TULSA, Okla., Dec. 6, 2005 (PRIMEZONE) -- Deep Rock Oil & Gas, Inc. (Pink Sheets:DPRK) announced today that it has entered into a joint venture agreement with Apollo Resources International, Inc. ("Apollo") for the development of approximately 45 miles of Apollo's 12" oil/gas pipeline in Northern Oklahoma. Deep Rock will pay for the initial cost of connecting the JV pipeline into Washington Gathering Systems who will operate the pipeline.
This joint venture will give Deep Rock a 49.5% revenue interest in the transportation fees charged for all gas which flows through the approximately 45 miles of pipeline which will flow through the Washington Gathering System and opens a large and relatively undeveloped area for natural gas exploration and development in Northern Oklahoma.
Robert Garner, CEO of Deep Rock, stated, "This joint venture has a twofold impact on Deep Rock's future profitability. First, we will participate in the gas transportation revenues through the pipeline. Secondly, by connecting the pipeline to the Washington Gathering System, we will open up many exciting opportunities for exploration and development of natural gas in an old oil producing area."
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.
Safe Harbor Statement
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