SOURCE: Pepper Rock Resources Corp.

Pepper Rock Resources Corp.

February 15, 2010 13:54 ET

Pepper Rock Resources to Begin Work on Development Wells

CHICAGO, IL--(Marketwire - February 15, 2010) - Pepper Rock Resources Corp. (OTCBB: PEPR) (the "Company"), announced today it has begun work on the selection of drill sites for the drilling of development wells in its gas field in Texas.

Pepper Rock is a resource company that has developed an aggressive plan to focus on major low risk exploration and production reclamation projects in the oil and gas sector. The Company anticipates additional and substantial funding to be invested shortly in its joint venture agreement with Oxalis Energy Group, Inc. to complete its joint venture agreement. The Company continues to grow through the addition and acquisition of energy properties in Canada and the United States.

Under the terms of the recently announced joint venture agreement with Oxalis Energy Corp., Pepper Rock agreed to drill an initial 10 development wells. Each well has an approximate cost of $500,000 per well, and will be drilled to a depth of 4800 to 5200 feet.

Recent geological reports estimate proven undeveloped reserves of 100 billion cubic feet of natural gas. Another recent reserve report suggests a potential valuation of $285 million to $423 million, using a base price of $3.50 per thousand cubic feet of natural gas.

Pepper Rock President Phil Kueber noted, "What is encouraging to us is that each of the 10 wells in this first phase is estimated to represent approximately 200,000 cubic feet of natural gas production per day." As noted earlier, based on the high condensate associated the natural gas within this property, there is a 20% premium for the price of the natural gas production.

Forward-Looking Statements

This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the Company to be different from those expressed or implied. Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements.

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