SOURCE: First Petroleum & Pipeline Inc.

April 07, 2006 14:46 ET

Corporate Update for First Petroleum

NEW YORK, NY -- (MARKET WIRE) -- April 7, 2006 -- First Petroleum & Pipeline Inc. (OTC: FPPL) has now secured the rights to eleven Federal Oil & Gas Leases in the States of Wyoming, New Mexico and Colorado. The Company chose these target prospects based on proven reserves and drilling success of fellow exploration firms in these Basin Regions. First Petroleum's goal is to now focus on potential drill programs and development of the most promising lease properties in its portfolio.

Some of the company's most encouraging prospects include the Powder River Basin. Reserves of Coal Bed Methane in the Powder River Basin are estimated at 31.8 trillion cubic feet. Nearly 100 wells are being drilled each week, and the gas companies say the entire 8 million-acre basin could have 50,000 to 100,000 producing wells before they are finished. This is the largest onshore natural gas play in North America within the last ten years.

The Uinta-Piceance Basin straddling the States of Colorado and Utah (with an estimated 21 trillion cubic feet of gas and 60 million barrels of oil) make it a prime target area as well. Nearly every major producer and pipeline company in the U.S. is active within the State of Colorado; they include Amoco, Conoco, and Unocal among others.

First Petroleum believes that future developments in their target regions could give the resources necessary to build the dedicated management team and to pursue further strategic acquisitions of proven or semi-proven exploration targets. The Company will remain focused on this strategy.

First Petroleum and Pipeline Inc.

Headquartered in New York, First Petroleum is an independent oil and gas exploration and development company with a focus on its Colorado, New Mexico and Wyoming properties. The Company's goal is to apply advanced technologies to systematically explore and develop its oil and natural gas opportunities. First Petroleum focuses its activities where expertise can be used efficiently to maximize returns on invested capital by reducing drilling risk and enhancing its ability to economically grow reserves and production volumes.

Safe Harbor for forward-looking statements

This release contains certain statements that are "forward-looking" statements (as the term is defined in the Private Securities Litigation Reform Act of 1995). Any such forward-looking statements are inherently speculative and are based on currently available information, operating plans and projections about future expectations and trends. As such, they are subject to numerous risks and uncertainties, such as general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, and other factors over which First Petroleum & Pipeline Inc. has little or no control. Actual results and performance may be significantly different from expectations or trends expressed or implied by such forward-looking statements. First Petroleum & Pipeline Inc. expressly disclaims any obligation to update the statements contained in this release.

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