TMX group

Not for Distribution to United States Newswire services or for dissemination in the United States

CALGARY, May 1, 2012 /CNW/ - Palliser Oil & Gas Corporation (TSXV:  PXL) ("Palliser" or the "Company") is pleased to report that it has filed its Annual Information Form ("AIF"), which includes Palliser's reserves data and other oil and natural gas information for the year ended December 31, 2011.  The AIF includes annual disclosure regarding reserves data and other oil and gas information as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.  Copies of Palliser's AIF for the year ended December 31, 2011 have been filed on the SEDAR website at www.sedar.com and may be obtained on Palliser's website at www.palliserogc.com .

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 exploration and production company that is focused on conventional 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.