SOURCE: Topaz Resources, Inc.

Topaz Resources, Inc.

July 07, 2010 09:39 ET

Topaz Resources Reports Significant International Investment in Texas Shale Gas Development

DENTON, TX--(Marketwire - July 7, 2010) -  Topaz Resources, Inc. (OTCBB: TOPZ), an independent oil and gas company ("Topaz" or the "Company"), today reported Reliance Industries, the Indian conglomerate, agreed to buy 45% of Pioneer Natural Resources' acreage in the Eagle Ford natural-gas shale in South Texas for $1.35 billion.

In recent years, North American independent gas producers have learned how to crack the tight rock formations known as shale using horizontal drilling and hydraulic fracturing technology. The development has fuelled an unprecedented boom in U.S. shale gas production, and lured significant investment from major international companies such as Reliance, ExxonMobil and Total.

In one of the biggest deals relating to shale gas, last December, ExxonMobil Corp. agreed to pay $41 billion to buy XTO Energy, the Texas shale gas specialist. In January 2010, Chesapeake Energy Corp made a $2.25 billion joint venture deal with French energy giant, Total.

"We are very pleased to see ongoing major investments in the Texas shale plays, which we view as a validation of our shale gas development strategy," commented Ted Munden, President and CEO of Topaz Resources.

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 may be found at

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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