Adroit Resources Inc.

Adroit Resources Inc.

February 17, 2010 15:11 ET

Adroit Resources Inc.: Panhandle Field Producing Property Acquisition and Second Steen Oil Well Drilling Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2010) - Adroit Resources Inc. (TSX VENTURE:ADT)(FRANKFURT:A7V)(BERLIN:A7V) -

Panhandle Field Producing Property (PFPP) Acquisition. Management is pleased to report the acquisition of a 2.813 % working interest in the PFPP for a consideration of USD 57,813. The PFPP is in Moore, Hutchinson and Carson counties of Texas, USA, located on 328 leasehold acres and contains nine active oil wells, one active gas well and one salt water disposal well. The PFPP currently produces twenty three barrels of oil per day and forty four thousand cubic feet of gas per day providing an approximate total monthly net income of USD 25,000 at current oil and gas prices.

Reserves net to the acquired working interest include Proved Reserves of 13,157 barrels of oil equivalent (BOE) with a present value, discounted 10% (PV-10), of USD 431,775 and Probable Reserves of 6,080 BOE with a PV-10 of USD 203,570. Caution: the BOE figures are only an indication of value, should not be used in isolation and do not represent a value equivalency at the well head. The estimated values disclosed do not represent fair market value.

The Company is on call to provide a further USD 46,438 over the coming months to fund its share of the estimated development costs for performing secondary hydraulic fracture stimulations in the producing zone (refracing) on seven existing wells and drilling six proved undeveloped reserve wells. Thereafter, at current prices for oil and gas, it is projected that the refracing of three remaining wells, drilling of thirteen proved undeveloped reserve wells and drilling of thirteen probable reserve wells are funded out of project cash flow.

NYTEX Petroleum, Inc., Dallas (NYTEX), the Company's local advisor, is the operator of the PFPP and is carried for a 10% working interest for the first phase of the project's development and has back in rights for a further 10% working interest after payout of acquisition and development costs.

Geologic Setting and Stratigraphy of Moore, Hutchinson and Carson counties. These counties lie within the enormous Panhandle Field that extends into Oklahoma and Kansas. Locally, the field is called the Panhandle West Field and is continuous with the Panhandle and Panhandle East Fields to the east and the Hugoton Field to the north. The Panhandle/Hugoton trend covers approximately 86,000 square miles and is the largest gas producing area in North America. The field is a structural trap that is draped over fractured Precambrian basement rocks of the Amarillo Uplift. Discovered in 1918, the Panhandle Field has produced large quantities of oil and gas (1.1 billion barrels of oil, 6 trillion cubic feet casing head gas and 30 trillion cubic feet of gas).

The Permian (Leonardian) Red Cave Formation is an important gas reservoir in the area. Historically, the Red Cave has often been overlooked as an oil and gas reservoir due to its generally poor reservoir quality. It consists of interbedded redbeds and carbonate/evaporate deposits which produce primarily gas in the vicinity of the parks. The Red Cave is found at depths of 1,172 to 1,542 feet and averages 250 feet in thickness. Both the upper and lower sands are productive, although the upper sands have higher porosities and permeabilities and account for most of the gas production from this formation.

The Permian (Wolfcampian) Chase Group, (Panhandle Lime) Brown Dolomite is the most prolific oil and gas producer in the Lake Meredith area as well as in the entire Panhandle Field. The Brown Dolomite ranges from 1,702 to 2,170 feet in depth and averages 267 feet in thickness. The porosity is moderate to high (12 to 16%) with some fractures and vug enhancement. Through 1985 the Brown Dolomite has produced over 31 trillion cubic feet of gas.

The Permain (Wolfcampian) Moore County Limestone is found from 2,045 to 2,430 feet in depth with an average thickness of 122 feet and also contributes to the gas production in the area. The lithology of the Moore County Lime is highly variable and thins toward the ancestral Amarillo Uplift.

One of the deepest productive formations, the Permian/Pennsylvanian Granite Wash. Found at depths of 1,946 to 2,412 feet consists of coarse feldspathic sandstones with highly variable reserve quality. The Granite Wash averages 70 feet in thickness.

There are several zones below the Granite Wash that have been penetrated that are locally known as the 'A', 'B' and 'C' intervals. These zones are locally important because they produce oil and casing head gas. The 'A' zone has been described as a chaly lime, the 'B' zone is a sandy lime and the 'C' zone, also known as Antelope Creek, is a limy wash or a clean quartzitic wash interbedded with lime. Drill depths for these units range from approximately 2,850 to 3,030 feet below the surface.

In the vicinity of Lake Meredith, Permian-aged rocks directly overlie the Precambian granite core of the Amarillo Uplift. In the southwestern portion of the county, the granite is within 1,930 feet of the surface.

Second Steen Oil Well. Management reported in its news release of September 14, 2009 that the Company had received an election notice to participate in the drilling of the second Steen Oil Well from NYTEX and had elected to participate.

The drilling of this well has been postponed until further notice due to a 50% working interest holder electing not to participate. The funds provided by the Company to NYTEX for the Company's participation in the second Steen oil well are being used in part to fund the Company's acquisition of the PFPP.

Management notes that the Company has a right of first refusal to participate in any subsequent wells proposed to be drilled on the 160 acre Steen Prospect lease acreage, the second offsetting 160 acre lease acreage acquisition, the 3-D seismic shoot under development by NYTEX and Slate and any future exploration, drilling and development operations in the Area of Mutual Interest (Archer County, Texas) proportionate to the working interest the Company has acquired.

See the Company's news release of July 16, 2007 for more details of the acquisition.

President's Comments. Graeme Rowland, President, said; "While I still look forward to the further development of the Steen Property, the PFPP acquisition has a lower risk profile while having a high level of exciting potential."

Adroit Resources is a mineral exploration company that is currently exploring for Gold, Silver and Antimony in Central Italy and diamonds, precious and base metals in the Temagami and Bancroft areas of Ontario, Canada and oil and gas in Texas, USA. In addition, Adroit is seeking new precious and base metal projects and oil and gas prospects to add to its expanding portfolio. The Company's issued and outstanding share capital is 57,598,214 common shares.

On behalf of the Board of Directors

Graeme Rowland

Chairman and President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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