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Topaz Resources Reports Significant Increase in Activity in the Barnett Shale

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  Published in House and Home on Monday, June 28th 2010 at 3:40 GMT by Market Wire
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DENTON, TX--(Marketwire - June 28, 2010) - Topaz Resources, Inc. (OTCBB: [ TOPZ ]), an independent oil and gas company ("Topaz" or the "Company"), today reported a significant increase in activity in the Barnett shale formation in north and central Texas.

The number of horizontal natural gas rigs increased to its highest level over approximately the last 2½ years for which data is available according to Baker Hughes Incorporated data. The Energy Information Administration's weekly natural gas update noted that currently, horizontal rigs comprise 64% of the natural gas rig count and that vertical and directional rigs account for 20 percent and 16 percent of this total, respectively. This increase is primarily a result of all of the horizontal drilling being done to produce natural gas from shale.

The number of oil rigs rose to its highest level since January 2009, according to RigDATA, who also noted that the largest increase in the "oily" Barnett was in Montague County, which is in the heart of the Topaz Barnett oil play.

"This increased activity has been expected," commented Ted Munden, President and CEO of Topaz Resources. "The increase in natural gas prices from below $3.00 per Mcf during 2009 to over $4.50 with projections of $5.00 to $6.00 per Mcf in Q4 2010 and 2011 has been a catalyst to increased drilling in the Barnet shale formation, which has become one of the biggest natural gas plays and drilling booms in the continental United States and the largest producing gas field in Texas."

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.

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.