TULSA, Okla., Oct. 17, 2005 (PRIMEZONE) -- Deep Rock Oil & Gas, Inc. (Pink Sheets:DPRK) announced today that it has completed the acquisition of 5.8265% net profits interest in the Big Foot oil field located in Frio County, Texas from Exelco Energy, Inc. The purchase price was 11,000,000 restricted shares of Deep Rock Oil & Gas, Inc. common stock. According to an independent analysis report, the interest acquired has an expected undiscounted future net revenue stream to be in excess of $15,000,000 over the life of the field.
Tulsa-based Lee Keeling & Associates has estimated that the total net remaining developed and undeveloped reserves of the Big Foot oil field to be in excess of 4.6 million barrels of oil with a future net revenue of approximately $188,000,000 based upon field contract and NYMEX per barrel oil prices (estimated at $55.92/barrel).
The Big Foot field is an oil-producing property originally developed by Shell Oil Co. and Texaco in the 1950s. The Big Foot produces from the Olmas sands at an average depth of 3,700 feet. Currently, Big Foot's operator, Maverick Energy Group, Inc., intends to drill 100 additional wells in the field. Average production is expected to be 20 barrels of oil per day with total reserves per well at 30,000 barrels of oil.
About Deep Rock Oil & Gas, Inc.
Deep Rock Oil & Gas, Inc. ("Deep Rock or the Company"), an oil and natural gas exploration and production company, currently has working interests in 33 wells, 10 of which are operated by the Company in the states of Oklahoma and Texas.
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