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Regions Oil and Gas Makes Initial Payment on Acquiring Acreage Block With Potential $250 Million of Recoverable Oil

Posted on: Friday, 21 September 2007, 12:00 CDT

Regions Oil & Gas (Pink Sheets:RGNO) announced today they have made an initial payment towards acquiring a 620 acre block located in located in West Texas. Regions and their team estimate this acreage block contains up to 4 Million barrels of recoverable oil. At today's prices, that is over $250 million in gross revenue.

This Acreage has never been explored and shows all of the geologic characteristics of a major field discovery located directly to the east of this block.

"It has been a challenge to get this lease done. Our plan was to lock up as much land in the immediate area as we could, and it looks like we have succeeded. If the potential is what we think, we do not want anyone coming in after we drill and taking advantage of our hard work. There are multiple land and mineral owners, so to get all of the land we wanted took some time. But we are right on track and I remain very excited about this play and am looking forward to drilling," stated Jerry Griggs, CEO.

About Regions Oil & Gas, Inc.: Regions Oil & Gas Corporation ("Regions" or the "Company") was formed to initiate, manage, acquire, supervise and operate oil and gas ventures and to otherwise engage in the oil and gas industry and exploration business. Their philosophy and strategy is "Bringing New Life to Old Forgotten Fields." The fields in question were generally produced in the early 1900's with the mind set and technology created during the industry's infancy. As a result, these wells have large amounts of oil still in reserves.

Disclaimer:

Statements released by Regions Oil and Gas, Inc. that are not purely historical are forward looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors. The company does not undertake any responsibility to update the forward-looking statements contained in this release.

Source: Business Wire

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