SOURCE: Bonanza Oil and Gas, Inc.

April 27, 2010 09:45 ET

Bonanza Oil and Gas Announces Completed Purchase of Interest in Producing Oil Well and Additional Acreage in Oklahoma

HOUSTON, TX--(Marketwire - April 27, 2010) -  Bonanza Oil & Gas, Inc., a Nevada Corporation (OTCBB: BGOI) (the "Company"), an independent oil and gas development company, has completed the purchase of a 10% interest in a producing well and additional acreage in Logan County, Oklahoma.

The Company has concluded the purchase of an interest in a producing well and associated acreage in Logan County, Oklahoma.

Bill Wiseman, CEO of the Company, stated, "The Company is very pleased with this acquisition, and remains committed to the strategy of buying current oil and gas production, which provides potential for future growth while providing additional current cash flow."

About Bonanza Oil & Gas, Inc.

Based in Houston, TX, Bonanza Oil and Gas, Inc. holds assets ranging from current producing properties, wholly owned prospects, to developing working interests in Proven Undeveloped (PUDS) properties.

Forward Looking Statement

Some of the statements made by the Company in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. The Company believes that its primary risk factors include, but are not limited to: production variances from expectations, volatility of product prices, inability to raise sufficient capital to fund its operations, environmental risks, competition, government regulation, and the ability of the Company to execute its business strategy, among others. Additional information concerning these and other important factors can be found within the Company's filings with the Securities and Exchange Commission.

Statements in this press release should be evaluated in light of these important factors.

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