SOURCE: First Petroleum & Pipeline Inc.

November 02, 2005 09:00 ET

First Petroleum Acquires Oil & Gas Lease in Uinta-Piceance Basin of Colorado

NEW YORK, NY -- (MARKET WIRE) -- November 2, 2005 -- First Petroleum & Pipeline Inc. (OTC: FPPL) has secured the rights to a Federal Oil & Gas Lease located on the Colorado side of the Uinta-Piceance Basin. The lease is located in Colorado's Mesa County, one of the states most active oil and gas regions.

The U.S. Geological Survey estimates there is upwards of 21 trillion cubic feet of undiscovered natural gas and 60 million barrels of undiscovered oil in the Uinta-Piceance Province of Colorado and Utah. This is one of the top 5 largest natural gas reserves in the U.S.

First Petroleum's core strategy is to focus on proven and producing oil and gas regions such as the Uinta-Piceance Province. By exploring in proven basins, the company is able to reduce exploration and development risks, and is thus able to better concentrate on company expansion and shareholder returns.

Colorado Oil & Gas

The total value of Colorado's oil & natural gas production in 2004 was $6.6 billion, a 35% increase over the 2003 value of $4.9 billion. For the second consecutive year, natural gas production in Colorado has exceeded 1 trillion cubic feet. In 2004, Colorado had proven crude oil reserves of 217 million barrels, including over 60,000 barrels per/day in physical production. 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 and Pipeline Inc. First Petroleum (FPPL) is a growing oil and gas company actively engaged in the acquisition and development of oil and gas properties in Colorado, New Mexico and other U.S Midwest states. The Company is currently pursuing a diverse portfolio of high value, low risk energy projects such as opportunities in the Uinta-Piceance Basin, the San Juan Coalbed Methane play area, and the prolific oil and gas fields of the Permian Basin region. First Petroleum & Pipeline Inc. is a public company located in New York City and trades under the symbol of FPPL.

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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