Copeland Acquires Additional Common Shares of Upper Lake

From October 12, 2007 to January 17, 2008, Don D. Copeland, Executive Chairman of Upper Lake Oil and Gas Ltd. acquired 20,000 common shares of Upper Lake through purchases over the Toronto Stock Exchange ("TSX"). Mr. Copeland has not acquired any Common Shares since that time. Mr. Copeland now beneficially owns or exercises control and direction over, directly and indirectly, an aggregate of 4,904,922 Common Shares. This represents an approximate 19.4% interest in Upper Lake based upon the 25,336,698 Common Shares currently outstanding.

In addition to the foregoing, Mr. Copeland holds options to acquire 300,000 Common Shares, of which 100,000 options have vested. If the 100,000 Common Shares underlying such vested options are included with the aggregate number of Common Shares held by Mr. Copeland, then Mr. Copeland would beneficially own or exercise control and direction over, directly or indirectly, an aggregate of 5,004,922 Common Shares of Upper Lake (representing approximately 19.8% of Upper Lake's currently outstanding Common Shares).

The purchases of Common Shares by Mr. Copeland were made for investment purposes. Mr. Copeland may in the future increase or decrease his holdings in Upper Lake depending on market conditions and the business and prospects of Upper Lake. This news release is being issued pursuant to section 176 of the Securities Act (Alberta) and similar legislation in other provinces, and will be filed on the System for the Electronic Document Analysis and Retrieval ("SEDAR") with the report required under National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Trading Reporting Issues.


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