HOUSTON, Oct. 4, 2004 (PRIMEZONE) -- Frontier Oil and Gas (Pink Sheets:FOGL) announced today that the company has entered into a letter of intent with Nevada Holding Group, Inc. (Pink Sheets:NVHG) -- GeoScanex, (www.geoscanex.com). The Institute of Geoinformational Analysis of the Earth or GeoScanex utilizes proprietary Remote Earth Sensing (RES) technology to locate underground mineral deposits by processing space images of the land surface with proprietary software and special algorithms. Frontier Oil and Gas intends to announce details of the transaction upon the closing of the agreement.
NVHG - GeoScanex intends to market this RES technology to oil, gas, mining, and oceanographic customers throughout North and South America. Dr. Ivan Raylyan, Chairman of the Institute of Geoinformational Analysis of the Earth and soon to be Chairman of NVHG stated, "Our expansion to North and South American Markets through our agreement with NVHG enabled GeoScanex to accomplish this initial agreement with Frontier. We are looking forward to working with Frontier Oil and Gas and their North American management team and assisting them in developing their market."
Robert Needham, VP of Frontier Oil and Gas LTD commented, "NVHG - GeoScanex's technology from Geoinformational may provide the information Frontier needs to confirm gas and oil reserves and determine both rate of flow and the commercial viability of any discovered gas reserves. We are looking forward to continued returns in our investment as the business progresses."
Current gas reserves for the Cook Inlet Basin are a fully documented reserve estimated by the State of Alaska for the Cook Inlet Basin Region. Cook Inlet basin, located in south-central Alaska where the Fowler property is located, is approximately 250 miles from north to south and 70 miles wide. The basin contains coal deposits within the Tertiary Tyonek Formation across its entire extent and within the Chickaloon Formation at its northeast corner. These coals are part of an extensive continental depositional system in the Tertiary that exceeds 26,000 feet in thickness at the basin center. Tyonek coals beds are abundant and continuous, exceeding 40 feet in thickness. www.dog.dnr.state.ak.us/oil/programs/shallowgas/coalbed_methane.htm
About Frontier Oil and Gas LTD -- www.frontieroilandgas.com
Frontier Oil and Gas LTD intends to become a worldwide company specializing in the extraction and production of oil and gas in partnership with Fowler Oil & Gas through both owned and leased properties within the Cook Inlet oil basin of Alaska. Fowler Oil & Gas is looking to develop both oil and natural gas reserves located in the Cook Inlet oil basin in Alaska. Current Gas Reserve is a fully documented reserve with an estimated 1.9 trillion cubic feet in the Cook Inlet Basin.
About Nevada Holdings, Inc. (www.GeoScanex.com)
The Institute of Geoinformational Analysis of the Earth -- Over the past several years, the Institute has used the RES technology in a number of practical projects according to its customers' requests. The projects were implemented in various regions of the world, such as Africa, the Middle East, the Far East, North America and Russia, and made it possible to predict and localize commercially viable deposits of hydrocarbons, gold and diamonds. The approximate total volumes of the petroleum deposits alone (in localized traps) amounted to some 70 million tons (including some 40 million tons in Sakhalin and 20 to 25 million tons in the Penza area). Gas-related projects included the localization of drilling sites for Burgaz Company (a subsidiary of Gazprom). In gold mining, joint ventures have been set up and have started operating in South Korea. On the whole, the economic effect of adopting the technology varied between 10 million and 15 million tons practically in every project. For more information on the institute see their web site www.geoscanex.com .
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, but not limited to, continued acceptance of the company's products and services, competition, new products and technological changes, as well as any and all "other risks" associated with business.