Vinoble, Inc.
OTC Bulletin Board : VNBL

May 22, 2006 09:00 ET

Vinoble Receives Funding for Drill Program

MALIBU, CALIFORNIA--(CCNMatthews - May 22, 2006) - Vinoble, Inc. (OTCBB:VNBL) announced today that the Company has renegotiated the terms of a note payable by GarcyCo to Vinoble, whereby accelerating the payments due. Additionally, the Company has also reached a Loan Agreement with a private investor. Both transactions are to facilitate costs associated in drilling the Allain-Lebreton No. 2 well on the Clovelly South Prospect. The note, originally set to mature on December 31, 2006, has been mutually agreed upon to mature on or before June 15, 2006 in order for the Company to pay its portion of the contract with Grey Wolf Drilling Company. The first installment has been received.

The AFE for completed well cost of the Clovelly Well is approximately $5.7 million. Vinoble's participation commitment towards the drilling cost is $288,000 or 5% of the total AFE cost. Rig delivery is expected in the next several weeks with spudding of the well shortly thereafter. Further details will be provided with specific timelines and dates once the drilling rig is on site.

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.

The Company is commited to locating and acquiring producing and exploration oil and gas properties.

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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