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 www.mammothenergygroup.net

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 U.S. 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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