Vinoble, Inc.
OTC Bulletin Board : VNBL

June 02, 2006 17:10 ET

Vinoble, Inc.: Clovelly South Prospect Update

MALIBU, CALIFORNIA--(CCNMatthews - June 2, 2006) - Vinoble, Inc. (OTCBB:VNBL), announced today that the Company has been notified by the operator regarding site status and arrival of Drilling Rig to begin drilling the Allain LeBreton No. 2 well on the Clovelly South Prospect.

Vinoble has been informed that site preparation is fully underway and that Grey Wolf rig Rig No. 611 will be on site between June 10 and June 14, 2006. Drilling will commence soon thereafter.

As previously announced, the original proposed target was to test the "M" Sand at a depth of approximately 13,500 feet with a prospective size of 3.6 million barrels of oil. After further geophysical review of a 3D Seismic survey of the property, the operator and the interest owners of the prospect and put forth a further development plan for a deeper horizon. The additional drilling target will test the "P" Sand at approximately 14,200 feet, and if successful, would significantly increase the reserves in the well to an anticipated 11 million barrels of oil for a nominal increase in the dry hole cost. A discovery would lead to the drilling of several development wells on the 1260 acre property where facilities for the production of the well are available.

While global political turmoil continues to keep oil prices near $70 per barrel and some recent analysts' reports predict that oil could reach as high as $100 a barrel in the near future, the Company is moving forward in acquiring additional growth and investment opportunities in this natural resource sector. Vinoble believes that these additional assets will provide the Company and its shareholders a much-improved increase in shareholder value. The Company is focused on increasing value by means on continuing acquisitions, development projects and exploration drilling through joint venture networks.

Safe Harbor Statement: This press release contains forward-looking statements as defined in The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan", "confident that", "believe", "scheduled", "expect" or "intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties, and actual results may differ materially from those expressed in any forward-looking statement. Such risks and uncertainties include, but are not limited to, the ability of Vinoble to complete the proposed acquisition(s), the results of Vinoble's due diligence review of the candidate(s), the success of the business of the acquisition candidate(s), including the ability of Vinoble to continue to sell the applicable products and the acceptance of those newly designed products by the market, market conditions, the general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.


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