Dynamic Announces Reserves & NPV Estimates as of December 31, 2002.

Energy Editors/Business Editors

RICHMOND, British Columbia--(BUSINESS WIRE)--March 24, 2003

Dynamic (NASDAQ:DYOLF) (TSX:DOL) is pleased to announce its estimated reserves of natural gas, natural gas liquids and oil, and their corresponding discounted net present values, pre taxes and after royalties (NPV). These estimates are independently prepared by Sproule Associates Limited ("Sproule"), of Calgary, Alberta, and are effective January 1, 2003.

Reserves

Our NPV was determined according to the Canadian Provincial Securities Administrators' National Policy No. 2-B, using constant prices and operating costs.

Petroleum and Natural Gas Reserves and 10% Discounted NPV
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                      Reserve Volume Estimates      Constant Prices/
                    ----------------------------           Costs 10%
                    Natural    NGL's/                    Discounted
                        Gas      Oil  Equivalent                NPV
--------------------------------------------------------------------
                      (mmcf)  (mbbls)      (mboe)(1)       ($C000's)

Proved Producing     19,690    1,789       5,070            74,117
Proved Non-Producing 12,004    1,099       3,100            35,534
Probable Additional  11,591    1,179       3,111            33,775
Total as of
 Dec. 31/02          43,285    4,067      11,281           143,426
Total as of
 Mar. 31/02          44,740    2,459       9,915            76,528
Increase (decrease)    (3.3)%   65.4%       13.8%             87.4%
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(1) thousand barrels of oil equivalent, where 1 boe = 1 barrel of
    oil = 6 mcf of natural gas.

In determining our estimated 10% discounted NPV, Sproule used a constant natural gas price of $C5.50/mcf and a constant oil price of $C43.43/barrel. These prices were actual weighted average commodity prices received by Dynamic in December 2002 that were assumed constant over the life of the reserves.

Our estimated 10% discounted NPV of established reserves as of December 31, 2002 was $C143.4 million, an 87.4% increase over that of March 31, 2002. This represents an estimated net present value as of December 31, 2002 of $C7.05 per share based on our number of shares outstanding at December 31, 2002 of 20.4 million, basic.

Petroleum and Natural Gas Reserves Reconciliation
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                              Natural Gas    NGL's/Oil    Equivalent
--------------------------------------------------------------------
                                    (mmcf)      (mbbls)        (mboe)
Opening Reserves, as of
 Mar. 31/02                        44,740        2,458         9,915
Acquisitions                          588           18           116
Revision of previous estimates    (10,444)       1,198          (544)
Production                         (3,898)        (267)         (916)
Extensions and discoveries         12,299          660         2,710
Closing Reserves, as of
 Dec. 31/02                        43,285        4,067        11,281
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Finding & Development Costs, and Recycle Ratio

Dynamic's finding and development costs per boe for the nine-month period ended December 31, 2002 (new year-end) were $6.50 per proved reserves boe and $4.71 per established reserves boe. As an appropriate full-cycle benchmark, the three-year weighted average finding and development costs were $6.93 per boe. Similarly, three-year weighted average cash flow per boe was $13.50, resulting in a recycle ratio of 1.9:1.

Daily Average Production Rates

In November 2002, production of natural gas and liquids (oil and natural gas liquids) peaked at just under our forecasted rate of 4,000 boe/day, closing the month with a daily average production rate of 3,736 boe/day. In December, daily average production stabilized at 3,428 boe/day. Forecasted production rates for the November-February period anticipated timely regulatory approvals of our St. Albert drilling program. To ensure Dynamic's longer-term ability to fully utilize the St. Albert field, we have begun a public consultation process to provide information to the community and to expand liaison with local authorities and landowners.

Wayne Babcock, Dynamic's President, stated, "While we had forecast average daily production of 4,500 boe/day by mid-February 2003, we now estimate production will reach 5,200 boe/d by year end 2003. Included in our estimate is an increase in liquids production to approximately 1,900 boe/d and an increase in natural gas production to approximately 20 Mmcf/day.

Daily average production estimates may be updated as further drilling and evaluation of our early-stage exploration properties at Sikanni and Orion in northeast B.C. continues over the next few months."

Dynamic Oil & Gas, Inc. is a Canadian based energy company engaged in the production and exploration of Western Canada's natural gas and oil reserves. The Company owns working interests in several central Alberta producing properties, and in early-stage exploration properties located in southwestern and northeastern British Columbia.

On Behalf of the Board of Directors,

Wayne J. Babcock, President & CEO

"THE NASDAQ AND TORONTO STOCK EXCHANGES HAVE NOT REVIEWED NOR ACCEPTED RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE. SOME OF THE STATEMENTS IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD LOOKING STATEMENTS INCLUDE ALL PASSAGES CONTAINING VERBS SUCH AS "AIMS, ANTICIPATES, BELIEVES, ESTIMATES, EXPECTS, HOPES, INTENDS, PLANS, PREDICTS, PROJECTS OR TARGETS" OR NOUNS CORRESPONDING TO SUCH VERBS. FORWARD-LOOKING STATEMENTS ALSO INCLUDE ANY OTHER PASSAGES THAT ARE PRIMARILY RELEVANT TO EXPECTED FUTURE EVENTS OR THAT CAN ONLY BE FULLY EVALUATED BY EVENTS THAT WILL OCCUR IN THE FUTURE. FORWARD LOOKING STATEMENTS IN THIS RELEASE INCLUDE, WITHOUT LIMITATION, FUTURE PROSPECTS OF RECOVERING PRODUCT RESERVES AS ESTIMATED ABOVE AND FUTURE ESTIMATES OF DAILY AVERAGE PRODUCTION RATES. FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES, INCLUDING UNCERTAINTY OF THE COMPANY'S SUCCESS IN MAINTAINING PRODUCTION FROM ITS PROVED RESERVES AND IN DEVELOPING ITS PROVED NON-PRODUCING AND PROBABLE ADDITIONAL RESERVES AND THE OTHER RISKS DETAILED FROM TIME TO TIME IN THE COMPANY'S ANNUAL REPORT ON FORM 20F FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION, LAST FILED ON AUGUST 19, 2002."