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International Oil & Gas Holdings Corporation Forms New Subsidiary to Acquire 171 Producing Wells

Posted on: Wednesday, 24 October 2007, 09:00 CDT

International Oil & Gas Holdings Corporation (OTC: IOGH), today announced formation of a new subsidiary for the acquisition of three Ohio oil and gas companies that include 171 currently producing wells and 6,079 acres held by production, a service rig and a crude oil transport truck. A reserve study completed June 30th, 2007 by M. Hugh Hefner, Ph.D. at Hefcorp-jon places the Proven Oil and Gas Reserves at 66,602,000Mcf and Potential Coal-Bed Methane reserves at 46,172,000Mcf.

IOGH, through its new subsidiary, Natural Resources Properties LLC (NRP), signed a Letter of Intent to acquire 100% of three oil and gas companies, North East Fuel, Ace Oil & Gas and Crude Oil Marketing, plus wells and leases held by Anderson Drilling which will be assigned to North East Fuel. All three companies are Ohio corporations that have been operated by the Bobby Anderson family for three generations.

Gary Graham, VP of Oil & Gas for IOGHC, commented, "We needed an entity to hold our traditional Oil & Gas properties separate from our Alternative Energy projects. These proposed acquisitions also allow us to grow our Oil & Gas Division and take advantage of funding opportunities which are directly related to Oil & Gas." Mr. Graham added, "We are on track to acquire the companies. The title work has been completed and, per our agreement with the seller, IOGH has fulfilled its purchase obligations to date."

The Geological and Engineering Report prepared by Dr. Hefner has identified five (5) categories that IOGHC can develop for both immediate and long-term oil and gas reserve and production increases: 1) simple remediation of the 171 existing wells for optimum production performance; 2) completing for oil and gas production 60 of the 171 existing wells in proven reservoirs that are presently "behind-casing" in the existing wells but which have never been produced; 3) completing for oil and gas production 42 of the 171 existing wells where there are proven reservoirs which have never been produced, but which are accessible to production by drilling the existing wells "deeper" than they are now drilled; 4) on the Anderson Asset's 6,079 acres, drilling up to one-hundred (100) new wells into proven, conventional reservoirs; and, 5) on the Anderson Asset's 6,079 acres, drilling up to one-hundred (100) new wells into potential "coal-bed methane" reservoirs found in thirty-five feet of Bituminous Coal (in five seams) which underlie the Asset acreage.

About Dr. M. Hugh Hefner

Dr. M. Hugh Hefner, Founder, Owner, and President of Hefcorp-jon and Fidelis Engineering & Energy Company, has over a quarter-century of experience in the sedimentary-minerals development industries (Oil, Natural Gas, Natural-Gas Condensate, Coal-Bed Methane, Coal, and Commercial Stone). Dr. Hefner also holds Adjunct Faculty appointments at three (3) Colleges and Universities. He holds Bachelor Degrees in Chemistry and Geology, Masters Degrees in Geotechnical Engineering and Business, and a Doctorate Degree in Geosciences.

Dr. Hefner's Companies own interests in over 1,500 oil, natural-gas, and coal-bed methane wells. His Companies manage an additional 4,500 oil, natural-gas, and coal-bed methane wells for third-parties.

During his career, Dr. Hefner has managed the successful drilling of over 8,000 commercial oil, natural-gas, and coal-bed methane wells, and has engineered, developed, and operated fourteen "underground natural-gas storage pools." He designed and built the first coal-bed methane development field in West Virginia.

About IOGH

International Oil & Gas Holdings Corp. (OTC: IOGH) is a diversified holding company, managing assets in the energy, bio-fuel, bio-chemicals and renewable technologies markets. IOGH focuses on high-growth potential early-stage companies and existing profitable companies to build value from synergies and new market opportunities. IOGH leverages its know-how, relationships and technology to build energy-efficient production plants to produce competitive fuels, chemicals and energy from renewable resources as well as help remediate problematic environments.

IOGH seeks to achieve Environmental Balance as a market differentiator with our Renewable Products, Energy Generation and Environmental Remediation. Our technology and production processes have positive economic and environmental impact by relying on renewable non-food feed stocks instead of petroleum, while producing only clean chemicals and electricity as by-products. Our technology and production processes have positive economic and environmental impact by relying on renewable non-food feed stocks instead of petroleum, while producing only clean chemicals and electricity as by-products.

Please visit the company's website at http://www.ioghc.com

Safe Harbor Forward-Looking Statements

Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public.

Source: Business Wire

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