CSTJ Creston Resources Ltd (CE)

Creston Resources Ltd. ("Creston" or the "company") (Pink Sheets: CSTJ) today announced the results of an independent analysis of the company's oil and gas reserves as of April 1, 2006. The reserve report estimated the company's gross proved reserves of crude oil and natural gas to stand at 6.6 MBOE. These reserves are comprised of 5,074,502 barrels of crude oil and 9,404 BCF of natural gas. Of the estimated 6.6 MBOE of proved reserves, 10% are categorized as developed, while 90% are proven undeveloped. The report indicates that the company's interests should produce Future Gross Revenue (FGR) of $221.8 million and, after accounting for lease operating costs, ad valorem taxes and development costs, the discounted cashflow (PV10) totals $43.5 million. Additionally, the report estimates net probable reserves of 1.25 MBOE with an FGR of $77.6 million and discounted cashflow of $12.5 million. These figures were calculated using average prices of $57.56 per barrel of crude oil and natural gas at $9.20 per thousand cubic feet. The report was prepared by the independent engineering firm Ryder Scott of Denver. Jack Carson, president & CEO, stated, "We are very pleased with the findings of the reserve report as it stands. This is just the latest successful step in the company's development efforts over the last four months. However, we feel that recompletions and drilling could potentially prove up additional reserves. As we begin the second phase of those efforts, we expect to see significant additional production growth when we execute our strategic well recompletion projects." 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. Based on its reserve data, Creston intends to expand its current financing strategy and may seek to fund future growth through equity financing as well as internal cash flow and debt financing. 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, the uncertainty of reserve estimates, 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.