SOURCE: Topaz Resources, Inc.

Topaz Resources, Inc.

December 09, 2010 08:29 ET

Topaz Resources Provides Update on Barnett Oil Project

DENTON, TX--(Marketwire - December 9, 2010) -  Topaz Resources, Inc. (OTCBB: TOPZ) is pleased to provide shareholders with an update on the Barnett Shale and its oil opportunities.

Oil & Gas E&P companies are increasingly focusing their resources on more lucrative liquid-rich shale plays including the Barnett, Bakken, Niobrara and Eagle Ford in search of higher value tight oil deposits. Advances in hydraulic fracturing mean recovering tight oil from shale plays is becoming more and more economical and companies are rushing to acquire and exploit acreage in the formations where this oil is contained. 

The Barnett Shale is globally famous for sparking the development of shale gas plays and transforming the natural gas E&P business in North America and potentially in Europe and Asia. However, it is now emerging as an oil play as well, often referred to as the Barnett Combo shale oil play, where there is both oil and natural gas in certain parts of the Barnett Shale formation, particularly the north side of the Barnett Shale in Montague and Cooke counties in North Texas.

In this oil leg of the Barnett, various fracturing techniques have been tried and the procedure has developed to one different than completing Barnett Shale gas wells. This has made the development of the Barnett Shale oil formations very profitable, particularly since oil remains in the range of $80 per barrel. One large independent E & P company as drilled over 100 wells in the Barnett Combo shale oil and gas play with production rates from 300 to over 1000 barrels per well.

Topaz is excited to join the new revolution of the shale oil play and recently announced that it is in the process of consolidating approximately 750 net acres in the oil leg of the Barnett Shale in Montague County in North Texas.

About Topaz Resources

Topaz Resources is an independent oil and gas company focusing on production, acquisitions and developmental drilling opportunities within proven producing areas of north, central and west Texas. The Company's website can be found at www.topazresourcesinc.com.

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 development, costs and results of our exploration program at our properties and any anticipated future production. 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 petroleum 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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