U.S. Oil and Gas Resources Inc.

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

Consolidated Odyssey Exploration Inc.

March 01, 2005 05:00 ET

Consolidated Odyssey Exploration Inc. and U.S. Oil and Gas Resourses Inc.: Fred Denison #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 1, 2005 - 05:00 ET

Consolidated Odyssey Exploration Inc. and U.S. Oil and
Gas Resourses Inc.: Fred Denison #2 Well Being
Completed for Production

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 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 Fred Dennison #2 well has been drilled to a total depth of 10,270
feet, and is being completed by the Companies for production.

Evaluation logs run by Schlumberger have revealed seven sands with
cumulative pay of approximately 260 feet of high-pressure gas and
condensate bearing formations including the F-V and F-Y sand groups.
Correlative measurements with offset wells indicate the probability that
we penetrated the F-V Sand as expected. The F-V sand produced 4.8 bcf in
a nearby well in a fault block south of this location and which could be
a virgin reservoir in the fault block that we have drilled. As reported
in previous News Releases, the Fred Dennison #2 well was drilled to a
depth which also encountered the F-Y Nod B sand, being a sand which Mr.
Gilbert Talafuse, consulting Petroleum Geologist, considers should
contain the greatest potential for this well. These cumulative pays also
include a new sand at 8,958 feet that yielded 4,800 units of gas, which
Mr. Talafuse calculates should flow at a rate of 3,000,000 cubic feet of
gas per day; a 50 foot pay zone from 9,400 to 9,450 feet; a 40 foot gas
bearing sand at 9,450 feet, which is in a superior geological position
to five wells that had cumulative production of approximately 50 bcfg
plus 2.5 million barrels of condensate; and a 100 foot pay zone from
9,776 through 9,876 feet that appears to have productive intervals
through out.

Isolation cement is currently being placed where needed and production
tubing is being set - a process that is expected to take four or five
days - and a completion flow test is planned early next week. Details
will be forthcoming. The operator is confident that the well will be
completed in the next two weeks and put into immediate production, as
all the facilities and infrastructure are in place, including a tie in
to a gas sales line.

ON BEHAF OF THE COMPANIES

Consolidated Odyssey Exploration Inc.

Basil Panatages, President

U.S. Oil and Gas Resourses Inc.

Juurgen Wolf, President

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    U.S. Oil and Gas Resourses 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.