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Deep Rock Oil & Gas, Inc. Completes Acquisition of 5.8265% Net Profits Interest in the Big Foot Oil Field

Posted on: Monday, 17 October 2005, 15:00 CDT

Deep Rock Oil & Gas, Inc. Completes Acquisition of 5.8265% Net Profits Interest in the Big Foot Oil Field

TULSA, Okla., Oct. 17, 2005 (PRIMEZONE) -- Deep Rock Oil & Gas, Inc. (Pink Sheets:DPRK) announced today that it has completed the acquisition of 5.8265% net profits interest in the Big Foot oil field located in Frio County, Texas from Exelco Energy, Inc. The purchase price was 11,000,000 restricted shares of Deep Rock Oil & Gas, Inc. common stock. According to an independent analysis report, the interest acquired has an expected undiscounted future net revenue stream to be in excess of $15,000,000 over the life of the field.

Tulsa-based Lee Keeling & Associates has estimated that the total net remaining developed and undeveloped reserves of the Big Foot oil field to be in excess of 4.6 million barrels of oil with a future net revenue of approximately $188,000,000 based upon field contract and NYMEX per barrel oil prices (estimated at $55.92/barrel).

The Big Foot field is an oil-producing property originally developed by Shell Oil Co. and Texaco in the 1950s. The Big Foot produces from the Olmas sands at an average depth of 3,700 feet. Currently, Big Foot's operator, Maverick Energy Group, Inc., intends to drill 100 additional wells in the field. Average production is expected to be 20 barrels of oil per day with total reserves per well at 30,000 barrels of oil.

About Deep Rock Oil & Gas, Inc.

Deep Rock Oil & Gas, Inc. ("Deep Rock or the Company"), an oil and natural gas exploration and production company, currently has working interests in 33 wells, 10 of which are operated by the Company in the states of Oklahoma and Texas.

Safe Harbor Statement

Certain statements included in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that meet defined specifications. When used in this press release, the words "plan,""expect,""believe," and similar expressions are generally considered forward-looking statements. These statements reflect our current expectations.

CONTACT: Deep Rock Oil & Gas, Inc. Attn: Robert Garner Phone: (918) 459-9689

Copyright © 2005 PrimeZone Media Network, Inc.

Source: PrimeZone Media Network

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