Highpine Oil & Gas Limited announces significant farm-in deal in the Wayne-Rosedale area

    CALGARY, Sept. 3 /CNW/ - Highpine Oil & Gas Limited (TSX: HPX)
("Highpine") is pleased to announce a significant farm-in deal with a major
Canadian Independent Oil & Gas Producer on a large exploration block in the
Wayne Rosedale area. Targeting the Nisku formation, this oil focused
transaction is a natural extension of Highpine's technical skills. Proprietary
3-D seismic over 100% of the 105 sections of land is currently being
reprocessed and interpreted. Highpine anticipates drilling one earning well in
the fourth quarter of 2008, and two additional earning wells in the first
quarter of 2009.
    The Wayne Rosedale block is between the Wayne Rosedale Nisku A Pool with
35 MMbbls original-oil-in-place (OOIP) and Swalwell Nisku A & C Pools with
over 9 MMbbls OOIP. Jonathan Lexier, Highpine's President and CEO, comments
that "this is an exciting opportunity in an under-explored area that is highly
prospective for light oil. Highpine has negotiated terms that make this an
economically attractive project".
    This transaction is an example of Highpine's continued efforts to expand
the number and range of opportunities available to the company. Funds required
in 2008 for this project were included in Highpine's corporate capital program
of $175 million announced August 5, 2008.
    Highpine is also pleased to announce that the 100% interest well Caroline
7-25-34-7 W5M, spud August 13, has been cased as a potential gas well. Lease
construction has commenced on a follow-up location at 9-23-34-7 W5M for an
early September spud. Further details will be released when testing and
evaluation is complete.

    Highpine is a Calgary-based oil and natural gas company engaged in
exploration for and the acquisition, development and production of natural gas
and crude oil in western Canada. Highpine's current exploration and
development efforts are focused in the West Pembina Nisku and West Central
Alberta Gas Fairway, both located in Central Alberta. The company's class A
common shares trade on the Toronto Stock Exchange under the symbol "HPX".

    Reader Advisory

    Certain information regarding Highpine in this news release including
management's assessment of future plans, capital expenditures and operations
may constitute forward-looking statements under applicable securities laws and
necessarily involve risks including, without limitation, risks associated with
oil and gas exploration, development, exploitation, production, marketing and
transportation, risks associated with sour hydrocarbons, changes to the
proposed royalty regime prior to implementation and thereafter, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, capital expenditure
costs, including drilling, completion and facilities costs, unexpected decline
rates in wells, delays in projects and/or operations resulting from surface
conditions, wells not performing as expected, delays resulting from or
inability to obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources. As a consequence,
actual results may differ materially from those anticipated in the
forward-looking statements. Readers are cautioned that the forgoing list of
factors is not exhaustive. Additional information on these and other factors
that could effect Highpine's operations and financial results are included in
reports on file with Canadian securities regulatory authorities and may be
accessed through the SEDAR website (http://www.sedar.com/) and at Highpine's
website (http://www.highpineog.com/). Furthermore, the forward-looking
statements contained in this news release are made as at the date of this news
release and Highpine does not undertake any obligation to update publicly or
to revise any of the forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by
applicable securities laws.

For further information:

For further information: Jonathan A. Lexier, President and Chief
Executive Officer, Tel: (403) 508-9550, jlexier@highpineog.com; Chuck Buckley,
Senior Vice President, Exploration, Tel: (403) 508-9535,
cbuckley@highpineog.com; Fax: (403) 508-9503, Website: www.highpineog.com

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Highpine Oil & Gas Limited

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