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 Wed Nov 10, 2010
Major Shareholder in Derek Becomes Control Person

 The Company is pleased to announce the closing of a US$1.5 million placement. The placement was for 30,894,000 units of the Company at a price of $0.05 per unit. Each unit consists of one common share and a two year common share purchase warrant. Each common share purchase warrant entitles the holder to purchase a further common share in the Company at a price of $0.10 in the first year and at a price of $0.12 in the second year.

The shares issued pursuant to this placement, as well as any shares attained through warrant conversion, have a 120 day hold period that expires March 9, 2011.

The sole placee of this placement is Mr. Charles Haegelin. With this placement Mr. Haegelin has become a control person of Derek Oil and Gas Corporation with direct and indirect holdings of 41,302,800 common shares representing 41.5% of the now issued share capital. The shareholders of the Company approved Mr. Haegelin becoming a control person at the Annual General Meeting held October 22, 2010 with over 98% of votes cast in favor.

Mr. Haegelin has been a shareholder and supporter of the Company since 2003. He believes in the long term viability of the Company's Lak Ranch Project and to that end, advanced this funding to enable the completion of upgrading the onsite steaming capacity to a level that Mr. Robert Hurkmans, the Company's COO, has determined necessary for successful production to be achieved from the Company's existing wells.

He is also an indirect minority interest owner of the Company's LAK Ranch Project.

Derek Oil & Gas Corporation is a Canadian based, publicly traded oil exploration and production company that utilizes enhanced oil recovery (EOR) 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


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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