PHOENIX, Nov. 8, 2005 (PRIMEZONE) -- In a release dated Nov. 7, 2005, under the same headline, the location of a recently acquired oil and gas property was incorrectly stated as being in Northern Quebec, Canada. The property in question is in Southern Quebec, Canada. The full corrected release follows:
The Board of Directors of Golden Apple Oil and Gas, Inc. (Golden Apple) (Pink Sheets:GAPJ) is pleased to announce the acquisition of a significant oil and gas property located in Southern Quebec, Canada.
The property consists of 17,976 hectares of land, issued under Quebec Cookshire permit no. 2003PG756. The asset is located at the South West corner of Longitude 45 Degrees, 21 minutes, Latitude 71 degrees, 46 minutes. In the coming weeks the Company will be on-site initiating its drilling program.
"Our goal is to establish commercial reserves from strategic positions in high potential exploration properties in order to create and deliver shareholder value," stated Jay Budd, President and CEO of Golden Apple. "In the implementation of this strategy, the Company focuses on material positions that are capable of providing significant growth through exploration."
Headquartered in Phoenix, Arizona, Golden Apple is an independent oil and gas producer with a focus on Northern Canadian 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.
The Company's common shares are listed on the Pink Sheets under the symbol GAPJ. The Company has 25 million shares currently outstanding.
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.