April 5, 2005

Calgary, Alberta – Highpine Oil & Gas Limited ("Highpine" or the "Company") announced today that it has completed its initial public offering of 4,000,000 common shares at a price of $18.00 per share for gross proceeds of $72 million. 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 was 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's common shares are listed and posted for trading on the Toronto Stock Exchange under the symbol "HPX". Following completion of the initial public offering, Highpine has 24,708,011 common shares issued and outstanding.

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, please contact:

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