TRSI Trophy Resources Inc (PK)

Trophy Resources (Pink Sheets: TRSI) is pleased to announce it has executed an Agreement with I.R.A. Oil and Gas LLC of Addison, Texas to initiate a four phased program to rework, re-complete, drill and/or develop a secondary water flood enhancement program on their leases in Runnel and Brown County, Texas. Trophy has negotiated a 75% working interest in the entire program. Phased Development. Trophy and IRA will develop the Leases in phases in accordance with the following development plan: Phase 1 ("Phase 1") will consist of the Reworking of one (1) well and re-entry of two (2) wells on Leases in Runnels County; Phase 2 ("Phase 2") will consist of the drilling and completion of two (2) wells to the Goen Reef in Runnels County; Phase 3 ("Phase 3") will consist of the Rework of seventeen (17) wells and initiation of waterflood in Brown County; and Phase 4 ("Phase 4") will consist of the drilling and completion of one (1) Cross-Cut well and one (1) Barnett Shale well in Brown County. Phase One is expected to begin by September 15, 2006. Current reserve studies show this four phase project has additional proven potential recoverable reserves of 1.5 to 2 million barrels over the new life time of these oil prospects. "Trophy's strategy to initially re-work and / or re-enter three wells drilled to the Goen Reef is expected to develop near term cash flow. Trophy's plan is to rework existing wells in matured fields with a high probably of success. The association with IRA Oil and Gas gives them a relationship with a Oil Well Operating Company in Texas," said Eric Leonetti, Trophy Resources COO. About I.R.A. Oil and Gas LLC. IRA is the owner of 100% of the Working Interests in the seven oil and gas Leases located in Brown and Runnels Counties, Texas. Operating more than 110 wells located on over 3000 acres in Southwest Texas IRA has a record of success. About Trophy Resources Trophy Resources, Inc. (www.trophyoil.com) is a publicly traded company dedicated to building a diverse portfolio of high value, low risk energy and mining projects. The Company's goal is to evaluate profitable options, build a solid foundation of assets through acquisition of land and/or leases, and explore and develop opportunities on these leases. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Trophy Resources Inc., is an exploration with limited experience in the oil and gas industry. At the time of this release Trophy Resources lack the financial capabilities to meet its financial obligations and its management expects to dilute the company's shares to raise the necessary operating capital. Based upon industry standards Trophy would be considered highly speculative and lacks any competitive advantage over its competition. Additional risk you should consider, this list is limited and additional risk not mentioned may apply: failure to meet Trophy's financial and contractual obligations, Trophy's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.