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Golden Apple Oil and Gas, Inc. And Lumincos Apply for Additional Permits From the Quebec Government for 7 Million Acres of Property

Posted on: Friday, 24 February 2006, 18:00 CST

PHOENIX, AZ, Feb. 24 /PRNewswire-FirstCall/ -- Golden Apple Oil and Gas, Inc (OTC Pink Sheets: GAPJ.pk) is pleased to announce that the Company wishes to report that it has received confirmation that an application for the permitting of up to 7,000,000 acres, (11,000 square miles) is being reviewed by the Quebec Provincial Government. Under the terms of the application Golden Apple Oil and Gas, Inc. would receive an undivided 30% interest in and to permits with the balance of 70% to Lumincos. The said permits are subject to a 3% gross overriding royalty to a third party and to Quebec provincial royalties. The application for the oil and gas permits is related to the Saint Lawrence Lowlands Basin from the New York, Vermont, New-Hampshire and Maine U.S border. Talisman has a plan to drill for oil and gas in the same area, the Saint Lawrence Lowlands Basin this summer. Golden Apple plans to drill its stake in the Saint Lawrence Lowlands Basin as soon as the seismic and drilling crews and permit regulations are in place. The Company is currently waiting for the granting of such permits and will disseminate a further press release relating to such permits once it has been advised by the Quebec Government of the granting of such.

Golden Apple Oil and Gas, Inc entered into a stock purchase agreement with Lumincos (announced previously), whereby Lumincos purchased 50% of the stock in Golden Apple Oil and Gas, Inc.

Headquartered in Phoenix, Arizona, Golden Apple is an independent oil and gas producer with a focus on North and South American properties. The Company applies advanced technologies to systematically explore and develop its oil and natural gas opportunities. Golden Apple focuses its activities where technology can be used effectively to maximize returns on invested capital by reducing drilling risk and enhancing its ability to cost-effectively grow reserves and production volumes.

Golden Apple Oil and Gas, Inc plans to open a Canadian office in Toronto Ontario in March 2006 to facilitate the management of its Canadian operations. All correspondence and communication will continue to be serviced by the company's head office staff in Phoenix Arizona.

This media release may contain forward-looking statements regarding, but not limited to, management, market potential, distributor success, market size, international sales, marketing, future events and performance of the Company which involve risks and uncertainties that could materially affect actual results. Investors should refer to documents that the Company intends to file with the SEC for a description of certain factors that could cause actual results to vary from current expectations and the forward-looking statements contained in this media release.

Golden Apple Oil and Gas, Inc.

CONTACT: Jay H. Budd, President and CEO, jay@goldenappleoil.com;Investor Relations, (602) 346-5114, ir@goldenappleoil.com

Source: PRNewswire-FirstCall

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