AQX Algonquin Oil & Gas Ltd.

Algonquin Oil & Gas Limited (the Company) (TSX VENTURE:AQX) announces that at
its Annual General Meeting on May 5, 2011 the following directors were
reelected: James Fair, Leo Gaiswinkler, George Leitch, Greg Stewart, and Russell
Stewart, and that NPT LLP was reappointed as the Company's auditors.


At the meeting of the board of directors held on May 6, 2011 Mr Fair was
reelected President and Chief Executive Officer and Kandy Osborne was elected
Secretary of the Corporation.


Recently the Ontario Ministry of Natural Resources ordered the suspension of
saltwater disposal in a well that had been in use for that purpose since 1959,
because it does not comply with current regulatory standards. Subsequently the
Corporation completed the recently drilled #23 well as a saltwater disposal well
and received permission to dispose into it. The Colchester Field was then
returned to full production, after having been curtailed for several weeks. More
recently the sophisticated downhole pump in the GEL #18 well failed and the well
was off production for two weeks while a replacement was obtained from Alberta.
The #18 well is back on production now.


The industry's lack of interest in Ontario has become less profound recently,
and management is actively seeking and evaluating opportunities to enhance
shareholder value by a sale of the company or assets, or through
recapitalization and introduction of a new management team.

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