offering to fund ongoing drilling. 

The flow-through common shares issued under the private placement will be
subject to a hold period until November 6, 2010. 


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.


Reader Advisory 

Certain information in this news release contains forward-looking statements
including the use of proceeds of the offering. These forward-looking statements
are subject to numerous risks and uncertainties, certain of which are beyond
Cumberland's control including, without limitation, the receipt of all
regulatory approvals and the impact of general economic conditions, industry
conditions, fluctuation of commodity prices, fluctuation of exchange rates,
environmental risks, industry competition, availability of qualified personnel
and management, stock market volatility, timely and cost effective access to
sufficient capital from internal and external sources. As a consequence, actual
results may differ materially from those anticipated in the forward-looking
statements. Readers are cautioned that the forgoing list of factors is not
exhaustive. Additional information on these and other factors that could effect
Cumberland's operations and financial results are included in reports on file
with Canadian securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com). 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.

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