U.S. Oil and Gas Resources Inc.

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

Consolidated Odyssey Exploration Inc.
August Energy Corp.

August Energy Corp.

February 14, 2005 13:21 ET

U.S. Oil and Gas, Consolidated Odyssey and August Energy Assured of Production at Iowa Field


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

AND AUGUST ENERGY CORP.

PINK SHEETS SYMBOL: AENC

FEBRUARY 14, 2005 - 13:21 ET

U.S. Oil and Gas, Consolidated Odyssey and August
Energy Assured of Production at Iowa Field

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 14, 2005) - U.S. Oil
and Gas Resources (TSX VENTURE:USR); Consolidated Odyssey Exploration
Inc. (TSX VENTURE:ODE); and August Energy Corp. (PINK SHEETS:AENC)
(herein together called the "Companies") are pleased to announce the
following update on drilling.

Iowa Field - Southwest Louisiana. The operator reports that the Fred
Dennison #2 well has reached a depth of 9,028 ft. The well bore has been
logged and evaluated to depth. Gilbert Talafuse consulting Petroleum
Geologist has identified approximately seventy feet of cumulative oil
and gas in four potentially productive sands, including a new pay zone
at 8958ft that yielded 4800 units of gas, which Mr. Talafuse calculates
should flow at a rate of 3,000,000 cubic feet of gas per day. The
operator has commenced setting protective intermediate 7" casing and
anticipates continuation of drilling on Tuesday February 15th 2005. The
primary target is a suspected zone at 10,100 ft which should contain 200
ft of high pressure gas and condensate bearing formation. As reported in
earlier press releases, USR, ODE and AENC are each sharing 1/3rd of the
drilling expenses in this well. See each of these Companies' previous
news releases for more detailed information.

ON BEHALF OF THE BOARD OF U.S. OIL AND GAS RESOURCES INC. AND AUGUST
ENERGY CORP.

Jurgen Wolf, Director

ON BEHALF OF THE BOARD OF CONSOLIDATED ODYSSEY EXPLORATION INC.

Basil Pantages, President

Certain information included in this communication (as well as
information included in oral statements or other written statements made
or to be made by August Energy Corp.) contain statements that are
forward looking, such as statements related to the future anticipated
direction of the oil and gas industry, plans for future expansion,
various property development activities, planned capital expenditures,
future funding resources, anticipated production and reserve growth.
These forward-looking statements are subject to a number of known and
unknown risks and uncertainties that could cause actual operations or
results to differ materially from those anticipated.


-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    U.S. Oil and Gas Resources Inc. and August Energy Corp.
    Jurgen Wolf
    Director
    (604) 681-1559
    or
    Consolidated Odyssey Exploration Inc.
    Basil Pantages
    President
    (604) 718-2800
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.