Adroit Resources Inc.

Adroit Resources Inc.

July 16, 2007 14:03 ET

Adroit Acquires Interest in Oil and Gas Prospect

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2007) - Adroit Resources Inc. (TSX VENTURE:ADT)(FRANKFURT:A7V)(BERLIN:A7V) -

Management is pleased to report that in pursuit of its stated objective to seek property portfolio diversity to further broaden the Company's spread of commodities, it has acquired a ten percent (10%) working interest in the Steen Oil and Gas Prospect, Archer County, Texas, USA for a total cost of USD85,680. Slate Holdings, Inc., the generator of the Steen Prospect, will hold a 25% working interest in the prospect and is the operator. The Company's local advisor for the acquisition and administrator is NYTEX Petroleum, LLC., Dallas, Texas who is also acquiring a ten percent (10%) holding in the prospect.


The Steen Oil and Gas Prospect (160 Acres) is located in the southeastern corner of Archer County, Texas approximately six (6) miles northeast of the town of Markley on the western flank of the Fort Worth Basin. The primary objective of the Steen Prospect will be to gain structural position to two previously drilled wells, the Karper and Glass # 1 Steen and the I.C. Steen #1, and to establish oil production from the Chappell Lime -Mississippian age biohermal reef. The Karper & Glass # 1 Steen was drilled in 1958 and recovered 7,900 BO from the Mississippian Reef. The secondary objective of the Steen Prospect, as a "behind pipe reserve", is to gain structural position to both aforementioned wells in the Caddo Lime Pennsylvanian age carbonate from which the I.C. Steen #1 produced 9,667 BO.


Regional Geology: The Steen Prospect is situated in an area proven to be a prolific producer of oil and gas from numerous zones in the Upper Pennsylvanian, Lower Pennsylvanian and Mississippian age reefs. The Caddo produces from draped closures, reefing, porosity pinch-outs, fracturing and possibly from some minor faulting. Caddo production in the area ranges from 10,000 BO to 250,000 BO per well. The Mississippian Chapell Lime has produced from highly fractured reservoirs and biohermal reefs. The Mississippian reef type reservoirs in the area typically exhibit excellent porosity/permeability ratios and have resulted in recoveries in excess of 300,000 BO per well. These reefs are usually limited in aerial extent but are very prolific.


Slate Holdings, Inc., the generator of the Steen Prospect, will hold a 25% working interest in the prospect and be the operator. The principals of Slate Holdings are Max Smith and Brad Massey. Max Smith, who earned his chemical engineering degree from Texas Tech (Lubbock, Texas), has over 30 years of oil field experience in chemical engineering sales and service, drilling, production and management. Having a Petroleum Geology degree from the University of Texas, Brad Massey also has over 30 years of oil and gas experience. He started his career with Shell Oil and then worked with Marathon Oil through 1986. Each of the partners has individually been involved in drilling over 250 wells.

Since being formed in 2006, Slate Holdings, Inc. has purchased and operates 22 wells in Wilbarger County, Texas, and is a partner in, and operates, 152 wells located in North Central Texas. Along with Slate Holdings, Inc., Mr. Smith and Mr. Massey also own Slate Exploration, LLP, Slate Oilfield Services, and Emerald Leasing.


The cost of participation for the leasehold, prospect fees, and drilling and testing of the Steen Prospect Well, the Steen #1A, is USD58,080 for a 10% working interest, which will realize an estimated net revenue interest of 7.8% (The acreage contains an average burden of 22%, providing an estimated net revenue interest of 78% to the working interest owners). The cost of completion for a 10% working interest is USD27,600.

The Company has a right of first refusal to participate in any subsequent wells proposed to be drilled on the Steen Prospect lease acreage proportionate to the working interest they've acquired by paying their proportionate share of the costs presented by NYTEX Petroleum at the time such well is proposed. There will be no additional acreage costs for any subsequent proposed wells on the Steen Prospect acreage. The costs for drilling and completion of a Steen Prospect subsequent well will be proportionately raised or lowered in relation to the Steen #1A well based on the related, proportionate increase or decrease in AFE costs for such subsequent well.

President's Comments. Graeme Rowland, President, said; "The Company is continuing its mineral exploration programmes in Canada and Italy and views this primarily as an investment. The possibility of establishing a near term source of positive cash flow was a key consideration as well as our internal assessment of the risk/reward. Subject to unusually bad Texas weather conditions, drilling is scheduled to commence this month."

Adroit Resources is a mineral exploration company that is currently exploring for Gold, Silver and Antimony in Central Italy, diamonds, precious and base metals in the Temagami and Bancroft areas of Ontario, Canada and oil and gas in Texas, USA. In addition, Adroit is seeking new precious and base metal projects and oil and gas prospects to add to its expanding portfolio. The Company's issued and outstanding share capital is 30,724,815 common shares.

On behalf of the Board of Directors

Graeme Rowland, Chairman and President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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