| Drillmar wins drilling contract |
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| Houston, Texas - October 14, 2008 Drillmar Oil & Gas, Inc is pleased to announce that it was awarded a drilling contract valued at approximately $300,000. The contract also provides for a one well option and calls for Drillmar to use its LOC 250 Casing Drilling enabled rig “Vitesse” to drill a well in Hidalgo county, Texas. Drillmar expects to begin the contract mid October. This contract represents a milestone as it is the first contract where Drillmar operates strictly as a rig service contractor with no equity in the well. A similar but lengthier day rate contract is currently being negotiated with another operator. Furthermore, the Company is finalizing the formation of partnership which will drill a minimum of 7 wells in Starr County, Texas with Drillmar taking a direct equity interest in the wells. For further information contact Haavard Strommen, Chief Financial Officer 713 221 1768 or visit the Company's website at www.drillmar.com Drillmar Energy Inc is an oil and gas exploitation and production company. In the US, Drillmar Energy Inc is operating through its wholly owned subsidary Drillmar Oil & Gas Inc. Drillmar's strategy is to exploit the use of non-traditional drilling techniques and technologies. These techniques and technologies include casing drilling, managed pressure drilling and certain petrophysical/geophysical reprocessing and remapping. We have consistently made significant improvements in the efficiency and cost of developing oil and gas reserves for BP, Shell, PDVSA, PEMEX and Apache as well for our own account. We are currently qualified operator in Texas and Louisiana and have established appealing production and/or acreage positions in those states. Forward-Looking Statement. This news release may contain certain forward-looking statements including declarations regarding Drillmar Energy Group and its subsidiaries' expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to Company management as of the date hereof, and actual results may vary based upon future events, both within and without the control of management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that acquisitions may have on the company and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditure requirements, competition, governmental regulations and other factors. |
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