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Prairie Oil and Gas: White House/Energy Department Inventory Report Shows Sharp Drawdown in Nation's Crude Oil Reserves - Oil Prices Record Close; Prairie Signs to Acquire Two Horse Shoe Canyon CBM Wells

Posted on: Thursday, 25 August 2005, 12:00 CDT

Prairie Oil and Gas Inc. (OTC: PRAO) is pleased to announce the signing of a memorandum of understanding (MOU) with an Alberta-based operator for a significant working interest in two standing CBM (coal bed methane) well bores. Both locations are geographically located in Central Alberta and target the highly prolific Horse Shoe Canyon coals. The wells were drilled to a depth of 600m and have yet to be completed. Using the latest in industry technologies, the wells will be completed for optimum production and deliverability. With one of the wells already tied in and the other awaiting only a short tie in, Prairie should see revenues from the two wells in the very near future. As a publicly traded company the potential for the Prairie shareholders from this development alone will be substantial.

The OTC symbol for Prairie Oil and Gas Inc. is "PRAO" (OTC: PRAO).

Please visit www.PrairieOilAndGas.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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