Richards Oil & Gas Limited announces executive resignation, event of default,
and provides update on corporate matters

CALGARY , Feb. 4 /CNW/ - Richards Oil & Gas Limited (the "Company"), (TSX Venture: RIX) announces that Mr. Lonn Bate has resigned as Interim Chief Executive Officer and from the Board of Directors of Richards Oil & Gas Limited. The Board of Directors would like to thank Mr. Bate for the considerable effort and dedication to Richards Oil & Gas Limited over the past years and wish him well in his future endeavours.

    
    Restructuring Initiatives
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As part of the Company's restructuring initiatives it recently completed the sale of the Crossfield property for proceeds of $220,000 . The proceeds of this disposition will be used to reduce the balance owing to the Company's secured lender.

    
    Convertible Debentures
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The Company also intends to provide notice to its Convertible Debenture Holders that in connection with its unsecured subordinated convertible debenture maturing June 26, 2011 (the "Debenture"). Due to continued financial challenges, the Company is not able to pay the accrued interest owing due on December 31, 2009 . The Company cannot represent at this time when the accrued interest owing and outstanding will be paid.

Richards Oil & Gas Limited (www.richardsoilandgas.com) is a Calgary-based exploration & development company, with an emphasis on coal bed methane ("CBM").

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

%SEDAR: 00021365E

For further information: The Offices of Richards Oil & Gas Limited, Tel: [phone], Corporate website address: http://www.richardsoilandgas.com