Topaz Resources Inc. (TOPZ)

[vlftraders]

Topaz Resources Provides Update on Q3 & Q4 Accomplishments

12/16/10

Topaz Resources, Inc. (OTCBB: TOPZ) today issued a corporate update to provide its shareholders with a summary of Topaz's accomplishments during Q3 and Q4 2010. In a formal statement, Ted Munden, the Chief Executive Officer of Topaz, stated:

"During the 3rd and 4th quarters of this year, we have made significant strides in launching Topaz Resources:


-- we have engaged two strategic partners, who are providing funding
towards the drilling of our properties;
-- we have commenced and completed the drilling of our first of a series
of Barnett oil wells, which is showing very good potential for oil
production in three separate formations: the deeper Barnett formation
and the shallower Marble Falls and Conglomerate formations;
-- we have consolidated into Topaz our North Texas shallow oil project,
which comprises over 543 acres with a history of proved producing oil
wells, located in Wichita County in North Texas and in which we have
commenced both multi well work over and drilling programs for the
first phase of 12 identifiable drill locations;
-- we are completing the consolidation into Topaz of over 750 net acres
in the oil leg of the Barnett Shale in Montague County in North Texas,
which has 18 identifiable drill locations;
-- effective December 31, 2010 we will have acquired Dark Horse Operating
Company, a full service operating company with an established track
record and capability for handling the complete operations for
drilling oil and gas wells from costing to preparation of AFE's and
permitting through to drilling, completion and operating thereof; and
-- we are acquiring a lease for 85 acres in the Barnett Shale field in
Denton County, Texas plus approximately a 45% working interest in a
horizontal Barnett gas well in that acreage.


-- we have engaged two strategic partners, who are providing funding towards the drilling of our properties; -- we have commenced and completed the drilling of our first of a series of Barnett oil wells, which is showing very good potential for oil production in three separate formations: the deeper Barnett formation and the shallower Marble Falls and Conglomerate formations; -- we have consolidated into Topaz our North Texas shallow oil project, which comprises over 543 acres with a history of proved producing oil wells, located in Wichita County in North Texas and in which we have commenced both multi well work over and drilling programs for the first phase of 12 identifiable drill locations; -- we are completing the consolidation into Topaz of over 750 net acres in the oil leg of the Barnett Shale in Montague County in North Texas, which has 18 identifiable drill locations; -- effective December 31, 2010 we will have acquired Dark Horse Operating Company, a full service operating company with an established track record and capability for handling the complete operations for drilling oil and gas wells from costing to preparation of AFE's and permitting through to drilling, completion and operating thereof; and -- we are acquiring a lease for 85 acres in the Barnett Shale field in Denton County, Texas plus approximately a 45% working interest in a horizontal Barnett gas well in that acreage.

"All of this has laid a solid foundation for growing our company, which we intend to exploit aggressively during 2011."