Oyster Corporate Update

Suite 918-1030 West Georgia Street Vancouver, British Columbia Canada V6E 2Y3 Tel. No. (604) 628-5621 ♦ Fax No. (604) 662-7950

Oyster Corporate Update

Vancouver, British Columbia – February 8, 2019 – Oyster Oil and Gas Ltd. ("Oyster" or the "Company") (OY: TSXV, 13L: FSE) announces the appointment of Martin Bajic, the Company’s current Chief Financial Officer, as Interim Chief Executive Officer, and a Director of the Company effective February 8, 2019. In connection with such appointment, Mr. Michael Wood has decided to step down as Chief Executive Officer and a Director; the Company thanks Michael for his contributions to Oyster and wishes him well for the future.

Oyster has decided to undertake a corporate strategic review and hopes to announce the outcome of its review in the near future.

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 100% working interest and is the operator of an onshore block located in northwest Madagascar covering approximately 2.8 million acres.

For further information please contact:

Martin Bajic, CFO Tel: (604) 628-5621 Fax: (604) 662-7950

This news release contains statements about the Company's expectations regarding the completion of the Settlement and the benefits of the Frankfurt Stock Exchange listing 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 Settlement for any reason whatsoever, including failure to obtain TSXV acceptance, or the Frank Stock Exchange listing not providing increased trading liquidity or investment by European investors. 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 TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.