Signature Exploration and Production Receives Permit Approval from the Texas Railroad Commission

Thursday, Mar 11, 2010

Signature Exploration and Production Corporation, an independent energy company engaged in the exploration, development, exploitation and acquisition of onshore oil and natural gas properties in the State of Texas, announced today that it has obtained a permit from the Texas Railroad Commission ("RRC") to begin drilling on the Koliba well located in Bloomington, Texas. The Company also announced that its application for surface casing depth exception has been approved.

"While our Koliba well experienced a temporary delay due to extraordinary rains along the Guadalupe River, the operators have indicated that upon a sufficient dry-out period, they plan to immediately move forward with installing the necessary equipment at the site," said Steven Weldon, Chairman and CEO of Signature Exploration and Production Corp. "The operator realistically believes this can occur in the next few weeks or so, pending favorable weather forecasts. The permit obtained by the RRC will ensure all compliance is in place to prevent any further delay on the property. We are looking forward to breaking ground on this historically productive well."

About the Koliba Prospect

The Koliba Prospect is a 173-acre lease located in the highly productive North McFadden Field near Bloomington, Texas. The Company has identified 3 target zones at 5,880', 5,350', and 4,930', in the Frio Sands. The Koliba Prospect will be drilled 250 feet from an originally large producing well and is considered a low risk / high reward prospect due to its proximity to previous wells in the prolific Frio interval. Koliba Prospect's total value is estimated at $39,885,000 based on $81.00 Bbls of oil and $4.50 Mcf of gas.

About Signature Exploration and Production Corp.

Signature Exploration and Production Corp. is an independent energy company engaged in the exploration, development, exploitation and acquisition of on-shore oil and natural gas properties in conventional producing areas along the gulf coast of Texas. Management's strategy is to continue making acquisitions of select properties that have been identified as economically attractive, technically and geologically sound and have significant upside potential. Visit www.signatureexploration.com  for more information.

Source: PR Newswire