May 10, 2017
Oyster Oil and Gas Ltd. Announces Closing of First Tranche of Financing

 Vancouver, British Columbia - May 10, 2017 - Oyster Oil and Gas Ltd. ("Oyster" or the "Company") is pleased to announce that it has closed the first tranche (the "First Tranche") of its previously announced non-brokered private placement financing (the "Financing").

An aggregate of 2,125,000 units (the "Units") at a price of $0.40 per Unit were issued in the First Tranche for gross proceeds of $850,000. The Company currently expects to close a second and final tranche of the Financing for gross proceeds of approximately $450,000 on or before June 5, 2017.

Net proceeds from the Financing will be used by the Company for working capital.

Each Unit consists of one common share of the Company (each, a "Share") and one-half of one transferable common share purchase warrant (each, whole warrant, a "Warrant"). Each Warrant is exercisable at a price of $0.45 until November 10, 2018.

In the First Tranche closing, the Company paid finders fees of 6% cash in the aggregate amount of $25,500.

The Shares and Warrants are subject to a hold period expiring September 11, 2017. The Financing remains subject to final acceptance of the TSX Venture Exchange.

About Oyster Oil and Gas Ltd.

Oyster is an upstream oil and gas company with a focus on Eastern Africa. Oyster holds production sharing contracts interests with the Government of Djibouti and the Government of Madagascar. Oyster holds four blocks comprising approximately 3.5 million acres onshore and offshore in Djibouti; and holds a working interest in an onshore block in Madagascar covering approximately 2.8 million acres.

For further information please contact:
Emily Davis, Corporate Secretary
Tel: (604) 628-5616
Fax: (604) 662-7950

This news release contains statements about the Company's expectations regarding the completion of the Financing that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements and there can be no assurance that such expectations will prove to be correct. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to complete the Financing for any reason whatsoever, including failure to obtain Exchange acceptance. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

This news release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of the Corporation. The securities of the Corporation have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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