Cougar Oil and Gas Canada Inc (fka COUGF)

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Another PR -
http://pr-usa.net/index.php?option=com_content&task=view&id=990569&Itemid=29

TAMM Oil and Gas Corp. ("TAMM") (OTCBB:TAMO) is pleased to provide an update to the Manning Heavy Oil Project.

TAMM has reached agreements with a private UK Corporation with Major Oilsands Lease holdings in the prospect area and Cougar Oil and Gas Canada Inc. ("Cougar")(COUGF:OTCBB). The private corporation holds 61 sections of oil sands lease adjacent to the TAMM lease holdings. TAMM and Cougar have terminated their previously announced farmin to negotiate a new agreement with the private Corporation. The private corporation has signed a multi-phase farm-in agreement with TAMM to define and develop TAMM's 47 section Manning area heavy oil prospect in parallel with the development of the private corporations 61 sections of land in the Manning area.

Cougar will become the "Operator" of the project, be compensated on commercial terms for the work done, and earn 5% working interest on the combined project lands of 108 sections from TAMM and the private corporation after one year.

Entering into the farm-in agreement with the private corporation allows TAMM to utilize the results to the maximum ability without having to raise capital through debt or equity at this time. In addition, with the development on the adjacent properties, and a common operator in Cougar, synergies are expected as well as benefits due to size, shared information, momentum, economies of scale as the projects move through the various stages to the expected developments.

The first phase of the farm-in consists of the private corporation performing a $2.5million work program to earn a 30% working interest in the TAMM heavy oil prospect. Subsequent year programs of $6.5 million dollars will earn an additional 20% working interest.

This work program will be done at no cost and no risk to TAMM and will dramatically increase the value of the Manning heavy oil project. The work program will focus on defining the Elkton and Debolt heavy oil prospects and will consist of the following operations;

Multi-well coring program: The target formations, Elkton and Debolt, have been mapped in the Manning area as a result of the numerous deeper conventional wells drilling through the heavy oil prospects. With some areas of the TAMM lands having over 30m of potential oil pay, the core data will provide the foundation of the future development research. The coring program will consist of three to five core holes being drilled to gather Elkton and Debolt samples. The targets for the cores will be designed from a seismic program review.

On June 8, 2011 TAMM announced an updated Prospective Resource report and 4 section feasibility study had been completed by Chapman Petroleum Engineering Ltd. (Chapman). Please download and review the entire Chapman report from the TAMM website (www.tammoilandgas.com). The Chapman report updated the Petroleum Initially In Place ("PIIP") with 2.73 billion barrels PIIP - to reflect the revised guidelines under NI - 51-101 section 5.9 for the 47 sections that TAMM holds in the Manning Heavy Oil Area. The report also evaluated a typical 4 section block for a thermal development to evaluate the feasibility of an economic development of the overall properties. The following is an excerpt from the introduction letter and the project synopsis prepared by Chapman;

"An economic analysis has been performed for the company's interest position. Our analysis and the values presented in this report reflect the typical exploitation of resources on only an arbitrary four section block, which is a small portion of the company's total land holdings covering the heavy oil accumulation."

"Based on our analysis, after consideration of risk, we have concluded that the potential of this project is of sufficient merit to justify the work program being proposed and we therefore recommend and support the company's participation."

"The economic and risk analysis justifying the participation in this project is presented in the Discussion of the report and a summary of the "before and after risk" values for the typical four section development block evaluated herein is presented below:

"Company Net Value, Thousands of Dollars"

Before Risk After Risk

"Undiscounted 2,350,887 523,000"

"Discounted @ 10%/year 632,903 130,000"

"An equivalent of 2011 price of $69.47 per STB (barrel) of heavy oil was utilized for this resource evaluation, reflecting a -$5 per STB quality adjustment to posted Alberta heavy oil."

The feasibility report estimate, fully risked, discounted 10% of $130,000,000 for 4 sections divided by 92.6 million fully diluted shares results in $1.40 for that 4 sections.

The private corporation has a related party relationship to TAMM due to family members serving on the board of directors of each company and a common director was added to both Board of Directors.

Additional updates will be provided as information becomes available.

Further information on TAMM and the TAMM projects can be found on the website at: http://www.tammoilandgas.com.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS AND RISKS

Some of the statements in this press release are forward-looking statements and are based on current expectations, assumptions, and estimates. Words and phrases such as "believes", "expect, anticipate", are intended to identify forward-looking statements. Forward-looking statements carry certain risks regarding an assumed set of economic conditions and courses of action, including: (a) whether we will have sufficient financial resources to continue to meet our operational goals and future plans; and (b) the Report and its findings although completed in compliance with Canadian NI- 51-101 standards, were not necessarily prepared in conformity with SEC disclosure principals or guidelines. There is a significant risk that actual material results will vary from projected results. No information provided in this press release should be construed as a representation or indication in any manner whatsoever of the present or future value of the Company or its common stock. Readers of information contained in this press release should carefully review the Company's filings with the Securities and Exchange Commission that contain important information regarding the Company's financial results, its future plans, and their limitations, and the risks involved with the Company's operations. The Company disclaims any responsibility to update forward-looking statements made herein.

CAUTIONARY NOTE TO UNITED STATES INVESTORS

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP) , that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K. You can also obtain this form from the SEC by calling 1-800-SEC-0330. Additional information may be found at the following web site: http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm