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 Thu Jun 4, 2009
Derek Announces Debt Settlement Agreements

 The Company today reported, subject to regulatory approval, the settlement of two debts for issuance of common shares of the Company.

The Haegelin Family LLC has agreed to settle a January 2008 promissory note debt in the principal amount of $254,854.10 by the issuance of 2,548,541 common shares ($0.10 per share).

Also, JackMasters Construction has agreed to release the Company from an ongoing contractual relationship whereby Derek was obligated for a further US$100,000 in exchange for 75,000 common shares of the Company.

Derek Oil & Gas Corporation is a Canadian based, publicly traded oil exploration and production company that utilizes enhanced oil recovery techniques to develop new production from reservoirs in North America. Derek's current focus is on the further development and increasing production from their prime property located in NE Wyoming's prolific Powder River Basin.

Derek Oil & Gas Corporation is trading in Canada on the TSX Venture Exchange
with the symbol DRK.

ON BEHALF OF THE BOARD

'Signed"
Mr. Barry C.J. Ehrl, President and C.E.O.

For further information please contact Derek's Corporate Communications
Department at:


Telephone: 1-888-756-0066 or (604)-331-1757
Corporate E-Mail: info@derekoilandgas.com
Website: http://www.derekoilandgas.com

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

This document includes forward- looking statements. Forward-looking statements include, but are not limited to, the continued advancement of Derek Oil & Gas Corporation's LAK Ranch project. When used in this document, the words "potential", "plan", "could", "estimate", "expect", "intend", "may", "should", and similar expressions are intended to be among the statements that identify forward-looking statements. Although Derek believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward- looking statements include the potential that Derek's LAK Ranch project will experience technological and mechanical problems, geological conditions in the reservoir may not result in commercial levels of oil and gas production, and other risks.
 
 

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