Upper Lake Oil and Gas Ltd. announces plan to repurchase shares

    CALGARY, Feb. 14 /CNW/ - Upper Lake Oil and Gas Ltd. (TSX:UP) ("Upper
Lake") announced today that it intends to repurchase shares of the Corporation
over the next 12 months as part of the Corporation's ongoing strategy to
enhance shareholder returns. The Toronto Stock Exchange has accepted Upper
Lake's notice to undertake a normal course issuer bid that will expire on
February 17, 2009.
    As of today's date, Upper Lake has 25,336,798 common shares outstanding.
If market conditions permit, Upper Lake intends to acquire up to 1,266,840
common shares, or approximately 5% of the common shares outstanding, from
February 18, 2008 to February 17, 2009, subject to a daily purchase limit of
17,355 common shares.
    All purchases of common shares will be effected through the facilities of
the TSX and cancelled by Upper Lake. Common shares will be purchased at the
prevailing market price on behalf of Upper Lake by a registered investment
dealer. Upper Lake expects to finance all purchases pursuant to the normal
course issuer bid out of working capital.
    Management believes purchases of Upper Lake's common shares represent
good value for the Corporation. Purchases may serve to enhance returns to
shareholders by increasing the equity interest of shareholders who continue to
hold common shares.
    Upper Lake's assets consist of exploration plays, producing properties,
related tangibles and undeveloped lands that were transferred to Upper Lake by
Diamond Tree Energy Ltd. in October 2007 pursuant to a plan of arrangement
involving Diamond Tree, Crocotta Energy Inc. and Upper Lake. Additional
information regarding the asset transfer and the business of Upper Lake is
contained in the Diamond Tree Management Information Circular and Proxy
Statement dated September 12, 2007, which has been filed with the Upper Lake
profile on SEDAR and is available at www.sedar.com.
    To the knowledge of Upper Lake, no director, senior officer or other
insider of Upper Lake currently intends to sell any common shares under this
normal course issuer bid. However, sales by such persons through the
facilities of the TSX may occur if the individual's circumstances change or if
the individual makes a decision unrelated to these normal course purchases.

    Certain information set out in this News Release constitutes
forward-looking information. Forward looking statements are often, but not
always, identified by the use of words such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "intend", "could", "might",
"should", "believe" and similar expressions. Forward-looking statements are
based upon the opinions and expectations of management of Upper Lake, as at
the effective date of such statements and, in certain cases, information
provided or disseminated by third parties. Although Upper Lake believes that
the expectations reflected in such forward-looking statements are based upon
reasonable assumptions, and that information obtained from third party sources
is reliable, they can give no assurance that those expectations will prove to
have been correct. Forward-looking statements are subject to certain risks and
uncertainties (known and unknown) that could cause actual outcomes to differ
materially from those anticipated or implied by such forward-looking
statements. Accordingly, readers should not place undue reliance upon the
forward-looking statements contained in this News Release and such
forward-looking statements should not be interpreted or regarded as guarantees
of future outcomes. The forward-looking statements of Upper Lake contained in
this News Release are expressly qualified, in their entirety, by this
cautionary statement. Various risks to which Upper Lake is exposed in the
conduct of its business are described in detail in the Diamond Tree Circular
which is available under the Upper Lake profile at www.sedar.com. Subject to
applicable securities laws, Upper Lake undertakes no obligation to publicly
revise the forward-looking statements included in this News Release to reflect
subsequent events or circumstances.

    Upper Lake Oil and Gas Ltd. is a Calgary-based company active in the
exploration, development and production of oil and gas in Western Canada. The
Company commenced active operations on October 12, 2007 when shareholders,
optionholders and warrantholders of Diamond Tree Energy Ltd. ("Diamond Tree")
approved an arrangement involving Upper Lake, Diamond Tree and Crocotta Energy
Inc. at a special meeting. In connection with the arrangement, certain oil and
gas properties of Diamond Tree in central and eastern Alberta consisting of
exploration assets, producing properties, related tangibles and undeveloped
lands were transferred to Upper Lake. Additional information concerning Upper
Lake is available on the Company's website at www.upperlake.ca or on SEDAR at

For further information:

For further information: Kelly J. Ogle, President and Chief Executive
Officer, kogle@upperlake.ca; Upper Lake Oil and Gas Ltd., 1200, 111 - 5th
Avenue SW, Calgary, AB, T2P 3Y6, Phone: (403) 237-9141, Fax: (403) 237-9140,

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