Morumbi Oil & Gas Inc. (TSX VENTURE:MOC) ("Morumbi" or the "Company") is pleased
to announce that an application has been approved by the TSX Venture Exchange to
extend the term of the 4,838,330 warrants issued by the Corporation on December
22, 2009 and the 2,398,000 warrants issued by the Corporation on January 28,
2011 (collectively, the "Warrants"). The terms of the Warrants have each been
extended for a period of one year. The Warrants were scheduled to expire on
December 22, 2011 and January 28, 2012, respectively, but will now expire on
December 22, 2012 and January 28, 2013, respectively.


The Warrants were issued as part of private placement offerings by the Company
which were completed on December 22, 2009 and January 28, 2011. For further
information on the original issuance of the Warrants, please refer to the press
releases of the Company dated December 23, 2009 and January 31, 2011 filed on
SEDAR.


Warrantholders are advised that replacement Warrant certificates will not be
issued and that the original Warrant certificates must be presented to Morumbi,
as warrant agent, in order to effect the exercise or transfer of such Warrants.


About Morumbi

Morumbi Oil & Gas Inc. is a public company with attractive near-term light oil
exploitation opportunities in northwest Alberta. The Company trades on the TSX
Venture Exchange under the symbol "MOC". For more information about Morumbi and
the Company's McKinley Property and plans visit our website at www.morumbi.ca.


Disclaimer

Certain statements contained in this news release may contain forward-looking
information within the meaning of Canadian securities laws. Such forward-looking
information is identified by words such as "estimates", "intends", "expects",
"believes", "may", "will" and include, without limitation, statements regarding
the company's plan of business operations (including plans for developing
assets) and projected expenditures. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from such statements. Factors that could cause actual results
to differ materially include, among others, commodity prices, risks inherent in
the oil & gas industry, financing risks, labour risks, title disputes,
regulatory risks, currency fluctuations, competition, unexpected decline rates
in wells, changes in taxation or royalty regimes and environmental concerns.
Most of these factors are outside the control of the company. Investors are
cautioned not to put undue reliance on forward-looking information. Except as
otherwise required by applicable securities statutes or regulation, the company
expressly disclaims any intent or obligation to update publicly forward-looking
information, whether as a result of new information, future events or otherwise.