Deep Rock Oil & Gas, Inc. (DPRK)

[kahuna]

I haven't heard anything since this PR...neither has anyone else...thus the collapse in price.


TULSA, Okla., May 3, 2006 (PRIMEZONE via COMTEX) -- 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.