Powder River Basin Gas Corp.
OTC Bulletin Board : PRVB

Powder River Basin Gas Corp.

February 01, 2007 07:00 ET

Powder River Continues Aggressive Acquisitions, Purchases Additional Project in Goliad County

CALGARY, ALBERTA--(CCNMatthews - Feb. 1, 2007) - Powder River Basin Gas Corp. (OTCBB:PRVB), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced it has purchased an additional project in Goliad County, Texas. The Pacific project is located in the same area as the Weesatche project, and encounters the same pay zones located through the use of 3-D seismic.

The Pacific project consists of 537 acres with proven reserves estimated at 10.5 BCF gas and 182,000 barrels of oil net to Powder River. This equates to $39 million discounted net PV 10%. The Company will complete a 15 Frio well program and one Wilcox deep well on this project.

Drilling is slated to commence upon the completion of the Weesatche project. It is expected to take approximately 18 months.

"We anticipate the Pacific project to be a very lucrative addition to Powder River's holdings. The Company has enjoyed a tremendous amount of success in Goliad County thus far, and we are excited by the prospect of continuing that with this new endeavor," stated Powder River Basin Gas Corp. CEO Brian Fox.

Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.

Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.

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