Hull Energy Acquires a 10% Working Interest in Casper Wyoming Oil Prospect

AVENTURA, Fla., June 16 /PRNewswire-FirstCall/ — Hull Energy, Inc. (Pink Sheets: HULL) is pleased to announce the closing on a 10% Working Interest in G2 Petroleum LLC’s Diamond Springs Exploration Project west of Casper, Wyoming, in the Sweetwater Mountains.

The Diamond Springs prospect is adjacent to both the Wind River Basin and the Casper Arch in Freemont County and is in close proximity to productive gas and oil fields. The Binding Buy Sell Agreement, between G2 Petroleum LLC and Hull Energy, was executed on June 12, 2008. Ron Ratner, the company’s CEO, said: “This acquisition further solidifies Hull Energy’s commitment to executing our strategic business plan. We expect to begin drilling on the Diamond Spring Prospect no later than the third quarter of 2008. Diamond Spring has an estimated potential to produce over 4 million barrels of recoverable oil. At current oil prices, this presents Hull Energy the potential to participate in an estimated $400,000,000 of gross revenues calculated from this prospect.”

About The Prospect

The Diamond Springs prospect is composed of three independent but geologically similar prospective locations located within the 3300-acre track. West of Casper, Wyoming, in the Sweetwater Mountains, this prospect is adjacent to both the Wind River Basin and the Casper Arch in Freemont County and is in close proximity to productive gas and oil fields.

G2 Petroleum’s Managing Director, Everett W. Gray II, feels there is greater potential for further exploration in the deeper formations that may be present within this prospect, but states he would like to exploit the shallower formations initially to take advantage of the record high oil pricing.

“C. P. Abrassart, a 3rd party geologist reporting on this prospect, has compared the stratigraphic trap within this location to that of the nearby Cottonwood Creek Field (Big River Basin) which has an estimated reserve of over 60 million barrels of oil,” stated Ratner, adding, “We feel fortunate to have brought this prospect into our now growing list of prospects as many stratigraphic traps with significant reserves have been successfully drilled in the Rocky Mountain area.”

Regional Overview

Diamond Springs is located within the Wind River Basin Province of central Wyoming, which is estimated by the United States Geological Survey to contain 41 million barrels of oil, 2.4 trillion cubic feet of natural gas, and 20.5 million barrels of natural gas liquids.

Other major operators who are active in the Basin include Conoco Phillips (Mkt Cap: $132B), Encana Corp (Mkt Cap: $63B), and Devon Energy (Mkt Cap: $53B). Independent operators include Howell Petroleum, Petroleum Resource Management, Richardson Operating Co, and Rockwell Petroleum.

About Hull Energy, Inc.

Hull Energy is an Oil and Gas company involved in the exploration and operations of oil and gas on existing leases or properties, showing proven reserves. Of these properties, most according to our engineers have the potential to produce oil and gas. Once these properties or leases are identified via the expertise of our joint venture partners, Hull Energy will be involved in the operations on a day-to-day basis. For more information, please visit our new website http://www.hullenergyinc.com/.

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and 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. Such factors include failure to complete successfully the development of new or enhanced products, the successful implementation of acquisition program, the Company’s future capital needs, the success of competitive products, fluctuations in costs, changes in consumer preferences and other items described in the Company’s Securities and Exchange Commission filings. The Company undertakes no obligation to update any statements in this press release.

   Company Contact:   Ron Ratner   786-787-0441    Investor Relations contact:   Kulman IR, LLC   305-749-3112   info@KulmanIR.com  

Hull Energy, Inc.

CONTACT: Ron Ratner, Hull Energy, Inc., +1-786-787-0441, or KulmanIR, LLC, +1-305-749-3112, info@KulmanIR.com, Investor Relations for HullEnergy, Inc.

Web site: http://www.hullenergyinc.com/