SOURCE: Mammoth Energy Group, Inc.

May 15, 2008 08:30 ET

Mammoth Energy Group Announces Intent to Sell Wells in Oklahoma

WINSTON-SALEM, NC--(Marketwire - May 15, 2008) - Mammoth Energy Group Inc. (PINKSHEETS: MMTE) announced today that it is negotiating the sale of its interest in the Talala field of Oklahoma and exploring investment in other areas of Northeast Oklahoma for projects with both oil and gas potential.

President Joe V. Overcash indicated a decision will be made in the next week on the Talala field in Rogers County and expects to conclude a new agreement for both oil and gas interests in a new area of Oklahoma in the next two weeks.

"We believe our assets and resources may be more aggressively utilized with both oil and gas opportunities with little, if any additional risk," said Mr. Overcash, Mammoth's Chief Executive Officer.

About Mammoth Energy Group, Inc.

Mammoth Energy Group, Inc. is focused on developing shallow gas projects in northeastern Oklahoma due to the low risk, blanket characteristics in the area that make it possible to drill and produce a well nearly every time.

More information is available at the company's website at

Cautionary note: This report contains forward-looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

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