SOURCE: Topaz Resources, Inc.

Topaz Resources, Inc.

December 16, 2010 08:30 ET

Topaz Resources Provides Update on Q3 & Q4 Accomplishments

DENTON, TX--(Marketwire - December 16, 2010) - Topaz Resources, Inc. (OTCBB: TOPZ) today issued a corporate update to provide its shareholders with a summary of Topaz's accomplishments during Q3 and Q4 2010. In a formal statement, Ted Munden, the Chief Executive Officer of Topaz, stated:

"During the 3rd and 4th quarters of this year, we have made significant strides in launching Topaz Resources:

  • we have engaged two strategic partners, who are providing funding towards the drilling of our properties;
  • we have commenced and completed the drilling of our first of a series of Barnett oil wells, which is showing very good potential for oil production in three separate formations: the deeper Barnett formation and the shallower Marble Falls and Conglomerate formations;
  • we have consolidated into Topaz our North Texas shallow oil project, which comprises over 543 acres with a history of proved producing oil wells, located in Wichita County in North Texas and in which we have commenced both multi well work over and drilling programs for the first phase of 12 identifiable drill locations;
  • we are completing the consolidation into Topaz of over 750 net acres in the oil leg of the Barnett Shale in Montague County in North Texas, which has 18 identifiable drill locations; 
  • effective December 31, 2010 we will have acquired Dark Horse Operating Company, a full service operating company with an established track record and capability for handling the complete operations for drilling oil and gas wells from costing to preparation of AFE's and permitting through to drilling, completion and operating thereof; and
  • we are acquiring a lease for 85 acres in the Barnett Shale field in Denton County, Texas plus approximately a 45% working interest in a horizontal Barnett gas well in that acreage.

"All of this has laid a solid foundation for growing our company, which we intend to exploit aggressively during 2011."

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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