COG Cumberland Oil And Gas Ltd.

Further to its news release dated May 17, 2012, Cumberland Oil & Gas Ltd.
("Cumberland" or the "Company") (TSX VENTURE:COG), is pleased to provide an
update on the drilling of an Upper Montney horizontal well on its land at West
Nig, British Columbia.


In December 2011, Cumberland reported that it had entered into a farm-out and
joint venture agreement coverings its 1,128 hectares at West Nig. The earning
well, HZ W NIG b-97-K/94-A-13 (the "Earning Well") has been spudded and drilling
operations are underway.


The Earning Well is targeting the Triassic Upper Montney at a true vertical
depth of approximately 1,760 metres and the horizontal well trajectory will be
approximately 2,200 metres in length. Drilling operations are expected to take
upwards of three weeks with plans to conduct the completion and production
testing immediately thereafter.


The Upper Montney in this area is believed to be over-pressured with very
attractive liquids content. Both the Upper and Lower Montney zones have now been
successfully completed by other operators in this area with very encouraging
results. Due to the high liquids content in this specific area, assuming
exploration success, this project is expected to be economically viable at
current natural gas and natural gas liquids prices. 


READER ADVISORIES

Forward-Looking Statement Advisory

Certain information set forth in this news release, contains forward-looking
statements, including the drilling operations on the Earning Well, the depth and
trajectory of the Earning Well, the total estimated time to drill, complete and
production test the Earning Well, the belief of the presence of liquids rich
natural gas in the Upper Montney formation and the anticipated economics of the
area due to the anticipated presence of liquids rich natural gas in the area. By
their nature, forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond Cumberland's control, including the
impact of general economic conditions, industry conditions, volatility of
commodity prices, risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation, loss of markets, delays
resulting from or the inability to obtain required regulatory approvals,
inability to retain and delays in retaining drilling rigs and other services,
reliance on third parties, including Cumberland's joint venture partner,
currency fluctuations, environmental risks, competition from other industry
participants, the lack of availability of qualified personnel or management,
stock market volatility, incorrect geological and geophysical assessments,
failure to realize the anticipated benefits of acquisitions, and ability to
access sufficient capital from internal and external sources. The foregoing list
is not exhaustive. Additional information on these and other risks that could
affect 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). 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. The actual results,
performance or achievement of Cumberland 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 Cumberland will derive therefrom. Cumberland disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by applicable securities laws.

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