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Giant Petroleum Inc. Announces Another New Field Discovery With the...

Today, Giant Petroleum, Inc. announced completion plans for another well in its partnership with Hilltex Operating. Well #558-3 was drilled to a total depth 4,704. After reaching this depth on August 7, 2007, electric logs were run on the well. It has been determined that the well penetrated a very permeable and porous dolomitic limestone known in this area as the Ellenburger.

After reaching the planned total depth of 4500' in a pinnacle Mississippian Reef, Hilltex President Steve Hillmer called Giant Petroleum, Inc. President Chris Plunkett.

Mr. Hillmer told Mr. Plunkett he had a hunch to drill this one "a little deeper."It's a great thing for Hilltex Operating, Giant Petroleum, and all partners involved that Steve made that call to me. We believe we have discovered a section of the Ellenburger that is unexplored to this point. It looks like it could potentially yield recoverable reserves of 500,000 BOE. There have been plenty of wells drilled in this area. Fortunately for us, they didn't drill deep enough," said Chris Plunkett, President of Giant Petroleum, Inc.

The well is scheduled to be completed and placed on production within the next week. This is the fourth well out of a planned 20 wells in the partnership between Giant Petroleum and Hilltex Operating. Drilling of the next well in the partnership, a wildcat test of a conglomerate formation is slated to begin August 17th.

Contact information:

Giant Petroleum, Inc.

1320 Greenway Drive, Suite 560

Irving, TX 75038

972-607-4300

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