March 24, 2005

Calgary, Alberta - Highpine Oil & Gas Limited ("Highpine" or the "Company") announced today that it has entered into an underwriting agreement and filed a final prospectus with the securities regulatory authorities in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec in connection with its initial public offering of 4,000,000 common shares at a price of $18.00 per share to raise gross proceeds of $72,000,000. Closing is scheduled for April 5, 2005. The net proceeds from the offering will be used to fund Highpine's ongoing exploration and development activities and for general working capital purposes.

The offering is being made through a syndicate of underwriters, co-led by Tristone Capital Inc. and FirstEnergy Capital Corp., and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and GMP Securities Ltd.

Highpine has received conditional approval for the listing of its common shares on the Toronto Stock Exchange under the symbol "HPX", subject to fulfilling all of the listing requirements of the Toronto Stock Exchange.

The final prospectus also qualifies 3,455,105 common shares of the Company issuable upon the exercise of 3,300,000 outstanding special warrants of the Company.

This news release does not constitute an offer to sell or solicitation of an offer to buy any securities of Highpine in any jurisdiction nor shall there be any sale of securities in a jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification or registration under applicable securities laws. An offering may only be made in Canada by means of a prospectus.

Highpine's common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

For further information:

A. Gordon Stollery, Chairman, President and Chief Executive Officer
Greg N. Baum, Executive Vice President and Chief Operating Officer
Harry D. Cupric, Vice President, Finance and Chief Financial Officer

Highpine Oil & Gas Limited,
Suite 2200, 500 - 4th Avenue S.W.
Calgary, Alberta, T2P 2V6, Canada

Telephone: (403) 265-3333
Facsimile: (403) 265-3362