Pegasus Oil & Gas announces grant of stock options

    (Stock Symbol "POG.A & POG.B" - TSX Venture Exchange)

    CALGARY, Feb. 1 /CNW/ - Pegasus Oil & Gas Inc. ("Pegasus" or the
"Company") has announced the grant of stock options on January 31, 2008
pursuant to its stock option plan. Pegasus has issued an additional
480,000 options to James Watchorn who was appointed Vice President of
Operations effective January 1, 2008. These options are exercisable for a five
year term at $1.50 per Class A share and vest over three years from the date
of grant. Following the grant, 2,849,700 Class A shares are reserved for
issuance pursuant to Pegasus' stock option plan.
    The Company currently has 27.64 million Class A and 1.01 million Class B
shares outstanding.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    %SEDAR: 00005637E

For further information:

For further information: Patrick Mills, President and Chief Executive
Officer, (403) 521-6307; Darcy Anderson, Chief Financial Officer, (403)
521-6302; Kevin Angus, Executive Vice President, (403) 521-6306

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Pegasus Oil & Gas Inc.

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