Cumberland
Oil & Gas Ltd.announces review of its strategic process – oil and gas news

Cumberland
Oil & Gas Ltd. (TSX VENTURE: COG) announced that the Board of Directors began a process to identify, study and consider a number of strategic alternatives for the company to enhance shareholder value.

Strategic
alternatives may include, but are not limited to, the sale of all or part of the material assets of Cumberland, in any transaction or series of transactions, the direct sales company or a merger or other transaction involving Cumberland and third parties.
For the purposes of considering strategic
alternatives, Cumberland, a special committee consisting of the director, Stephen Cloutier (Chairman), Richard Charron, Martin Hislop to oversee the process.

Cumberland engaged Peters &, LLC as financial advisor in connection with the process.

This process is not an alternative to the strategic review was initiated as a result
of any proposal, and there is no guarantee that the transaction will be carried out.
This is the current intention
not to issue the Cumberland events associated with the process until the Board of Directors approved a specific transaction or otherwise determines that disclosure is necessary or appropriate.
The Company cautions that there are no assurances or guarantees that this process
will lead to a transaction, or if the operation is carried out, terms and conditions of such transaction.
The Company has not established the final schedule for the completion of his identification, examination
and review of strategic alternatives.

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