Energas Acquires Utah Well

Energas Resources, Inc. (OTCBB: EGSR) is excited to announce the acquisition, from an unrelated private party, of a Uintah Basin well in Uintah County, Utah. The well is already drilled to a depth of approximately 20,000 feet, logged, tested and has casing set but is capped waiting to be hooked into a pipeline for natural gas sales. The well has a current engineering reserve study with a Proved Non Producing PV 10 value of $9,691,000 and a Probable Behind Pipe PV 10 value of $12,600,000, using a level price of $3.45 for natural gas. The company is acquiring an 80% Working Interest with a 73.835% Net Revenue Interest.

This interest in the Utah well will be acquired debt free paying $42,500 cash and 1,000,000 shares of Preferred Stock. The Preferred Stock will be non convertible to common shares and non callable with a 10% Net Profits from the well coupon. The company plans to register the Preferred Stock for trading and is working to acquire acreage in this basin to develop.

Safe Harbor Statement

When used in this press release, the words “intends,” “believes,” “anticipates” and “expects” and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include normal risks associated with oil and gas drilling activities. In addition, adverse weather conditions can hinder or delay operations, as can shortages of equipment and materials or unavailability of drilling, completion, and/or work-over rigs. Even though a well is completed and is found to be productive, water and/or other substances may be encountered in the well, which may impair or prevent production or marketing of oil or gas from the well.