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Prairie Oil & Gas Announces Successful Well Exploration

Posted on: Monday, 15 August 2005, 09:00 CDT

Prairie Oil and Gas Inc. today announced that its first participation in an exploratory well has proven successful. The OTC symbol for Prairie Oil and Gas Inc. is "PRAO" (OTC: PRAO.PK).

Prairie Oil and Gas "PRAO" has entered into a Joint Venture with Emerald Bay Energy in an exploratory well in the Twining field of South Central Alberta. The well was successfully drilled and cased to a depth of 1617 meters. The two lower zones, Pekisko and Ostracod formations, have been tested and show good pressure response and flow rates typical of producers in the area. Further up hole, Viking and Glauconite zones have yet to be tested, however both intervals show strong indications of hydrocarbon potential.

The companies have completed all pipeline right of ways and are near completion of the 3.0Km pipeline to its tie-in point. We anticipate announcing the completion of the tie-in shortly, as well as the production forecast for the well.

Prairie is very pleased with the progress of its first project as a publicly traded company and believes the potential for the company and its shareholders will be substantial.

Please visit www.PrarieOilAndGas.com for additional information, and join the company's mailing list for future developments.

ABOUT PRAIRIE OIL AND GAS:

Prairie Oil and Gas is a start-up energy company engaged in the exploration, acquisition, and development of crude oil and natural gas in Western Canada and the United States. Based in Calgary, Alberta, the company's aim is to continuously add value through the acquisition and development of both mature and immature properties while focusing on profitability and short term result. By utilizing a multi-discipline approach, Prairie's experienced staff will unlock the upside potential of acquired properties leading to increased production and incremental reserves.

Safe Harbor

This press release contains or may contain "Forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934 regarding the Company's growth, profitability, strategy, liquidity, access to public markets, operating expense reduction, and trends in the industry in which the Company operates. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions on future events or performance are not statements of historical fact and may be 'forward-looking statements. 'Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as "expects", "will", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could" or "might" occur. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties, assumptions or prospective events that may have a retroactive affect on the company's current and future standing.

Source: Business Wire

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