SOURCE: Grifco International, Inc.

June 23, 2005 18:59 ET

Grifco International Extends to World's Largest Coil Tubing Market

HOUSTON, TX -- (MARKET WIRE) -- June 23, 2005 -- Grifco International, Inc. (OTC: GFCI), a provider of oil and gas services equipment to the worldwide oil and gas industry, has begun negotiations for a joint venture to establish a rental and sales operation on Canadian soil to better service the coil tubing market in Canada, Alaska and the Northern United States.

Canada has approximately 278 coil tubing units in operation, representing roughly half the coil tubing units in operation worldwide and an enormous market essentially in Grifco's backyard. A Grifco representative visited with several companies this past week to discuss a joint venture relationship in the region. The most likely candidate to emerge is an established company with eight locations throughout Canada and over 25 years experience in the marketplace.

With the recent addition of Coil tubing Technology, Grifco will offer to Canadian wireline and coil tubing outfits a selection of tools under one roof that competitors simply cannot match. The response to the CTT Jet Motor at a recent Canadian tradeshow was tremendous, and sparked Grifco's interest in establishing a base in Canada. Canada has many shallow wells and the jet motor will be most effective in this area according to one of the service reps Grifco spoke to this week.

Grifco's ability to offer tools for sale in Canada, in addition to having a rental and service operation, will solidify its position as a premiere North American supplier of quality tools and service.

Grifco International is a leading provider of oil and gas services equipment, specializing in the conception, architecture, and development of tools for the coil tubing, wireline, and snubbing industry throughout the US, China, Mexico and South America. Grifco's patented products are known and used throughout the world. In addition to our patented tools, Grifco designs and manufactures over 350 products for the Oil and Gas industry with a clientele boasting the biggest names in the business, including Halliburton, Exxon, and Schlumberger. Please visit www.grifco.org

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Company cautions the assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those the Company expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to the Company's forward-looking statements are found in our SEC filings.

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