Stream Oil & Gas: Officer Appointments, Stock Options and Q1 Update

VANCOUVER -- Further to the news release of January 22, 2009, Dr. Sotirios Kapotas, Chief Executive Officer of Stream Oil & Gas Ltd. (TSX-V: SKO ) (Stream or the Company), is pleased to announce the following new officer appointments: Mike Berezowski, Chief Operating Officer; Art Agolli, Executive Vice President, Business Development; Richard Enns, Head of Power and Facilities Division; and Terry Horkoff, Head of Gas Division.

Messrs Berezowski, Agolli, Enns, and Horkoff have significant strategic, technical, engineering and industry expertise in the exploration, development and production of oil and natural gas in Albania. They will provide services to the Company under Consulting Agreements dated April 24, 2009.

Stock Option Grant

In accordance with Stream's stock option policy, a total of 2,800,000 incentive stock options have been granted to the four new officers to purchase common shares of the Company at an exercise price of $0.20. Each stock option will be for a term of three years and is subject to an 18 month vesting period.

First Quarter 2009 Results and Update

During its first quarter of 2009 Stream's total revenue was $809,114 compared to $453,000 during its first four months of operations in 2008. The Company's net loss for the three months ended February 28, 2009 was $255,674 or $0.01 per share, compared to $267,000 or $0.01 per share for the four months ended February 29, 2008. The Company's first quarter financial statements and Management Discussion & Analysis are available on SEDAR (www.sedar.com) and the Company's website (www.streamoilandgas.com).

Stream continues to have productive discussions with Albpetrol in settling outstanding receivables. Albpetrol currently owes Stream about $ 1.4 million for product delivered since November 2008. In order to ensure more timely payments in future, and reduce reliance on one customer, Stream has begun cash sales to a new customer who is picking up about 60% of Stream's crude oil production from Stream's Cakran and Gorisht fields, at a price of approximately $35 per barrel. This has resulted in a significant cash flow improvement. In March and April 2009 total cash receipts, net of royalties were about US $278,000. Current production, net to Stream is about 220 bbls/day.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except as required under applicable securities legislation.

SOURCE: Stream Oil & Gas Ltd.

Sotirios Kapotas is responsible for this news release and can be contacted at the Company's head office above, or by email info@streamoilandgas.com; The Company's CFO, Angela Huxham, can be contacted at (604) 642-6168 or by email ahuxham@streamoilandgas.com

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