SOURCE: Signature Exploration & Production Corp.

May 24, 2010 08:45 ET

Signature Exploration Renews Lease on Nettie Rhodes Property in Young County, Texas

HOUSTON, TX--(Marketwire - May 24, 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 U.S., announced today that the lease agreement on its Nettie Rhodes property located in Young County, Texas has been extended for another twelve (12) months.

In August 2009, Signature Exploration acquired a five percent (5%) turnkey working interest on the Nettie Rhodes lease with an option for an additional 25% in a lease located in the southwest corner of Young County. The approximately 160-acre lease lies roughly six miles northeast of the town of Woodson on the west flank of the Bend Arch in Central Texas. Currently, five wells located in the lease area and adjacent to the property are producing oil and/or natural gas.

"We've renewed our lease on Nettie Rhodes and plan to proceed with 3-D seismic studies at the property. By utilizing advanced geological technology such as 3-D seismic, we can pinpoint the most favorable location to begin a drilling program," said Steven W. Weldon, CEO of Signature Exploration and Production Corp. "After 3-D seismic studies are complete, we plan on drilling one (1) 4,500 foot test well across the southern part of the lease. If this drilling produces positive results, we will begin production on the well and drill two additional test wells on the lease to determine if additional wells are capable of production."

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.

Contact Information

  • Contact:
    Steven Weldon
    CEO
    Signature Exploration and Production Corp.
    888.895.3594