Chancellor Group Inc (CHAG)

[mmayr]

Monday May 7, 3:50 pm Eastern Time

Chancellor Group, Inc. Announces Oil Well, `Big Bertha' is Now Online

BOSTON--(BUSINESS WIRE)--May 7, 2001--Oil and Natural Gas company Chancellor Group Inc. (OTCBB:CHAG - news) announced today that its Shinkle Field A-12 oil well `Big Bertha' is now online.

The output of Shinkle Field's A-12 oil well ``Big Bertha' is a significant step towards reaching the company's projected total production goals. Chancellor Group currently has 3 oil wells online on its Shinkle Field property. In addition, the A-3 well is expected to be online shortly.

Chancellor Group, Inc. currently has approximately 29.7 million shares of primary common stock issued and outstanding, and 38 million shares fully diluted.

Chancellor Group web site: http://www.chancellorgroupinc.com

Investor Research (real audio): http://www.wallstreetnewscast.com/chag.html

Chancellor Group Yahoo Club: http://clubs.yahoo.com/clubs/chancellorgroup

Certain information included in this communication contains statements that are forward-looking, such as statements relating to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.


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Contact:

Chancellor Group, Inc.
Ashraf Kahn, 310/277-6595
or
Broker/Investment Contact:
Wall Street Newscast, Inc.
Tom Bustamante, 212/625-9928
[e-mail]