EXHIBIT 99.1

                                 PRESS RELEASE

                    CHELSEA OIL AND GAS LTD. (OTCQB: COGLF)

 CHELSEA ANNOUNCES 2013 2P RESERVES OF 1.133 MILLION BOE, 3P RESERVES OF 6.351
               MILLION BOE AND FILING OF ANNUAL INFORMATION FORM

FOR IMMEDIATE RELEASE

CALGARY, AB, MARCH 31, 2014 - Chelsea Oil and Gas Ltd. (OTCQB: COGLF) ("CHELSEA"
or the "COMPANY") is pleased to announce its 2013 year-end reserves and an
operational update.

The financial and operational information contained below is based on the
Company's unaudited expected results for the year ended December 31, 2013. The
Company is required to file its audited financial statements and related
management discussion & analysis for the year ended December 31, 2013 on or
prior to April 30, 2014.

HIGHLIGHTS

     o    Probable reserves of 1.113 million boe

     o    Probable plus possible reserves of 6.351 million boe

     o    Net present value of Chelsea's probable oil reserves of US$5.1
          million, and probable plus possible oil reserves of US$13.9 million
          (discounted at 10%, before income taxes)

     o    Net present value of Chelsea's probable natural gas and NGL reserves
          of A$19.9 million, and probable plus possible natural gas and NGL
          reserves of A$107.1 million

     o    Arthur Creek unconventional prospective resources best estimate of
          688.5 mmboe net to Chelsea

RESERVES

In this press release, all references to reserves are to gross company reserves,
meaning Chelsea's working interest reserves before deductions of royalties and
before consideration of Chelsea's royalty interests. The oil reserves of the
Company's PL 18 and PL 280 concessions in Australia were evaluated by Sproule
International Ltd ("SPROULE"), and the natural gas and natural gas liquids
reserves of the Company's PL 40 concession were evaluated by Chapman Engineering
Ltd. ("CHAPMAN"), both in accordance with National Instrument 51-101 - Standards
of Disclosure for Oil and Gas Activities ("NI 51-101") effective December 31,
2013. Chelsea's annual information form for the year ended December 31, 2013
(the "AIF") contains the Company's reserves data and other oil and natural gas
information as mandated by NI 51-101. A copy of the AIF will be available under
Chelsea's profile at www.sedar.com, www.sec.gov/edgar.shtmly or at
www.chelseaoilandgas.com.


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<PAGE>



The summary information provided below should be read in conjunction with the
detailed information in the AIF.

As at December 31, 2013, Chelsea's total gross probable plus possible reserves
were 6.351 mmboe. Chelsea's total probable additions were 1.1 mmboe and its
total possible additions were 5.2 million mmboe.

The following table is a summary, as at December 31, 2013, of Chelsea's
petroleum and natural gas reserves as evaluated by Sproule and Chapman. It is
important to note that the recovery and reserves estimates provided herein are
estimates only. Actual reserves may be greater or less than the estimates
provided herein. Reserves information may not add due to rounding.


GROSS COMPANY RESERVES SUMMARY (1)

                                             2013
                   ---------------------------------------------------------
                    OIL(2)       NATURAL         NGL(3)         TOTAL OIL
                                   GAS(3)                      EQUIVALENT
                    (MBBL)         (MMCF)        (MBBL)          (MBOE)
                   ----------    -----------    ----------    --------------
PROBABLE(2)           141          2,905           508            1,133
POSSIBLE(3)           260          14,525         2,538           5,219
                   ----------    -----------    ----------    --------------
TOTAL PROBABLE        401          17,430         3,045           6,351
PLUS POSSIBLE
                   ==========    ===========    ==========    ==============

(1)  Company Reserves means the Company's working interest reserves before
     calculations of royalties and before consideration of the Company's royalty
     interests.

(2)  Per Sproule.

(3)  Per Chapman.

NET PRESENT VALUE OF FUTURE NET REVENUE - OIL

Sproule completed an evaluation of the Company's PL 18 and PL 280 concessions
onshore Australia. Chelsea holds a 100% working interest in the following oil
fields with assigned reserves: Yellowbank, Yellowbank Creek North, Thomby Creek
and McWhirter. The following table summarizes the net present value of future
net revenue in US dollars for Chelsea's oil properties:

<TABLE>
<S>                                    <C>             <C>             <C>             <C>             <C>


                                                  US$ BEFORE DEDUCTING INCOME TAXES DISCOUNTED AT
                                   ------------------------------------------------------------------------------
                                         0%              5%              10%            15%             20%
                                        (M$)            (M$)            (M$)            (M$)            (M$)
                                   ---------------  --------------  --------------  -------------   -------------
PROBABLE                               6,251            5,637           5,113          4,662           4,271
POSSIBLE                               12,606          10,491           8,820          7,484           6,402
TOTAL PROBABLE PLUS POSSIBLE           18,856          16,128          13,933          12,145          10,673
                                   ================================================================================
</TABLE>


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<PAGE>



NET PRESENT VALUE OF FUTURE NET REVENUE - NATURAL GAS AND NGL'S

Chapman completed an evaluation of the Company's PL 40 concession onshore
Australia. Chelsea holds a 100% working interest in the Louise gas field. The
following table summarizes the net present value of future net revenue in
Australian dollars for Chelsea's natural gas and NGL properties:

<TABLE>
<S>                                   <C>              <C>              <C>             <C>            <C>

                                                 A$ BEFORE INCOME TAX EXPENSES AND DISCOUNTED AT
                                   -----------------------------------------------------------------------------
                                        0%                5%              10%            15%            20%
                                       (M$)              (M$)            (M$)            (M$)           (M$)
                                   --------------    -------------    ------------    -----------    -----------
PROBABLE                              36,738            26,572          19,916          15,327         12,027
POSSIBLE                              191,907          127,078          87,177          61,256         43,658
                                   --------------    -------------    ------------    -----------    -----------
TOTAL PROBABLE PLUS POSSIBLE          228,646          153,650          107,093         76,583         55,685
                                   ==============    =============    ============    ===========    ===========

</TABLE>


GEORGINA BASIN RESOURCE REPORT

Chelsea's wholly-owned subsidiary, Cooper-Eromanga Oil Inc. ("CEO") engaged
Ryder Scott Petroleum Consultants Ltd. ("RYDER SCOTT") in a report dated
effective March 31, 2013 (the "RESOURCE REPORT"). The Resource Report evaluated
the unconventional resources of the Arthur Creek "Hot Shale" in the Georgina
Basin, Queensland, Australia in Authority to Prospect 582 ("ATP 582"). ATP 582
is approximately 5.02 million acres (20,323 square kilometers) in size, of which
approximately 0.91 million acres were established by Ryder Scott through review
of previous seismic and well data to be prospective for unconventional
hydrocarbons.

The evaluation by Ryder Scott assigned resource estimates to one horizon in the
Georgina Basin, the Arthur Creek Hot Shale (the "HOT SHALE"). The Hot Shale is
defined as a radioactive shale which exhibited high total organic content in
historical wells on, and offsetting ATP 582. The following table summarizes the
Resource Report:
<TABLE>
<S>                                 <C>                       <C>                         <C>


                             UNRISKED PROSPECTIVE RECOVERABLE RESOURCES(1)
--------------------------------------------------------------------------------------------------------

HYDROCARBON                  LOW ESTIMATE (P90)        BEST ESTIMATE (P50)         HIGH ESTIMATE (P10)
                           -----------------------    -----------------------    ------------------------
Oil (mmbbls)                        21.1                       32.8                       51.0
Gas (Tcf)2                          2.5                        3.4                         4.6
Condensate (mmbc)                   40.8                        89                        155.5
                           -----------------------    -----------------------    ------------------------
TOTAL (MMBOE)                       479                       688.5                       973.1
                           =======================    =======================    ========================

 (1)   Reflects gross (100%) working interest in ATP 582.
 (2)   Includes associated gas.
</TABLE>


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The Resource Report has been prepared in accordance with the standards contained
in the Canadian Oil and Gas Evaluation Handbook (the "COGE HANDBOOK") and NI
51-101. The Resource Report is based on certain factual data supplied by the
Company and Ryder Scott's opinion of reasonable practice in the industry. The
extent and character of ownership and all factual data pertaining to the
Company's petroleum properties and contracts (except for certain information
residing in the public domain) were supplied by the Company to the Ryder Scott
and accepted without any further investigation. Ryder Scott accepted this data
as presented and neither title searches nor field inspections were conducted.
The recovery and resources estimates for the Company's assets and properties
described herein are estimates only and there is no guarantee that the estimated
resources will be recovered. The actual resources for the Company's assets and
properties may be greater or less than those calculated. There are partially
risked prospective resources that have been risked for change of discovery, but
have not been risked for chance of development. If a discovery is made, there is
no certainty that it will be developed or, if it is developed, there is no
certainty as to the timing of such development.

Chelsea is encouraged with the Hot Shale resource potential as established by
Ryder Scott. In addition to the Hot Shale, the Company has identified
considerable resource potential in horizons above the Hot Shale, defined as the
Upper Arthur Creek and Lower Arthur Creek formations. These formations were
penetrated by all of the historical wells present on ATP 582, and were tested in
one well, Mirrica-1 ("MIRRICA") drilled in 1989. Mirrica was drilled
over-balanced, and exhibited strong gas shows of up to 100 units while drilling
through the Upper and Lower Arthur Creek formations. 6 drill stem tests ("DST")
were over a 600m meter interval, which resulted in no hydrocarbon or water
recovery. The Company believes the significantly overbalanced drill program
resulted in formation damage, which impaired the DST's. Well logs over the Upper
and Lower Arthur Creek indicate these formations to be gas saturated, but tight.
The Company intends to conduct additional analysis on these horizons during the
year, and obtain an independent resource assessment to the extent sufficient
evidence can be obtained to justify the assignment and classification of
Prospective Resources.

UNDEVELOPED LAND

The largest undeveloped license in Chelsea's portfolio is ATP 582. This license
is approximately 5.02 million acres in size and provides exposure to two
separate sedimentary basins: the Georgina Basin and the Simpson Basin.

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<PAGE>



In 2012, Total S.A. ("TOTAL") entered into the Georgina Basin through a farm-in
whereby it would spend up to A$190.0 million by 2016 to earn up to a 68% working
interest in an offsetting operators Georgina Basin lands. As well in 2012,
Statoil ASA ("STATOIL") entered into the Georgina Basin through a farm-in
whereby it would spend up to A$210.0 million in separate offsetting Georgina
Basin lands to earn up to an 80% working interest. The average of these farm-ins
on an Australian dollar per acre basis is approximately A$32.78 / acre. Ryder
Scott estimate ATP 582 contains approximately 0.91 million acres of Georgina
Basin sediments. After giving effect to the A$ / acre on offsetting lands, this
would suggest Chelsea's Georgina Basin undeveloped acreage could have a value of
up to A$29.8 million.

In 2012, Santos Ltd. entered into the Amadeus, Pedirka and Simpson Basin's
through a farm-in with another operator whereby it would spend up to A$150.0
million to earn up to a 70% working interest. The total potential investment on
an Australian dollar per acre basis is A$11.28 / acre. Chelsea estimates it has
up to 2.0 million acres of Simpson basin sediments. After giving effect to the
A$ / acre on offsetting lands, this would suggest Chelsea's Simpson Basin
undeveloped acreage could have a value in excess of up to A$22.6 million.

GEORGINA BASIN DRILLING

Statoil recently announced their intentions to drill five vertical wells in the
Georgina Basin during 2014, on lands offsetting ATP 582. They further announced
their intention to fracture stimulate up to three wells. The first well is
slated to begin in May, targeting the Toko Syncline.

Total and their partner Central Petroleum Ltd. ("CENTRAL") made application to
fracture stimulate up to eight wells, with drilling to begin in 2014 and
stimulation in 2015. The proposed well locations lie within the Toko Syncline,
the nearest proposed well is less than 5 kilometers from Chelsea's ATP 582, the
farthest is approximately 70 km from ATP 582.

Total's drilling programme is exclusively evaluating the Toko Syncline, on lands
geologically equivalent to Chelsea. Statoil's wells in the Northern Territory
which are targeting the Toko Syncline will be testing thinner target zones at a
shallower depth than those present on ATP 582. The target sediments in the Toko
Syncline on Chelsea's and Total/Central's lands are believed to be thicker than
those present in the Northern Territory, and in the opinion of Chelsea, more
prospective. Success in either the Statoil or Total drilling programme will
validate Chelsea's lands, as the proposed well locations are in close enough
proximity to provide a regional evaluation of the play on ATP 582.

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<PAGE>



READER ADVISORIES

FORWARD LOOKING STATEMENTS

This press release contains information that constitutes "forward-looking
information" or "forward-looking statements" (collectively "FORWARD-LOOKING
INFORMATION") within the meaning of applicable securities legislation. This
forward-looking information includes, among others, statements regarding:
estimated reserves and resources (in place and recoverable), productivity, land
value and other expectations, beliefs, plans, goals, objectives, assumptions,
information and statements about possible future events, conditions, results of
operations or performance. Information regarding business plans generally
assumes that the extraction of crude oil, natural gas and natural gas liquids
remains economic.

Undue reliance should not be placed on forward looking information. Forward
looking information is based on current expectations, estimates and projections
that involve a number of risks which could cause actual results to vary and in
some instances to differ materially from those anticipated by Chelsea and
described in the forward looking information contained in this press release or
otherwise. The material risk factors include, but are not limited to: the risks
of the oil and gas industry, such as operational risks in exploring for,
developing and producing crude oil and natural gas, reduced commodity prices and
market demand and unpredictable facilities outages; risk and uncertainties
involving geology of oil and gas deposits; uncertainty related to securing
sufficient egress and markets to meet shale gas production; the uncertainty of
reserves, resources and ultimate recovery estimates, and underlying risks
related to the novelty of industry and Company understanding of reservoirs of
the nature of the reservoirs the Company is exploiting and plans to exploit; the
new and rapidly evolving technology used to exploit those reservoirs, the
uncertainty of estimates and projections relating to production, costs and
expenses (which in many cases are of necessity based on extrapolations of short
term performance); potential delays or changes in plans with respect to
exploration or development projects or capital expenditures; fluctuations in oil
and gas prices, interest rates; health, safety and environmental risks; changes
in general economic and business conditions; the possibility that government
policies or laws may change or governmental approvals may be delayed or withheld
and the possibility that third parties may interfere with the Company conducting
its business. The foregoing list of risk factors is not exhaustive. Forward
looking information is based on the estimates and opinions of the Company's
management at the time the information is presented. The Company assumes no
obligation to update forward looking information should circumstances or
management's estimates or opinions change, except as required by law.

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Statements contained in this press release and corporate information relating to
future results, events and expectations are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended. These forward-looking
statements involve known and unknown risks, uncertainties, scheduling,
re-scheduling and other factors which may cause the actual results, performance,
estimates, projections, resource potential and/or reserves, interpretations,
prognoses, schedules or achievements of the Corporation, or industry results, to
be materially different from any future results, performance or achievements
expressed or implied by such statements. Such factors include, among others,
those described in the Corporations' annual reports on Form 40-F or Form 20-F on
file with the U.S. Securities and Exchange Commission.

Users are cautioned that these values represent resources, and not reserves as
defined by the United States Securities and Exchange Commission ("SEC"). Under
SEC standards, mineralization may not be classified as a reserve unless the
determination has been made that the mineralization could be economically and
legally produced or extracted at the time the reserve determination is made.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. Investors are cautioned not to assume that all of measured
or indicated resources will ever be converted into reserves.

BARRELS OF OIL EQUIVALENT

The term barrels of oil equivalent ("BOE") may be misleading, particularly if
used in isolation. Per boe amounts have been calculated using a conversion ratio
of six thousand cubic feet of natural gas (6 mcf) to one barrel of oil (1 bbl).
This boe conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead. Given that the value ratio based on the
current price of crude oil as compared to natural gas is significantly different
from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.

RESERVES DATA

The determination of oil and natural gas reserves involves the preparation of
estimates that have an inherent degree of associated uncertainty. Categories of
proved and probable reserves have been established to reflect the level of these
uncertainties and to provide an indication of the probability of recovery. The
estimation and classification of reserves requires the application of
professional judgment combined with geological and engineering knowledge to
assess whether or not specific reserves classification criteria have been
satisfied. Knowledge of concepts including uncertainty and risk, probability and
statistics, and deterministic and probabilistic estimation methods is required
to properly use and apply reserves definitions.

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<PAGE>



The recovery and reserve estimates of oil, NGL and natural gas reserves provided
herein are estimates only. Actual reserves may be greater than or less than the
estimates provided herein. The estimated future net revenue from the production
of Chelsea's natural gas and petroleum reserves does not represent the fair
market value of Chelsea's reserves.

In this press release, Chelsea also discloses prospective resources as of the
dates indicated herein. Prospective Resources are defined as those quantities of
petroleum estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development projects.
Reserve, resource and forecast production and values prepared by any third party
are identified as such; all other estimates have been prepared by management.

The reserve and resource data provided in this news release presents only a
portion of the disclosure required under NI 51-101. All of the required
information is contained in Chelsea's AIF.

We seek safe harbor.

Contact:

For further information on Chelsea, please visit our website at
www.chelseaoilandgas.com or call +1 403 457 1959.



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