SOURCE: Modern Energy Corp

July 18, 2007 10:08 ET

Modern Energy Corp. Launches Corporate Website on Updated Business Plan

Energy Initiatives Focus on Biofuel Feedstock and Oil and Gas Production

LOS ANGELES, CA--(Marketwire - July 18, 2007) - Modern Energy Corp. (PINKSHEETS: MODR) announced the launching of the company's new updated corporate website at www.modernenergycorp.com, which outlines the company's business plan to develop its oil and natural gas properties in Oklahoma. The website also expands upon the company's initiatives for biofuel feedstock overseas. In addition, the company's Mindanao properties provide mineral rights, including potentially valuable quantities of copper, gold, silver and other minerals.

Modern Energy Corp has a majority interest in the oil and gas production from 640 acres of a productive area in Woodward County, Oklahoma, near the Texas border. The property includes the Chester Zone, which is well known in that region for its substantial gas reserves. Two natural gas wells about 10 miles away from the Modern Energy property are each producing 42 million cubic feet per day and 500 barrels of oil per day. An oil well only 15 miles away is yielding 1,000 barrels/day.

Modern Energy's wholly owned subsidiaries control over 600,000 acres of agricultural land on the island of Mindanao in the Philippines, much of which is suitable for growing palm oil, the most productive oil seed in the world. A single hectare (2.47 acres) of oil palm may yield over 4 metric tons of crude oil, or nearly 5,000 liters (1200 gallons) of crude oil per hectare. For comparison, soybeans and corn -- crops often heralded as top biofuel sources -- generate only 118 and 45 gallons per hectare, respectively.

See www.ModernEnergyCorp.com for more information. To be added to the company's e-mail database for company and industry updates and company press releases, please send an e-mail to info@ModernEnergyCorp.com.

About Modern Energy Corp.

Modern Energy Corp. (MODR), founded in 1996, is a development stage investment company with interests in mining and agricultural land in the Philippines, oil and natural gas wells located in Oklahoma and investments in marketable securities. MODR is primarily oriented towards the development of energy resources. The company's activities presently focus on palm oil production for biofuels from plantations in the Philippines and development of oil and natural gas wells in Oklahoma.

"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may because Modern Energy Corporation's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, development costs and risks, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.

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