SOURCE: Signature Exploration & Production Corp.

March 10, 2010 09:10 ET

Signature Exploration and Production Corp. Receives Permit Approval From the Texas Railroad Commission

Koliba Prospect's Total Value Is Estimated at Approximately $39 Million; Drilling on Well No. 2 on the Koliba Prospect to Commence This Month

HOUSTON, TX--(Marketwire - March 10, 2010) -  Signature Exploration and Production Corporation (OTCBB: SXLP), an independent energy company engaged in the exploration, development, exploitation and acquisition of onshore oil and natural gas properties in the State of Texas, announced today that it has obtained a permit from the Texas Railroad Commission ("RRC") to begin drilling on the Koliba well located in Bloomington, Texas. The Company also announced that its application for surface casing depth exception has been approved.

"While our Koliba well experienced a temporary delay due to extraordinary rains along the Guadalupe River, the operators have indicated that upon a sufficient dry-out period, they plan to immediately move forward with installing the necessary equipment at the site," said Steven Weldon, Chairman and CEO of Signature Exploration and Production Corp."The operator realistically believes this can occur in the next few weeks or so, pending favorable weather forecasts. The permit obtained by the RRC will ensure all compliance is in place to prevent any further delay on the property. We are looking forward to breaking ground on this historically productive well."

About the Koliba Prospect

The Koliba Prospect is a 173-acre lease located in the highly productive North McFadden Field near Bloomington, Texas. The Company has identified 3 target zones at 5,880', 5,350', and 4,930', in the Frio Sands. The Koliba Prospect will be drilled 250 feet from an originally large producing well and is considered a low risk / high reward prospect due to its proximity to previous wells in the prolific Frio interval. Koliba Prospect's total value is estimated at $39,885,000 based on $81.00 Bbls of oil and $4.50 Mcf of gas.

About Signature Exploration and Production Corp.

Signature Exploration and Production Corp. is an independent energy company engaged in the exploration, development, exploitation and acquisition of on-shore oil and natural gas properties in conventional producing areas along the gulf coast of Texas. Management's strategy is to continue making acquisitions of select properties that have been identified as economically attractive, technically and geologically sound and have significant upside potential. Visit www.signatureexploration.com for more information.

This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the impact of oil and gas prices, the ability to manage growth and acquisitions, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the United States Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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