SOURCE: Monogram Energy, Inc.

July 14, 2008 08:15 ET

Monogram Energy Inc. Negotiates New Lease

RICHMOND, TX--(Marketwire - July 14, 2008) - Monogram Energy Inc. (PINKSHEETS: MGRN) is pleased to announce today that it has begun negotiations to acquire a 25% working interest in a well in the Mayfield lease in Brisco County, Texas. In 1982, Marathon Oil drilled the well, and at the time of drilling, the well tested at 132 barrels per day at 7,900 feet, with a porosity of 42%. Current production on the well is 2-3 barrels per day, due to clogging by lost circulation material. To alleviate the slowdown, laterals will be drilled to increase the potential production to 80-90 barrels per day. Workover costs are estimated to be $200,000.

Mr. Billy King, Chief Executive Officer of Monogram Energy, Inc., stated, "We think this well has tremendous potential. If we can get close to the projected production, we'll have a quick payback on our investment."

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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