CSTJ Creston Resources Ltd (CE)

Creston Resources Ltd. ("Creston" or the "company") (Pink Sheets: CSTJ) today announced that it has successfully completed the acquisition of four additional wells located in the Uintah Basin of Utah from a small independent oil company. In addition to the current daily production from these wells, this acquisition adds approximately 2,200 acres of oil and gas leases and the corresponding undeveloped offset locations. In total, Creston now holds interests in 50 wells with total lease holdings of just over 19,500 acres. The new wells acquired presently average approximately 20-25 gross barrels of oil equivalent per day (BOE/d). The company believes that with recompletion work it can increase the daily production of these four wells to a range of 75-100 BOE/d through operations such as down-hole pump changes and increasing artificial lift system capacity. Daily production will continue while these recompletion plans are finalized and implemented. In addition, the newly acquired acreage offers potential offset drilling locations in the prolific La Point area of the Uintah Basin. Both the current production from the wells and the undeveloped reserves in the surrounding leases will be included in an analysis of the company's oil and gas reserves being conducted by the independent engineering firm Ryder Scott. Under terms of the acquisition, Creston paid $250,000 in cash and issued 500,000 shares of restricted common stock, in turn receiving a 100% working interest in the wells and the surrounding leases. The cash portion of the purchase price may be subject to post-closing adjustment based on a final apportionment of the benefits and obligations associated with the acquired assets as of the closing date. The company did not assume any indebtedness as part of the transaction. Homeland Gas & Oil, a wholly owned subsidiary of the company, will take over as operator of the acquired wells. About the Company Creston Resources Ltd. is an emerging oil and gas exploration and production company, which is concentrating on the development of its 19,500 held by production (HBP) acres in the prolific Uintah basin of Utah. Creston, and its wholly owned subsidiary Homeland Gas & Oil, currently produce approximately 210 net barrels of high-quality oil (or equivalent) per day. The company's strategy includes increasing production by reworking its lower production wells (which may include, in some cases, perforating new zones) and drilling new wells from among the offset and infield locations available on its acreage. Most locations are believed to offer multiple prospective pay zones, from moderately shallow to moderately deep. Creston will also seek additional opportunities to acquire projects with production and/or acreage with proven or potential reserves. About the Uintah Basin The Uintah Basin is considered one of the most petroliferous areas in the country. Oil and gas production in the Uintah Basin began in the late 1940s, with major development in the 1960s, and expanding in the 1970s and 1980s. Since the 1980s there has been a surge of exploration and production activity in the basin, with thousands of wells being drilled and completed. Within the last decade, the use of the latest oilfield technological advances, including 3D seismic methods, has yielded significant discoveries in previously unproductive formations, opening up thousands of acres of the basin for exploration and development. More than 300 million barrels of oil (BO) have been produced from the Bluebell/Altamont field alone, and in 2004 combined total production from Duchesne and Uintah counties (in which over 95% of the company's acreage is located) was 9,615,191 BO (65% of the total oil produced in Utah in 2004) and 146,118,755 MCF of natural gas (49% of the total gas produced in Utah in 2004). Statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties which may cause the company's actual results in future periods to be materially different from any results discussed in or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, the company's ability to acquire productive oil and/or gas properties and to successfully drill and complete oil and/or gas wells on such properties, the inherent uncertainty of oil and gas exploration and production, general economic conditions, as well as other risks and uncertainties that may be detailed from time to time in additional documents issued by the company. Readers are cautioned not to place undue reliance on any forward-looking statements. The company assumes no obligation to update any forward-looking statements contained in this document.