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GGSIF news A/H......back to $4+???

CALGARY, ALBERTA--(Marketwire - Dec. 5, 2007) - Giant Oil & Gas Inc. (OTCBB:GGSIF) is pleased to announce that it has acquired an additional 2 parcels of land in the Highvale region of west central Alberta, increasing the size of its holdings in the area and strengthening its foothold in the emerging play.

Giant's Highvale Project covers more than 6,000 acres directly northeast of the Pembina region. The area is under-explored and has considerable multi-zone oil and gas potential, along with a highly prospective Nisku interior patch reef oil trend, a zone of interest to Giant. "We believe the entire area has significant potential for high-impact light oil projects and as such we have carefully assembled a valuable land package in one of the most exciting oil & gas regions on the continent," says Mr. Rob Sandu, president.

Giant Oil & Gas is a trademark of Giant Oil & Gas Inc. This announcement contains forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, risks related to petroleum exploration, limited access to operating capital, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Giant's filings with the Securities and Exchange Commission which may be accessed through the SEC's web site at http://www.sec.gov.