Sebastian River Holdings, Inc. and Drake Gold Resources, Inc. announced that their secondary drilling Joint Venture in Western Pennsylvania has received a positive report on oil production for the JV's Master lease. The JV's Operator, Chris Repasky has reported that four target wells on the lease were tested. Management is thrilled with the results. According to Repasky, two of the four wells produced salt water, which is a strong indicator for presence of oil and another is producing oil. The JV will be testing additional wells toward a minimum of five target wells can be identified to begin reworks.

Sebastian River Holdings, Inc. announced that it has officially entered into a joint venture with Drake Gold Resources, Inc. on its Master Lease in Venango County, Cranberry Township, Western Pennsylvania. The lease consists of 457 acres containing 50 wells. Ownership will be divided between the two parties based on capital committed. The companies will engage in a rework drilling program together to harvest production of oil toward near term revenues in this targeted region of Pennsylvania that houses over 15,000 wells which are currently marginal or non-producing for various reasons. Sebastian is currently targeting a block of 20 wells on the Master lease and capital has already been furnished to initiate rework and production in line with the companies' current objectives: to seek out, evaluate and acquire interests in those oil and gas projects that in the opinion of management fit the following criteria: Proven producing oil and gas reserves with substantial development potential; Proven reserves that can be activated with appropriate financing; Low-risk drilling and development costs; Good access to infrastructure to bring to market; Ability to generate profits and cash flows in a short period of time with potential as highly undervalued assets.

Drake Gold Resources, Inc. seeks acquisitions. Drake Gold Resources is planning to develop projects through acquisitions that focus on income producing properties in various industries including real estate, petroleum and precious metal mining.