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Regions Oil & Gas Enters into Agreement With Oklahoma Drilling Company, Increasing Efficiency and Production

Posted on: Thursday, 16 November 2006, 06:00 CST

Regions Oil & Gas (Pink Sheets: FCNK): The company announced today that it has entered into an agreement with Seminole Oil Productions LLC., a drilling company located in Northeast Oklahoma.

This agreement provides an avenue to control drilling and exploration costs and provides almost immediate access to a drilling rig for new drills. Additionally, it provides access to work-over rigs to maintain current wells on short notice. This will allow current production to be maximized at rates above the industry norm for the area.

"There is a shortage of rigs, and people who know how to drill with them - skilled manpower, geologists, everything is in high demand in our industry in general, but seems to be pronounced in our area of focus. In the past, we have had to wait for almost a year to drill one well. Now, when we have a suitable location with the proper reserves or potential, we can mobilize quickly and begin drilling. This agreement allows us to continue our drilling campaign in Oklahoma in an expedited fashion. I am extremely excited by this partnership as it should result in a solid positive impact on the bottom line," Jerry Griggs was quoted as saying.

About Regions Oil & Gas, Inc.: Regions Oil & Gas Corporation ("Regions" or the "Company") was formed to initiate, manage, acquire, supervise and operate oil and gas ventures and to otherwise engage in the oil and gas industry and exploration business. The Company solicits and acquires from accredited and institutional investors, the capital necessary to lease, develop, and complete oil and gas wells.

Disclaimer:

Certain information included in this communication contains statements that are forward looking, such as statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. These forward looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.

Source: Business Wire

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