Cougar Oil and Gas Canada Inc (fka COUGF)

[ICEQUITY]

Cougar Oil and Gas (OTC:COUGF) Updates Financing Status

Date: February 3, 2011 12:41 PM
Publisher: Bolton Flautt
Source: Bolton Flautt, AP, Bloomberg, Reuters
Categories: Editors Choice, Editors Desk, OTCBB
Tags: Equities.com, UHO, COUGF

Cougar Oil and Gas Canada Inc. (OTC:COUGF) today provided an update to the financing of the previously announced Q1, 2011 Trout core area multi-well drilling program and 3D seismic program. As I write, shares of Cougar Oil and Gas are down 17 percent at $2.35 per share on volume of nearly 650,000 shares.

The previously announced 23.8Km2 high resolution $1.1 million 3D seismic program was financed by the exercise of warrants by some the original investors in Cougar Energy, Inc. This seismic data will provide the Corporation with the detailed geophysical information needed to support the geological selection of the drilling programs which will be executed over the next 18 to 24 months. The drilling rig is expected to mobilize to the project area by the middle of February, 2011.

Mr. William Tighe, CEO and Chairman of the Board for Cougar stated, “We are pleased to complete the financing for the $5.2 million 2011 Q1 work programs with nominal dilution or less than 2% based on current shares issued and outstanding if fully converted. For those interested in the seismic program and drilling programs - we have added and will continue to add pictures to the web site which were taken recently from the programs"

Cougar Oil and Gas is based in Calgary, Alberta, Canada and a publicly traded oil and gas exploration and production company. The focus is on the exploration and development of Canadian based onshore oil and gas properties. The current projects are the Trout light oil production area in north central Alberta, Lucy in the Horn River Basin in northeast British Columbia and First Nation Joint Venture and area projects located in north central Alberta.

Additional information is at http://www.cougaroilandgascanadainc.com.