Shellbridge Oil & Gas, Inc.

Shellbridge Oil & Gas, Inc.

June 07, 2006 15:00 ET

Shellbridge Updates Form NI 51-101/F1

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - June 7, 2006) - Shellbridge Oil & Gas, Inc. (SHB or the Company) (TSX:SHB) advises that in accordance with Canadian National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" it has filed an update to its Statement of Reserves Data and Other Oil and Gas Information (NI 51-101/F1) for the year ended December 31, 2005.

Based upon a review by the Alberta Securities Commission certain changes to our NI 51-101/F1 have been recommended, such changes considered to be of minor significance. All estimated reserve amounts filed previously remained unchanged. The reports of the independent reserves evaluator on NI 51-101/F2 and of management and directors on NI 51-101/F3 also remain unchanged.

The updated NI 51-101/F1 has been filed on and the Company's website at

Shellbridge Oil & Gas, Inc. is a Canadian based oil and gas production and exploration company owns working interests in development and early-stage exploration properties in southwestern Saskatchewan, northwestern Alberta and northeastern and southwestern British Columbia.

On Behalf of the Board of Directors,

Wayne J. Babcock, Chairman, President & CEO

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