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Diversified Oil and Gas Holdings Ltd. Introduces New Company President -- Reports on Company Re-Organization Plans

Posted on: Thursday, 3 April 2008, 12:00 CDT

Diversified Oil and Gas Holdings Limited -- (PINKSHEETS: DVFI) -- announced today that effective immediately the company has accepted the resignation of David Rees and has appointed Mr. Stephen G. Ambury as the company's new CEO.

Mr. Ambury brings with him an extensive, experienced management background complemented with strong administrative skills. In the first order of business since his appointment, the new CEO ordered a total reassessment of the oil and gas purchase with Well Renewal, Inc. announced October 25, 2007. After careful reevaluation and consideration of this transaction, Diversified Oil and Gas Holdings Ltd. have rescinded the complete transaction in the best interests of the company and its valued shareholders. Mr. Ambury is now in the process of obtaining a full report of DVFI's properties, lease holdings, assets and liabilities. "It is my goal to familiarize myself with Diversified Oil and Gas Holdings' company business activities past and present in order to formulate a plan that will initiate a profitable new beginning for valued shareholders and the well-being of the corporation in general," stated Mr. Ambury.

The company expects to have a comprehensive report available within 30 days.

About Diversified Oil and Gas Holdings Limited

Diversified Oil and Gas Holdings Limited is an investment venture capital firm focused on exploiting and distributing domestic oil and gas reserves. The Company also has joint venture activities with Tyche Energy Inc and Hydroslotter Corp. Diversified Oil and Gas continues its on going business relationship with WW Oil and Gas Inc.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

 Contact:  Mr. Stephen G. Ambury CEO Diversified Oil and Gas Holdings Limited Investor Relations 613-453-9256  

SOURCE: Diversified Oil and Gas Holdings Ltd.

Source: MARKET WIRE

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