SOURCE: Bedford Energy, Inc.

December 27, 2006 08:00 ET

Bedford's 'Grace #2' Reaches TD

OKLAHOMA CITY, OK -- (MARKET WIRE) -- December 27, 2006 -- Bedford Energy, Inc. (PINKSHEETS: BFDE) (Cusip 076110 105) -- Bedford Energy, Inc. announces that drilling has stopped at its Grace #2 well site in East Chandler, OK at a depth of 4,923 feet through the Hunton formation. Completion has already begun and it is scheduled to finish by year's end. Excellent shows were observed in a number of formations.

Grace #2 is the final well of the five-well Grace Drilling Program.

For more detailed information on the Company or for a current status of our drilling results, please contact or visit

About Bedford

Independent Oil and Gas

Bedford Energy specializes in the recovery of oil & gas reserves through acquisition and project development, including existing field enhancement, and low-risk exploration opportunities. The Company has also created an oil field equipment division with specific industry alliances for resale.


Information contained herein may contain forward-looking statements which are not guarantees of future success or that there cannot be losses. The actual presence or recoverability of reserves for optimal and timely recovery, well costs or schedules or other matters cannot be promised. This release contains "Safe Harbor" provisions of the US Private Securities Litigation Reform Act of 1995 & involves risks and uncertainties, which could cause actual results to differ materially from those estimated herein.

Bedford believes the forward-looking statements are based on current reasonable assumptions but can give no assurance that results will be achieved. Unpredictable & unanticipated risks, trends and uncertainties including inability to accurately forecast operating results; the potential inability to achieve profits or have cash flow; access to financing; and other must be understood. Bedford assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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