TSX Venture Exchange

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TSX Venture Exchange Trading Symbol: OY

Oyster Announces Listing on Frankfurt Stock Exchange and Debt Settlement Agreement

Vancouver, British Columbia – June 14, 2017 – Oyster Oil and Gas Ltd. ("Oyster" or the "Company") (OY: TSXV, 13L: FSE) is pleased to announce that, effective June 12, 2017, the Company's common shares have been listed on the Frankfurt Stock Exchange under the trading symbol "13L".

Michael Wood, Oyster's Chief Executive Officer, commented, "Listing Oyster on the Frankfurt Stock Exchange will give the Company exposure to a much broader audience in the international investment community, which we believe will enhance knowledge of the Company's interests and activities in Africa and thus facilitate in due course investment by European investors."

Oyster also announces that it has reached an agreement with an arms' length creditor to settle outstanding indebtedness of CAD$205,051 (the "Settlement"). Pursuant to the terms of the Settlement, Oyster will issue 512,627 units (each, a "Unit") at a deemed price of CAD$0.40 per Unit, to satisfy the outstanding indebtedness. Each Unit consists of one common share of Oyster, and one transferable common share purchase warrant exercisable at a price of CAD$0.55 for a period of twenty-four months from the date of issuance. Completion of the Settlement is subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the Settlement will be subject to a four-month statutory hold period commencing from the date of issuance in accordance with applicable securities legislation.

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:

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 TSXV 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 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.