Mission Oil & Gas Inc. Announces Completion of Bought Deal Financing

November 16, 2005

Release Date: November 16, 2005
CALGARY, Nov. 16 /CNW/ – Mission Oil & Gas Inc. (“Mission”) (TSX – MSO) is pleased to announce today that it has completed its previously announced bought deal, private placement financing of 12,566,000 subscription receipts of Mission at a price of $7.90 each and 500,000 flow-through common shares of Mission at a price of $10.00 each, for gross aggregate proceeds of $104,271,400. The underwriting syndicate was co-led by Orion Securities Inc. and CIBC World Markets Inc. and included Tristone Capital Inc., BMO Nesbitt Burns Inc., FirstEnergy Capital Corp. and Haywood Securities Inc.

The net proceeds of the offering will be used to fund a portion of the purchase price in respect to the previously announced plan of arrangement under the Business Corporation Act (Alberta) involving Bison Resources Ltd. (“Bison”) by which Mission will acquire all of the issued and outstanding class A common shares of Bison (the “Arrangement”).

The proceeds of the offering of the subscription receipts will be held in escrow pending Mission’s receipt of all necessary regulatory approvals, the receipt of the approval of the shareholders of Mission to the offering of the subscription receipts and the completion of the Arrangement. Upon these conditions being met, the proceeds of the offering of the subscription receipts will be released to Mission and each subscription receipt will be exchanged for one Mission Share without additional payment. If closing of the Arrangement does not take place by 5:00 p.m. (Calgary time) on January 30, 2006, the Arrangement is terminated at any earlier time or Mission or Bison has announced to the public that it does not intend to proceed with the Arrangement, holders of the subscription receipts will be entitled to a return of their full subscription price and their pro rata entitlement to the interest earned on the escrowed funds.

Mission is a Canadian junior oil and gas company engaged in the exploration, development and production of natural gas and light oil reserves in the provinces of British Columbia, Alberta and Saskatchewan.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The common shares offered have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable states securities laws



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For further information: Trent J. Yanko, President and Chief Operating Officer, Mission Oil & Gas Inc., Suite 800, 205 – 5th Avenue SW, Calgary, Alberta, T2P 2V7, Telephone: (403) 263-9964, Fax: (403) 263-9965, www.missionoilgas.com