International Oil & Gas Inc. Announces Completion Update for the Wood Reef #2 & #3 Wells

Apr 12, 2001, 01:00 ET from International Oil & Gas Inc.

    DALLAS, April 12 /PRNewswire/ -- International Oil & Gas Inc. (OTC: IOAG)
 announced today that B.J. Services Company ("Baker Hughes") has advised that
 the Wood Reef #2 well, located in Hood County, Texas is scheduled to be
 stimulated on April 19, 2001.  B.J. also advised that the Wood Reef #2 well is
 the first well on their cancellation list.  The scheduled date of the
 stimulation of the Wood Reef #3 well will be announced as soon as the date is
 confirmed by the fracing contractor.
     The Wood Reef #1 well is now producing.  A 114 Pumping Unit has been
 installed to lift water.  Gas volume is expected to increase substantially as
 water is lifted from the formation, when the gas flow rate stabilizes, it will
 be announced.
     Management is currently reviewing a Regional Geological study detailing
 the Hood County project that has been prepared by Certified Petroleum
 Geologist, Billy Caldwell.  In the report Mr. Caldwell, remarked, "I am
 optimistic that with a good cement and completion job that this will be one of
 the first Barnett Shale discovery wells in Hood County, Texas."
     Billy Caldwell also stated in the report dated March 27, 2001, the
 Company's property interests in Hood County are a probable and favorable
 Barnett Shale site due to the presence of faults, fractures, structures and
 the good Barnett Shale zones in the Wood Reef #2 and #3 wells.  The report
 acreage is favorable for untapped, bypassed reservoirs, and deeper pool
 exploration.
     The plans for the next five-well drilling program are advancing.  The
 five-well package schedule anticipates drilling to commence in early June and
 then to carry through to completion in August.
 
     Safe Harbor Act Notice: Certain matters discussed in this news release are
 forward-looking statements, as it is defined in the Private Securities
 Litigation Reform Act of 1995.  Such forward-looking statements are subject to
 a number of known and unknown risks and uncertainties including, but not
 limited to, business-to-business opportunities as well as availability of
 human and financial resources; which may cause actual results to differ
 materially from those expressed in any forward-looking statements made by or
 on behalf of International Oil & Gas Inc.
     For more information concerning International Oil & Gas Inc., please
 contact:
 
      Mr. Ian Scott-Moncrieff - Director, Corporate Finance
 
      PH. (250) 216-7721
      FX. (972) 588-3386
 
      Cusip No: 46010N100
 
 

SOURCE International Oil & Gas Inc.
    DALLAS, April 12 /PRNewswire/ -- International Oil & Gas Inc. (OTC: IOAG)
 announced today that B.J. Services Company ("Baker Hughes") has advised that
 the Wood Reef #2 well, located in Hood County, Texas is scheduled to be
 stimulated on April 19, 2001.  B.J. also advised that the Wood Reef #2 well is
 the first well on their cancellation list.  The scheduled date of the
 stimulation of the Wood Reef #3 well will be announced as soon as the date is
 confirmed by the fracing contractor.
     The Wood Reef #1 well is now producing.  A 114 Pumping Unit has been
 installed to lift water.  Gas volume is expected to increase substantially as
 water is lifted from the formation, when the gas flow rate stabilizes, it will
 be announced.
     Management is currently reviewing a Regional Geological study detailing
 the Hood County project that has been prepared by Certified Petroleum
 Geologist, Billy Caldwell.  In the report Mr. Caldwell, remarked, "I am
 optimistic that with a good cement and completion job that this will be one of
 the first Barnett Shale discovery wells in Hood County, Texas."
     Billy Caldwell also stated in the report dated March 27, 2001, the
 Company's property interests in Hood County are a probable and favorable
 Barnett Shale site due to the presence of faults, fractures, structures and
 the good Barnett Shale zones in the Wood Reef #2 and #3 wells.  The report
 acreage is favorable for untapped, bypassed reservoirs, and deeper pool
 exploration.
     The plans for the next five-well drilling program are advancing.  The
 five-well package schedule anticipates drilling to commence in early June and
 then to carry through to completion in August.
 
     Safe Harbor Act Notice: Certain matters discussed in this news release are
 forward-looking statements, as it is defined in the Private Securities
 Litigation Reform Act of 1995.  Such forward-looking statements are subject to
 a number of known and unknown risks and uncertainties including, but not
 limited to, business-to-business opportunities as well as availability of
 human and financial resources; which may cause actual results to differ
 materially from those expressed in any forward-looking statements made by or
 on behalf of International Oil & Gas Inc.
     For more information concerning International Oil & Gas Inc., please
 contact:
 
      Mr. Ian Scott-Moncrieff - Director, Corporate Finance
 
      PH. (250) 216-7721
      FX. (972) 588-3386
 
      Cusip No: 46010N100
 
 SOURCE  International Oil & Gas Inc.