U.S. Oil and Gas Resources Inc.

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

Consolidated Odyssey Exploration Inc.

April 07, 2005 06:00 ET

Consolidated Odyssey Exploration Inc. & U.S. Oil and Gas Resources Inc. Review Progress in Three Fields


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

APRIL 7, 2005 - 06:00 ET

Consolidated Odyssey Exploration Inc. & U.S. Oil and
Gas Resources Inc. Review Progress in Three Fields

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 7, 2005) -
Consolidated Odyssey Exploration Inc. (TSX VENTURE:ODE) and U.S. Oil and
Gas Resources Inc. (TSX VENTURE:USR): (herein together called the
"Companies") reported today that work is progressing in the development
of their jointly owned fields. As announced in previous press releases,
the companies have acquired a major interest in three oil and gas fields
situated in Mississippi and Louisiana where thirty-three oil and/or gas
wells have been acquired and are being brought into production.

Puckett Field

Tight tubular supplies in a booming oil and gas industry has led to a
several weeks delay in acquiring pipe for gas lines and other work in
the field. However, with the arrival of new pipe this week, a gas line
has been laid to the companies last announced gas well; a high pressure
gas separator has been acquired and is being installed; and production
from the new well should begin next week to the sales line. In Puckett
Field, the companies have so far reworked and obtained production from
14 of 23 wells acquired in the field. Total production for the first
quarter of 2005 increased to 5879 Barrels of Oil and 60,727 MMCF of Gas.

Pelahatchie Field

Two work-over rigs are now employed in the Pelahatchie Field, where the
companies own the majority of the working interest in over 2000 acres
with nine existing wells. Three wells have been put into production over
the last thirty days; while two more are currently being reworked to new
zones. All nine existing wells are fully equipped and have behind the
pipe reserves which can be brought into production for moderate
expenditures. New drilling is being planned in the future to target
sizeable, known productive zones in the field. More details of this
project will be forth coming once third party reviews of the properties
are finalized.

Iowa Field

The Fred Dennison #2, well has been put on line at an initial sales rate
of approximately 800,000 cubic feet of gas per day from its first test
of a new zone in the field. Production facilities will be modified to
allow for increased sales. A work-over rig has moved on the Fred
Dennison #1 well, where the companies seek to re-complete the well to a
new zone. Evaluations are ongoing with data obtained from drilling the
Fred Dennison #2 well, including new seismic data acquired during
logging of the well. Preliminary studies indicate that the #2 well
proved the existence of sizeable, long lived oil and/or gas reserves on
the companies acreage position which support additional developmental
opportunities. The companies have made an offer to purchase an
additional 25% interest in the field from the other working interest
owners, however there has not been acceptance of the offer at this point.

ON BEHALF OF THE COMPANIES

Consolidated Odyssey Exploration Inc.

Basil Panatages, President

U.S. Oil and Gas Resources Inc.

Jurgen Wolf, President

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Contact Information

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