SOURCE: Diversified Oil and Gas Holdings Ltd.

May 12, 2008 11:52 ET

Diversified Oil and Gas Holdings Limited Provides Company Update

OKLAHOMA CITY, OK--(Marketwire - May 12, 2008) - Diversified Oil and Gas Holdings Limited (PINKSHEETS: DVFI) (FRANKFURT: D9G) newly appointed CEO, Stephen G. Ambury, has concluded his review of DVFI's business status. After careful assessment of information provided, the company is now in the process of implementing a new business plan to be executed over the next 12 months. The company's initial focus will be addressing the issue of all outstanding shares. It is DVFI's initial goal to formulate a plan to considerably reduce the amount of issued and outstanding shares. Management is also pursuing new oil and gas opportunities that will bring immediate revenues to the company. Mr. Ambury added that the company is reviewing DVFI's past Letters of Intent and will consider proposing new offers with the possibility of joint venture partners. The company will continue to provide regular updates to shareholders as information becomes available.

About Diversified Oil and Gas Holdings Limited

Diversified Oil and Gas Holdings Limited is an investment venture capital firm focused on exploiting and distributing domestic oil and gas reserves. The Company also has joint venture activities with Tyche Energy Inc and Hydroslotter Corp. Diversified Oil and Gas continues its ongoing business relationship with WW Oil and Gas Inc.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

Contact Information

  • Contact:

    Mr. Stephen G. Ambury
    CEO

    Diversified Oil and Gas Holdings Limited
    Investor Relations
    613-453-9256