SOURCE: Monogram Energy, Inc.

April 24, 2008 08:45 ET

Monogram Energy, Inc. Accelerates Its Acquisition Plan With 7 New Wells

RICHMOND, TX--(Marketwire - April 24, 2008) - Monogram Energy, Inc. (PINKSHEETS: MGRN), an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties, announced earlier today that the company accelerated its acquisition plan by acquiring the Lacy Rice Lease in Corsicana Shallow (Navarro County, TX), which comprises 100.74 acres and 3 wells, as well as the M.L. Rice Lease, which comprises 8 acres and 4 wells in the same region. The company officially acquired the Rice leases on March 19, 2008. Monogram estimates it will cost $25,000 - $30,000 to bring the wells back into production, and expects the workover on the Rice leases to begin within the next 30 - 45 days. It is anticipated that the workover will be completed within a 2 - 3 week period, for a total of 7 wells (6 oil wells and 1 injection well).

Once the workovers are complete, the Rice leases and the T.W. Martin Lease currently in progress are estimated to produce 450 barrels per month. The company is poised to make its first sale from these wells, and is currently pursuing additional leasing opportunities. The T.W. Martin lease comprises 70 acres with 12 wells and is also located in Navarro County. The county produces around 600,000 barrels annually.

"We are extremely pleased to have made this recent acquisition, and it should help provide us with the ability to continue our acquisition plan," stated Billy King, Chief Executive Officer of Monogram Energy, Inc. The company is looking to acquire another 6 - 8 leases by year's end. Mr. King became interested in the production of oil & gas during his ten years of employment as an attorney for the Halliburton Company, and with his representation of independent oil companies during his years as a private practitioner. Monogram Energy's goal is to maintain a high risk/reward profile, thereby enabling them to return the most value to its shareholders.

About Monogram Energy, Inc.:

Monogram Energy, Inc. is an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties. The Company specializes in acquiring oil & gas leases with proven reserves that have the potential for increased production

Billy D. King, the Chairman & CEO, is a graduate of St. Mary's University School of Law, and has been in the field of oil & gas law in excess of thirty years.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements, including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Monogram Energy, Inc.

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