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 Mon Nov 14, 2011
Derek Amends Warrants by Extending Term One Year

 The Company announces today an amendment, subject to regulatory approval, to the terms of 8,750,000 non-trading, non-transferable share purchase warrants. These warrants have an exercise price of $0.10 and have a current expiry date of December 20, 2011. The Company is applying to extend the term of the warrants for a further one year period to December 20, 2012. The Company is not applying for a re-pricing.

Proceeds from the exercise of these warrants, if any, will be used to continue development of the Company's LAK Ranch project, for hiring of technical staff, and for general working capital.

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


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:

"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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