TriStar Oil & Gas Ltd.

Release Date: February 15, 2006

16:13 EST Wednesday, February 15, 2006

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/

Toronto Stock Exchange Symbol “TOG”

CALGARY, Feb. 15 /CNW/ – TriStar Oil & Gas Ltd. (“TriStar”) is pleased to announce that it has successfully closed the previously announced acquisition of two private Saskatchewan oil and gas companies, and certain other minor complementary interests in the assets held by the private companies (“Private Company Assets”) for approximately $22 million in cash.

The Private Company Assets comprise high quality, long life oil reserves strategically located in TriStar’s key operating area of Southeast Saskatchewan. The Private Company Assets are operated, with high working interests and control of key producing infrastructure. The Private Company Assets have current production of more than 375 boe/d and proven plus probable reserves of 1.066 mmboe as evaluated by Sproule Associates Limited as at December 31, 2005.

TriStar management reiterates its 2006 guidance, post the acquisition of the Private Company Assets and the previously announced Plan of Arrangement with Sawtooth International Resources Inc. (which is scheduled to close in late March), of average production of 2,550 boe/d, with an exit rate of more than 2,850 boe/d.

On February 6, 2006, 3,871,072 common shares of TriStar were issued pursuant to the exercise of the TriStar warrants for proceeds of $10.6 million. TriStar currently has 26,597,933 common shares outstanding.

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A Boe is a barrel of oil equivalent on the basis of 1 Boe to 6 Mcf of natural gas. Boe’s may be misleading, particularly if used in isolation. A Boe conversion ratio of 1 Boe for 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Information provided herein contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by TriStar at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by TriStar that actual results achieved will be the same in whole or in part as those indicated in the forward-looking statements.

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 many 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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THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. %SEDAR: 00021643E

For further information:
Brett Herman, President and C.O.O., TriStar Oil & Gas Ltd.
Telephone: (403) 268-7800
Fax: (403) 218-6075

Jason J. Zabinsky, Vice President, Finance and C.F.O., TriStar Oil & Gas Ltd.
Telephone: (403) 268-7800
Fax: (403) 218-6075