SOURCE: Bedford Energy, Inc

August 02, 2006 10:02 ET

Bedford Rig Moves to New East Chandler Location: Drilling on Grace #4 Begins Thursday, August 3, 2006

EDMOND, OK -- (MARKET WIRE) -- August 2, 2006 -- Bedford Energy's (PINKSHEETS: BFDE) aggressive five-well drilling program in the East Chandler prospect continues unabated.

Drilling is scheduled to begin tomorrow on the Grace #4. With site prepped, the drilling rig for Grace #4 is being moved to its location today. The well is slated to reach the Arbuckle formation at a (TD) total depth of approximately 7,500 feet; the Grace #4 is the third well of a five-well drilling program in the East Chandler field, Oklahoma.

Bedford's latest well, the Grace #3, has reached (TD) total depth at 5,150 feet. Casing has been set, and completion begins tomorrow.

For more detailed information on the Company or for a current status of our drilling results, please contact BFDE@bedfordenergy.com or visit www.bedfordenergy.com

About Bedford

Independent Oil and Gas

Bedford Energy specializes in the recovery of oil & gas reserves through acquisition and project development, including existing field enhancement, and low-risk exploration opportunities. The Company has also created an oil field equipment division with specific industry alliances for resale.

SEC DISCLAIMER

Information contained herein may contain forward-looking statements which are not guarantees of future success or that there cannot be losses. The actual presence or recoverability of reserves for optimal and timely recovery, well costs or schedules or other matters cannot be promised. This release contains "Safe Harbor" provisions of the US Private Securities Litigation Reform Act of 1995 & involves risks and uncertainties, which could cause actual results to differ materially from those estimated herein.

Bedford believes the forward-looking statements are based on current reasonable assumptions but can give no assurance that results will be achieved. Unpredictable & unanticipated risks, trends and uncertainties including inability to accurately forecast operating results; the potential inability to achieve profits or have cash flow; access to financing; and other must be understood. Bedford assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Contact Information