SPOKANE, Wash., Jan. 21, 2005 (PRIMEZONE) -- Monarch Gold Exploration (Other OTC:MGEX) announced today that the previously announced transaction with Charles Couch of Dallas, Texas to acquire a portfolio of producing oil and gas properties from Couch Oil & Gas (http://www.CouchOil.com), along with established oil and gas verification methods in exchange for 50 million common shares of Monarch, has been officially consummated. Mr. Couch will immediately assume the role of Chairman of the Board, adding two members of the Couch Oil & Gas team to the Board. John Girgis is a former exploration manager for Diamond Shamrock, YPF Repsol, and Maxus Energy. Boris Starokozhev, former head of the fifth largest oil company in Russia, will also join the Board of Directors. Steps have been taken to immediately change the name of the company to MONARCH GULF EXPLORATION INC. Robert E. Jorgensen will continue to act as President of the new company.
Jorgensen comments that "we are convinced this is an opportune time for Monarch to take advantage of the market fundamentals in the energy sector, and will continue to build shareholder value by following the highly successful business model created by Charles Couch and his qualified team of proven veterans in this industry."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above include forward looking statements that involve risk and uncertainties. The company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward looking statements. Those factors include but are not limited to the ability to verify the reserve value of the oil and gas well interests purchased by the company: the oil and gas industry and the economy in general.