Cygnus Oil and Gas Corporation to Present at the Eleventh Annual Oil and Gas Conference in Denver, Colorado.

HOUSTON -- Cygnus Oil and Gas Corporation (OTCBB:CYNS) is scheduled to present at the Eleventh Annual Oil and Gas Conference in Denver, Colorado, on Thursday, August 17, 2006. Roger Abel, Chief Executive Officer and President of Cygnus Oil and Gas, will present at 4:25 p.m. EDT and will also host an investor breakfast table at 7:00 a.m. on Wednesday, August 16 at the Westin Hotel located in downtown Denver. Cygnus' presentation will focus on the company's resource plays in the Caney and Fayetteville Shales. A live audio Web cast of the presentation may be accessed at the following link: http://www.investorcalendar.com/CEPage.asp?ID=107623. The presentation will be available at the company's Web site, www.cygnusoilandgas.com, beginning an hour after the presentation.

ABOUT CYGNUS OIL AND GAS

Headquartered in Houston, Texas, Cygnus Oil and Gas Corporation is an oil and gas exploration and production company. Primarily a resource player, its key assets consist of shale acreage in Woodruff County, Arkansas and McIntosh County, Oklahoma, and it also owns a variety of producing and non-producing oil and gas assets in Texas, Alabama, Louisiana, Mississippi, and New Zealand. Since August 2005, the Company has made significant changes in its management, Board of Directors and the nature of oil and gas assets it acquires to better equip itself for future company growth.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, including, in particular, statements about Cygnus's plans and intentions. These have been based on the Company's current assumptions, expectations and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct.