Virginia Hills Oil Corp. Announces Closing of the Acquisition of A Private Oil and Gas Producer - Seite 3

Pursuant to the terms of the Arrangement Rights, former Pinecrest Shareholders who subscribe for all of the Virginia Hills Shares underlying the Arrangement Rights to which they are entitled under the Arrangement will also have the right to subscribe for those Virginia Hills Shares underlying the Arrangement Rights which are not exercised by other shareholders of Virginia Hills, on a pro rata basis.

Any questions and requests for assistance in respect of the Letter of Transmittal may be directed to Valiant Trust Company at its [phone], or toll free at 1-866-313-1872 as set out in the Letter of Transmittal.

Conversion of Natural Gas to Barrels of Oil Equivalent (boe)

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

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 press release.

Virginia Hills Oil Corp.
Suite 500, 255 - 5th Avenue SW
Calgary, Alberta T2P 3G6

Virginia Hills Oil Corp.
Colin Witwer
President and Chief Executive Officer
[phone]
[phone] (FAX)

Virginia Hills Oil Corp.
Tracie Noble
Chief Financial Officer
[phone]
[phone] (FAX)