SOURCE: Bedford Energy, Inc

July 31, 2006 13:27 ET

Prestigious Periodical Proves Bedford Right on Track

EDMOND, OK -- (MARKET WIRE) -- July 31, 2006 -- The July 29, 2006 issue of The Economist, a prestigious periodical that reports on the most important economic events in the world, carries a story that names both Oklahoma and the Red Fork formation, famous for gas production, as hot items in the oil and gas industry. The Economist talks about a shortage of drilling equipment in the world.

The story can be found at www.economist.com (July 29 - Aug 4 Issue).

Bedford Energy (PINKSHEETS: BFDE) is completing the Grace #1 in the Red Fork formation and will begin test results in the next few days. Bedford's subsidiary, Bedford Energy Equipment LLC, is completing its first equipment purchase for delivery of a rig located in Europe.

Bedford's second well, Grace #3, also on the East Chandler field, is expected to reach (TD) total depth today. It has excellent shows in the Red Fork and Hunton formations.

For more detailed information on the Company or for a current status of our drilling results, please contact BFDE@bedfordenergy.com or visit www.bedfordenergy.com

About Bedford

Independent Oil and Gas

Bedford Energy specializes in the recovery of oil & gas reserves through acquisition and project development, including existing field enhancement, and low-risk exploration opportunities. The Company has also created an oil field equipment division with specific industry alliances for resale.

SEC DISCLAIMER

Information contained herein may contain forward-looking statements which are not guarantees of future success or that there cannot be losses. The actual presence or recoverability of reserves for optimal and timely recovery, well costs or schedules or other matters cannot be promised. This release contains "Safe Harbor" provisions of the US Private Securities Litigation Reform Act of 1995 & involves risks and uncertainties, which could cause actual results to differ materially from those estimated herein.

Bedford believes the forward-looking statements are based on current reasonable assumptions but can give no assurance that results will be achieved. Unpredictable & unanticipated risks, trends and uncertainties including inability to accurately forecast operating results; the potential inability to achieve profits or have cash flow; access to financing; and other must be understood. Bedford assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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