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CALGARY, Feb. 10, 2012 /CNW/ - Palliser Oil & Gas Corporation ("Palliser" or the "Corporation") (TSXV:PXL) reports that it has granted an aggregate of 1,338,000 stock options at an exercise price of $0.70 per share to directors, officers, and employees of Palliser subject to the terms and conditions of the stock option plan.

Additional information on Palliser is available on www.sedar.com or the Corporation's website at www.palliserogc.com.

About Palliser

Palliser is a Calgary-based emerging junior oil and gas company currently focused on high netback heavy oil production in the greater Lloydminster area of both Alberta and Saskatchewan.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Neither the 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 Press release.