Mining Oil Enters Into an AMI Participation Agreement With Jurasin Oil & Gas

HOUSTON, Oct. 6 /PRNewswire/ — On September 22, 2008, Mining Oil, Inc. (the “Company” or “Mining Oil”) entered into a participation agreement to acquire certain working interests held by Jurasin Oil & Gas, Inc. (“Jurasin”) of Houston, Texas, and its affiliate, Rampant Lion Energy, LLC, in two prospects. These two prospects include one located in south Louisiana and another located in the offshore shallow waters of Mustang Island in Texas. This agreement provides that the parties enter into a long-term “Area of Mutual Interest (AMI)” for the next 10 years. As such, Jurasin will offer the Mining Oil the right of first refusal to acquire any interest that Jurasin has in future prospects in which Jurasin develops or acquires.

Van Levy, Chairman and Chief Executive Officer of Mining Oil, says, “I look forward to a mutually beneficial relationship with the Jurasin Oil & Gas team. Our long term AMI agreement benefits both parties in the following ways: Mining Oil benefits from an excellent prospect generation team and a steady stream of high quality prospects. Jurasin will receive the much needed capital to jointly develop the prospects and they can now concentrate primarily on geology, which is their key strength. This participation agreement allows Mining Oil to diversify and expand our property portfolio to onshore Louisiana and expand our Texas shallow water footprint to the Mustang Island area. These first two projects will be re-development projects that are surrounded by existing production and reserves. Both projects have proved reserves, multi-pay zone opportunities and low-risk drilling efforts. Our reserve consultants, Netherland, Sewell & Associates (NSA), are now auditing both proved and probable reserves identified by Jurasin.”

Van Levy further states, “Jurasin has identified 11 drilling locations in south Louisiana and 5 drilling locations at Mustang Island. Both properties were originally developed over 20 years ago by the major oil companies at the time when the commodity price environment was much lower than it is today and the technology that we have today did not exist back then. Due to economic and technological constraints at the time, these reserves were overlooked and left behind. Our plans with Jurasin are now to capture and develop these by-passed potential reserves.”

The agreement provides for the Company to fund the capital expenditures for drilling and development of these prospects. It also provides for the recovery of all costs incurred by the Company before any distributions or payouts. Furthermore, this agreement will provide Jurasin with the right to receive a certain interest after the payout on these projects.

The Company has estimated that the budget will be approximately $23 million to pay for capital expenditures such as drilling, land acquisition costs, seismic studies, geological services, and certain overhead costs for the two prospects. Reserve consultants, Netherland, Sewell & Associates (NSA), have been retained to audit both the proved and probable reserves identified by Jurasin.

Mining Oil, Inc.

CONTACT: Van Levy, Chairman and Chief Executive Officer, or George R.Koo, Executive Vice President and Chief Financial Officer, both of Mining Oil,Inc., +1-713-658-0370