TULSA, Okla., May 3, 2006 (PRIMEZONE) -- Deep Rock Oil & Gas, Inc. (Pink Sheets:DPRK) announced today that it has finalized the acquisition of 6.29% interest in Z2, LLC which owns 100% of the working interest in Big Foot Field, Frio and Atatscosa Counties, Texas. Based on reserve reports by a leading national engineering firm, this acquisition adds 75,000 barrels of proven developed producing (PDP) oil to Deep Rock's ownership in this field. For a cost of $5.37 per barrel, Deep Rock is estimated to receive future net cash flow of $1,671,000 with a present value at 10% of $877,000.
In addition to the PDP reserves, Deep Rock now has an estimated 367,540 barrels of proven undeveloped reserves (PUD). Fully developed, these reserves could yield net cash flow of $15,443,000 with a PV 10% of $5,803,000 to Deep Rock.
"Deep Rock has just added significant oil reserves in a proven field with large upside potential. Deep Rock will provide technical support and advice to the operator in the development of Big Foot Field. We look forward to working with Z2, LLC partners to obtain financing to realize this potential," stated Robert Garner, CEO of Deep Rock.
About Deep Rock Oil & Gas, Inc.
Deep Rock Oil & Gas, Inc. ("Deep Rock or the Company"), is an oil and natural 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 and 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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