Giant Oil & Gas Inc.
OTC Bulletin Board : GGSIF

Giant Oil & Gas Inc.

November 06, 2007 14:10 ET

Giant Oil & Gas Provides Update on 100%-Owned Highvale Project, Alberta

CALGARY, ALBERTA--(Marketwire - Nov. 6, 2007) - Giant Oil & Gas Inc. (OTCBB:GGSIF) today provided an update on its 100%-owned Highvale Project in west central Alberta.

"Our Highvale Project covers more than 6,000 acres directly northeast of the Pembina region. The area is under-explored and has considerable multi-zone oil and gas potential, along with a highly prospective Nisku interior patch reef oil trend, a zone of interest to Giant. The well-known Nisku patch reef trend in the nearby Pembina region is thought by management to extend northeast, and we are developing this model with the objective of identifying several Nisku prospects in the weeks ahead. We believe the entire area has significant potential for high-impact light oil projects and as such we have carefully assembled a valuable land package in one of the most exciting oil & gas regions on the continent," says Mr. Rob Sandu, president. "I expect the company will be making several further announcements with regard to its projects in the weeks ahead."

Giant Oil & Gas is a trademark of Giant Oil & Gas Inc. This announcement contains forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, risks related to petroleum exploration, limited access to operating capital, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Giant's filings with the Securities and Exchange Commission which may be accessed through the SEC's web site at http://www.sec.gov.

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