Oyster Oil and Gas Ltd. Forms Corporate Advisory Committee That Includes Greg Turnbull and Grants Options

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

TSX-V Trading Symbol: OY

OYSTER OIL AND GAS LTD. FORMS CORPORATE ADVISORY COMMITTEE THAT INCLUDES GREG TURNBULL AND GRANTS OPTIONS

Vancouver, British Columbia – March 5, 2014 – Oyster Oil and Gas Ltd. (“Oyster” or the “Company”) is pleased to announce that its Board of Directors has appointed a strategic corporate advisory committee comprised of Michael Wood (President, CEO and Director), Don Sharpe (Director) and Greg Turnbull (Consultant).

Greg Turnbull, QC is a partner with McCarthy Tétrault. During his career, he has dealt with all aspects of a public company’s creation, growth, and value maximization. He has experience in corporate finance and securities transactions, including public and private share and debt financings, takeover bids, initial public offerings, business combinations and international stock exchange listings. He provides advice on various corporate finance transactions and has been actively involved in the initial public offerings of more than 40 companies. In particular Mr. Turnbull has extensive experience of the international oil and gas sector.

Mr. Turnbull has knowledge of corporate governance issues. He acts as counsel to many boards of directors and special committees in change of control transactions.

He has served as a member of the Securities Advisory Committee to the Alberta Securities Commission and is a member of the Law Society of Alberta, Canadian Bar Association and Calgary Bar Association.

Michael Wood, President & CEO commented: “Oyster Oil has decided to form a corporate advisory committee that brings together specific corporate, business, and technical expertise from the Board and has added the very considerable and complementary expertise provided by Mr. Turnbull, with the purpose of enhancing the strategic development of the Corporation.”

Grant of Options

The Company also announces that it has granted to the members of its corporate advisory committee incentive stock options to purchase an aggregate of 150,000 common shares (50,000 common shares each) at a per share price of $0.45 until March 5, 2019.

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About Oyster Oil and Gas Ltd.

Oyster is an oil and gas exploration company with a focus on eastern Africa where is holds interests in approximately 6 million acres gross. Oyster holds a production sharing contract with the Government of Djibouti with respect to four blocks comprising approximately 3.5 million acres onshore and offshore; the company also holds a 10% working interest in an onshore block in Madagascar covering approximately 2.8 million acres.

For further information please contact:

Martin Bajic, Chief Financial Officer Tel: (604) 628-5621 Fax: (604) 662-7950

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.

This press release contains forward-looking information within the meaning of applicable securities laws, and such forward-looking information is based on the expectations, estimates and projections of the management of Oyster as of the date of this news release unless otherwise stated. The use of any of the words “expects”, “anticipates”, “continues”, “estimates”, “objective”, “ongoing”, “may”, “will”, “projects”, “develop”, “should”, “believes”, “plans”, “intends”, and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this press release contains forward-looking information concerning future anticipated exploration activities conducted on the working interest in the Madagascar. Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries and countries in which Oyster operates in general, such as operational and exploration risks; delays or changes in plans with respect to growth projects or capital expenditures; delays in obtaining governmental approvals, permits or financing or political risks in the completion of exploration, development or construction activities; access to drilling rigs, completion equipment, seismic equipment and operational personnel; costs and expenses; political risks; title disputes; health, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; environmental risks; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws and environmental regulations. The foregoing list of risk factors is not exhaustive. Additional information on other risk factors that could affect the operations or financial results of Oyster are included in reports on file with applicable securities regulatory authorities, and particularly the Company’s most recent Management Discussion & Analysis, which may be accessed on Oyster’s SEDAR profile at www.sedar.com.