Austin Developments Corp.
TSX VENTURE : AUL

Austin Developments Corp.

March 11, 2008 13:48 ET

Austin and Partners Commence Drilling the Morgan Highpoint # 4 Test Well

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2008) - Austin Developments Corp. ("Austin") (TSX VENTURE:AUL) and its joint venture partners are pleased to announce that after receiving the required regulatory approvals with respect to the licensing of the Morgan Highpoint # 4 Test Well the well was spud on March 10, 2008.

The Morgan Highpoint # 4 Test Well, located in Morgan County, Tennessee is located approximately half a mile south of the recently drilled Morgan Highpoint # 3 Test Well. This well encountered hydrocarbons below the intermediate casing while being drilled. As a precautionary measure, the operator secured the well and suspended operations pending the arrival of the "under-balanced" drilling equipment.

The participating interests in the Morgan Highpoint # 3 & # 4 Test Wells are as follows: Montello, as Operator, is paying 15% of all costs to earn a 35% interest, Blackrock Petroleum Corp. is paying 60% of the costs to earn a 30% interest, Park Place Energy Corp. is paying 5% of the costs to earn a 5% interest and Austin is paying 20% of the costs to earn a 30% interest.

For further information on this or any of Austin other projects, please contact the company or visit our website at www.austindevelopments.com.

On behalf of the Board of Directors

Austin Developments Corp.

Patrick Power, President and Director

Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. There can be no assurances that future developments affecting Austin will be those anticipated by management.

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

Contact Information

  • Austin Developments Corp.
    Patrick Power
    President and Director
    (604) 689-1799
    (604) 689-8199 (FAX)
    Website: www.austindevelopments.com