SOURCE: Mammoth Energy Group, Inc.

November 27, 2007 06:30 ET

Mammoth Energy Group Announces Signing of Drilling Contract on Wells in Oklahoma

WINSTON-SALEM, NC--(Marketwire - November 27, 2007) - Mammoth Energy Group Inc. (PINKSHEETS: MMTE) announced today that its wholly owned subsidiary, United Gas OK, Inc., has signed a project management and drilling contract with United Producers, Inc. to drill the first three wells in its shallow gas project in Noble County, Oklahoma. These will be the first of approximately 60 wells the Company hopes to drill on the property.

Management anticipates that these three wells should be on-line by the first of the year and should bring the natural gas production to an average of just over 150 thousand cubic feet per day (MCFD).

United Gas has a 75% net revenue interest in the field on over 1,400 net acres in Northeastern Oklahoma. This project has tremendous upside since it is located on a shallow, limestone blanket gas field where nearly every well drilled produces.

"These first wells should launch our whole program for 2008 and we are very excited about this opportunity," states Joe Overcash, President of Mammoth Energy Group Inc.

About United Gas OK, Inc.

United Gas, as a wholly owned subsidiary of Mammoth Energy Group, Inc., is focused on developing shallow gas projects in northeastern Oklahoma due to the low risk, blanket characteristics in the area that make it possible to drill and produce a well nearly every time. It has revenue from its Rogers County, OK project and with the Noble property hopes to develop its strategy with wells that can be drilled quickly and be positioned to grow consistently each month as new wells are brought on-line.

More information is available at the company's website at

Cautionary note: This report contains forward-looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

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