AQX Algonquin Oil & Gas Ltd.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.


Algonquin Oil & Gas Limited ("Algonquin") (TSX VENTURE:AQX) is pleased to
announce that it has received the approval of the TSX Venture Exchange ("TSXV")
to complete its previously announced shares for debt transaction allowing
Algonquin to issue 3,633,000 common shares at a price of $0.10 per share to
settle US$350,000 of previously incurred debt held by James Fair, the President
and Chief Executive Officer of Algonquin (the "Debt Settlement"). All of the
common shares issued pursuant the Debt Settlement are subject to a 4-month hold
period.

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