SOURCE: Turner Valley Oil and Gas Inc.

January 04, 2007 08:00 ET

First Well in Mississippi Is in Production & 2nd Well Spudded

VANCOUVER, BC -- (MARKET WIRE) -- January 4, 2007 -- Turner Valley Oil and Gas Inc. (OTCBB: TVOG) is pleased to announce that the first well (CMR-USA 39-14) in Mississippi has been successfully drilled to 3,200 feet and has 24 feet of pay zone which is now flowing natural gas. The Company's natural gas is tied into an existing pipeline and compression infrastructure and is then sold into the main Enbridge line which is a main feeder line to the Eastern Seaboard. Due to high BTU factors this gas sells at a premium to Henry Hub Pricing.

A drilling rig has now been moved onto location and has spud the first test well into the potentially high impact Wilcox formation. Further updates will be made available once the operator has reached total depth (TD) in approximately 18 days. If gas, oil or both are present in this formation at produceable rates, geophysical data, including extensive 3D seismic, indicates over 1000 acres of ariel extent which would have a significant and positive impact on the Company's valuation of these reserves.

Turner Valley Oil and Gas Inc. holds a 10 % gross working interest in a 50 well drilling program in Mississippi and Louisiana. The Company's Operator is Griffin and Griffin LLC of Jackson Mississippi, a long-standing and respected oil and gas exploration Company in this region.


Turner Valley Oil and Gas is an emerging oil and gas company focused on exploration for, development drilling for, and transmission facilities for the production and sale of oil and gas. Turner valley is focused on increasing production by means of continuing acquisitions, development projects and exploration drilling within a joint venture framework.


Except for the historical and present factual information contained herein, the matters set forth in this release include statements of management's current expectations as to efficiencies, cost savings, market profile and financial strength, and the competitive ability and position of the company. Statements identified by words such as "expects," "projects," "plans," "believes," "estimates," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These and other forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that the anticipated benefits from TVOG's operations cannot be fully realized, the possibility that commodity prices, costs or difficulties related to the conduct of its business will be greater or lesser than expected, and the impact of competition and other risk factors relating to our industry will be greater than expected, all as detailed from time to time in TVOG's reports filed with the Securities and Exchange Commission. TVOG disclaims any responsibility to update these forward-looking statements.

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