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Greater Sooner Holdings, Inc. To Dramatically Enhance Cash Flows; Company Acquires Natural Gas Well Expected to Flow at 2,000 MCF Per Day

Posted on: Monday, 21 August 2006, 18:00 CDT

Greater Sooner Holdings, Inc., (OTC:GSNH) (www.greatersoonerholdings.com) announces the acquisition of Working Interest in a South Texas well. Located near Mirando City in Webb County, Texas, this natural gas well is forecasted to have flow rates exceeding 2,000 MCF per day.

This well is a sidetrack -- it will be drilled around broken pipe and casing that is lodged in the existing wellbore. The existing LOMT well was drilled in 2003, reaching its target depth of over 11,000 feet.

Primary objectives for this sidetrack well are eight (8) sands identified by log analysis as part of the Wilcox Hinnent Formation. A drilling rig that has been contracted and allocated is expected to be onsite and drilling the LOMT #1 Sidetrack in early September.

The LOMT #1 currently is classified as a sidetrack/re-entry/re-completion well with the Texas Railroad Commission. This well was originally drilled by EOG Resources (NYSE:EOG) in 2003 targeting a Wilcox zone at 11,800 feet. EOG located their target, but later abandoned the well when an error in the fracturing processes caused the well to become uneconomical. The damaged Wilcox sand has since been isolated with a cast iron bridge plug. This well sits nearly 1,500 feet from a nearby offsetting well with proven production.

"This opportunity was presented to Greater Sooner by a successful Operator with a very high rate of drilling and re-entry success. As a sidetrack of an existing well with proven pay, this is the kind of lower risk, short payout, high potential prospect that fits Greater Sooner's objectives," said Russell F. Krauss, CEO of Greater Sooner Holdings, Inc. The Company acquired a 6.53% Working Interest.

About Greater Sooner Holdings:

Greater Sooner Holdings, Inc., based in Houston, Texas is an investment holding company with primary interests in crude oil and natural gas exploration and production.

Forward-Looking Statements: This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

Source: Business Wire

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