TULSA, Okla., Jan. 18, 2006 (PRIMEZONE) -- Deep Rock Oil & Gas, Inc. (Pink Sheets:DPRK) announced today that it has begun drilling the second of a four well project in Northern Oklahoma. Preliminary tests of the first well showed initial gas flow rates in excess of 1,000,000 cubic feet per day.
As part of a previously announced agreement, Deep Rock will initially develop gas production within a 5 mile radius of the Washington Gathering System located near Bartlesville, OK. A joint-venture with Apollo Resources International, Inc. (OTCBB:AOOR) gives Deep Rock a 49.5% revenue interest in all fees for production that flows through the pipeline owned by the joint venture. The pipeline is located in a large, undeveloped area prone to shallow gas reserves and relatively inexpensive exploration and production costs.
Robert Garner, CEO of Deep Rock stated, "We are encouraged by the results of our first well and expect that continued drilling in this joint venture area will significantly increase Deep Rock's cash flow and reserve base."
About Deep Rock Oil & Gas, Inc.
Deep Rock Oil & Gas, Inc. ("Deep Rock or the Company"), is an oil and gas exploration and production company and currently has working interests in 33 wells, ten of which are operated by the Company. By utilizing advanced recovery technologies, sound engineering and experienced committed management, Deep Rock has developed a proven corporate growth strategy of identification, acquisition and development of domestic oil and gas reserves thereby reducing U.S. dependence on foreign oil.
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