Don D. Copeland announces acquisition of additional common shares of Upper Lake Oil and Gas Ltd.

    CALGARY, Feb. 13 /CNW/ - From October 12, 2007 to January 17, 2008, Don
D. Copeland, Executive Chairman of Upper Lake Oil and Gas Ltd. ("Upper Lake")
acquired 20,000 common shares ("Common Shares") of Upper Lake through
purchases over the Toronto Stock Exchange ("TSX"). Mr. Copeland has not
acquired any Common Shares since that time. Mr. Copeland now beneficially owns
or exercises control and direction over, directly and indirectly, an aggregate
of 4,904,922 Common Shares. This represents an approximate 19.4% interest in
Upper Lake based upon the 25,336,698 Common Shares currently outstanding.
    In addition to the foregoing, Mr. Copeland holds options to acquire
300,000 Common Shares, of which 100,000 options have vested. If the 100,000
Common Shares underlying such vested options are included with the aggregate
number of Common Shares held by Mr. Copeland, then Mr. Copeland would
beneficially own or exercise control and direction over, directly or
indirectly, an aggregate of 5,004,922 Common Shares of Upper Lake
(representing approximately 19.8% of Upper Lake's currently outstanding Common
    The purchases of Common Shares by Mr. Copeland were made for investment
purposes. Mr. Copeland may in the future increase or decrease his holdings in
Upper Lake depending on market conditions and the business and prospects of
Upper Lake. This news release is being issued pursuant to section 176 of the
Securities Act (Alberta) and similar legislation in other provinces, and will
be filed on the System for the Electronic Document Analysis and Retrieval
("SEDAR") with the report required under National Instrument 62-103 The Early
Warning System and Related Take-Over Bid and Insider Trading Reporting Issues.

For further information:

For further information: Don D. Copeland, Executive Chairman, Upper Lake
Oil and Gas Ltd., 1200, 111 - 5th Avenue SW, Calgary, AB, T2P 3Y6, Phone:
(403) 237-9141

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