September 3, 2008

Highpine Oil & Gas Limited Announces Significant Farm-in Deal in the Wayne-Rosedale Area

CALGARY, Sept. 3 /PRNewswire-FirstCall/ -- Highpine Oil & Gas Limited (TSX: HPX) ("Highpine") is pleased to announce a significant farm-in deal with a major Canadian Independent Oil & Gas Producer on a large exploration block in the Wayne Rosedale area. Targeting the Nisku formation, this oil focused transaction is a natural extension of Highpine's technical skills. Proprietary 3-D seismic over 100% of the 105 sections of land is currently being reprocessed and interpreted. Highpine anticipates drilling one earning well in the fourth quarter of 2008, and two additional earning wells in the first quarter of 2009.

The Wayne Rosedale block is between the Wayne Rosedale Nisku A Pool with 35 MMbbls original-oil-in-place (OOIP) and Swalwell Nisku A & C Pools with over 9 MMbbls OOIP. Jonathan Lexier, Highpine's President and CEO, comments that "this is an exciting opportunity in an under-explored area that is highly prospective for light oil. Highpine has negotiated terms that make this an economically attractive project".

This transaction is an example of Highpine's continued efforts to expand the number and range of opportunities available to the company. Funds required in 2008 for this project were included in Highpine's corporate capital program of $175 million announced August 5, 2008.

Highpine is also pleased to announce that the 100% interest well Caroline 7-25-34-7 W5M, spud August 13, has been cased as a potential gas well. Lease construction has commenced on a follow-up location at 9-23-34-7 W5M for an early September spud. Further details will be released when testing and evaluation is complete.

Highpine is a Calgary-based oil and natural gas company engaged in exploration for and the acquisition, development and production of natural gas and crude oil in western Canada. Highpine's current exploration and development efforts are focused in the West Pembina Nisku and West Central Alberta Gas Fairway, both located in Central Alberta. The company's class A common shares trade on the Toronto Stock Exchange under the symbol "HPX".

Reader Advisory

Certain information regarding Highpine in this news release including management's assessment of future plans, capital expenditures and operations may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, risks associated with sour hydrocarbons, changes to the proposed royalty regime prior to implementation and thereafter, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, delays in projects and/or operations resulting from surface conditions, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could effect Highpine's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website ( and at Highpine's website ( Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Highpine does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Highpine Oil & Gas Limited

CONTACT: Jonathan A. Lexier, President and Chief Executive Officer, Tel:(403) 508-9550, [email protected]; Chuck Buckley, Senior Vice President,Exploration, Tel: (403) 508-9535, [email protected]; Fax: (403)508-9503, Website: