KRFG King Resources Inc (PK)

King Resources, Inc. (OTC:KING) announced today that King received confirmation from Applied Drilling Technology Inc. (ADTI), a subsidiary of GlobalSantaFe Company (NYSE), that it will have a rig available in the fourth quarter of 2006 or the first quarter of 2007 to drill the wildcat well to test the structure located in Vermillion Blocks 112 and 113. The potential reserves on this structure are 250 billion cubic feet of gas. Production platforms and pipelines with available capacity are nearby. King successfully expects to bring in as participants in this well two or more oil companies, active in the Gulf of Mexico. King expects to retain 50% of its working interest in this project, which King will operate. The drilling cost for this well depends upon the turnkey price, which King is negotiating with ADTI. King's team has extensive offshore exploration experience in drilling, designing production platforms and production facilities. King's team has evaluated and developed projects in the Gulf of Mexico, the North Sea, offshore Nigeria, and other international and domestic areas. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties in the Oil and Gas industry which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, competition, and the early stage of exploration and development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.