U.S. Oil and Gas Resources Inc.

U.S. Oil and Gas Resources Inc.
Consolidated Odyssey Exploration Inc.

Consolidated Odyssey Exploration Inc.

March 15, 2005 14:30 ET

Consolidated Odyssey Exploration Inc. and U.S. Oil and Gas Resources Inc.: Laughlin 18-14 Number 2 Well being Completed for Production


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: U.S. OIL AND GAS RESOURCES INC.

TSX VENTURE SYMBOL: USR

AND CONSOLIDATED ODYSSEY EXPLORATION INC.

TSX VENTURE SYMBOL: ODE

MARCH 15, 2005 - 14:30 ET

Consolidated Odyssey Exploration Inc. and U.S. Oil and
Gas Resources Inc.: Laughlin 18-14 Number 2 Well being
Completed for Production

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) -
Consolidated Odyssey Exploration Inc. (TSX VENTURE:ODE) and U.S. Oil and
Gas Resources Inc. (TSX VENTURE:USR): (herein together called the
"Companies") are pleased to announce the following update on drilling.
The Companies have tested the Laughlin 18-14 Number 2 in Puckett Field,
Mississippi at a rate of 1.6 million cubic feet per day on a 12/64th
choke with a flowing tubing pressure of 1,825 psi. Shut in tubing
pressure is 2,940 psi.

The well was completed in Wash-Fred sand from perforations at 9,278 to
9,286 feet. The Wash-Fred sand has historically been a good producing
zone in Puckett Field, having thus far produced approximately 2,000,000
barrels of oil and 3.5 billion cubic feet of gas. A new flow line from
the well to the field gas sales facilities is being laid, and initial
sales should begin early next week.

In other news, the Companies are currently completing the Fred Dennison
Number 2 well in Iowa Field, with results expected to be announced
shortly. Additionally, in Pelahatchie Field, the Companies last week
moved in a work over rig to begin operations in the field. There are
nine wells in the Pelahatchie Field that are fully equipped and have
productive zones behind pipe, which the Companies intend to bring on
line. Last week, the Companies put two wells into production, each
producing approximately 18 barrels of oil per day. The work-over rig was
then moved to another well where it is attempting to do a recompletion
in a zone which the operator feels could yield 100 barrels of oil per
day.

ON BEHALF OF THE COMPANIES

Consolidated Odyssey Exploration Inc.

Basil Panatages, President

U.S. Oil & Gas Resources Inc

Jurgen Wolf, President


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Consolidated Odyssey Exploration Inc.
    Basil Panatages
    President
    (604) 718-2800
    (604) 718-2808 (FAX)
    pubco@odysseyexplorations.com
    or
    U.S. Oil & Gas Resources Inc
    Jurgen Wolf
    President
    (604) 681-1559
    (604) 696-5161 (FAX)
    usoil@direct.ca
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.