TULSA, Okla., Sept. 20, 2005 (PRIMEZONE) -- Deep Rock Oil & Gas, Inc. (Pink Sheets:DPRK) announced today that it has signed a letter of intent to acquire a 5.8265 percent net profits interest in the Big Foot oil field in Frio County, Texas. Tulsa-based Lee Keeling & Associates has estimated the net remaining developed and undeveloped reserves of the Big Foot oil field at 4,601,309 BBO with a future net revenue of approximately $188,143,578, based upon field contract and NYMEX per barrel oil prices (estimated at $55.92/barrel).
The Company anticipates it will close the transaction by October 7, 2005, upon its completion of due diligence and execution of a definitive agreement.
Future gross oil production is estimated at 5,457,826 BBO.
The Big Foot field is an oil producing property originally developed by Shell Oil Co. and Texaco in the 1950s. 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 BBO.
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, ten of which are operated by the Company in the states of Oklahoma and Texas.
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