SOURCE: Mammoth Energy Group, Inc.

May 20, 2008 08:30 ET

Mammoth Energy Group Announces Turnkey Drilling Agreement in Oklahoma

WINSTON-SALEM, NC--(Marketwire - May 20, 2008) - Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) announced today that it has signed a turnkey drilling agreement with American Continental Energy LLC of Northeast Oklahoma for the drilling of three wells.

President Joe V. Overcash indicated that the Company believes these wells hold the promise of both oil and gas based on proximity of other wells and history of the property. Due to the price of oil, the Company has focused more on projects that contain both oil and gas to provide more upside to the Company while maintaining the low risk it is pledged to in the area.

"We are very enthusiastic about this venture and hope to be able to expand the turnkey drilling agreement to more wells as we progress," said Mr. Overcash, Mammoth's Chief Executive Officer.

More information is available at the company's website at

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