SOURCE: Tiger Oil and Energy, Inc.

October 05, 2010 01:00 ET

Tiger Oil and Energy Acquires Jett Rink Oil

LAS VEGAS, NV--(Marketwire - October 5, 2010) - Tiger Oil and Energy, Inc. (OTCBB: TGRO) -- The Board of Directors announces that TIGER OIL AND ENERGY, (formerly UTEC, Inc.), (the "Company"), closed an exchange agreement with Jett Rink Oil, LLC, wherein the Company acquired 100% of Jett Rink Oil, LLC. which will operate as a wholly-owned subsidiary of the Tiger Oil and Energy. Please refer to the Company's recently filed 8K for a detailed outline of the transaction.

With this purchase, the Company has acquired interests in two oil and gas leases located in Creek County, State of Oklahoma, together with all equipment located thereon. Additionally, Tiger Oil has negotiated oil rights and obligations under an acquisition agreement dated July 23, 2010, between Tiger Oil and Targe Energy Exploration Production, LLC ("Targe Energy") with respect to the purchase of Targe Energy.

SHILO PROJECT

The Company owns a 7.5% working interest with 80% net revenue interest, in the gas and oil lease containing 40 acres more or less, located in Creek County, State of Oklahoma. The Company also owns a 11.5% working interest with 80% net revenue interest, in the gas and oil lease located in Creek County, State of Oklahoma (the "Shilo #2"). The two wells were drilled in 2006. The Shilo #1 originally produced 550 MCFG/D w/no water from a 10 foot Dutcher section (2940' - 2950'). From June, 2007 through November, 2009, (the available production history of the well) this well produced a cumulative 61,087 MCFG at an average monthly rate of 2068 MCFG/month and 374 BO. The Shilo #2 originally produced from the Bartlesville sand at 2410' - 2414'. Initial production was 55MCFG + 2 BO + ¼ BW per day. 

KEVIN-SUNBURST DOME PROJECT

The Company has been designing a drilling program for oil and gas leases in the Kevin-Sunburst Dome Project, located in Toole County, Montana (the "Kevin-Sunburst Dome") that will cover approximately 37,000 gross leasehold acres. It is anticipated that drilling will commence in the spring of 2011.

Since 1922, more than 130 million barrels of oil ("MMBO") and 150 billion cubic feet of gas ("BCFG") have been produced from the Kevin-Sunburst Dome, not including Cut Bank Field (190 MMBO and 500 BCFG) near the Kevin-Sunburst Dome's western edge. The source for the oil and gas in the Kevin-Sunburst Dome has been attributed to the Mississippian Bakken Formation. Eight geologic formations produce on the Kevin-Sunburst Dome, ranging from Cretaceous Bow Island gas at 500 feet deep, to Devonian Nisku oil at 3,000 feet. The Nisku Formation is a diagenetic dolostone that appears to be oil and gas saturated across the entire dome and could be an overlooked resource play but has proven production in the area.

Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the anticipated exploration, development, production and acquisition of properties. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with energy exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume 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 we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

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