June 1, 2004

JEFF LUND JOINS AMMONITE IN HOUSTON

Ammonite Resources is honored to announce the Jeff Lund has joined the firm as Senior Exploration Advisor in Houston, Texas. Jeff's tremendous professional wisdom and managerial skills, and domestic and international petroleum industry contacts are a huge resource for the clients of Ammonite Resources.

     Jeff Lund has been involved in exploration management and geoscience for over 30 years. His most recent roles were in various Vice President positions at Kerr-McGee Oil & Gas, and Ashland Exploration. He served as VP of Worldwide Exploration at both companies and was involved in Kerr-McGee’s successful Gulf of Mexico deep water program including the discovery and appraisal of Boomvang, Nansen and Gunnison Fields, as well as an active shelf and onshore programs. While at Kerr-McGee he guided the introduction of portfolio management and the use of risk and uncertainty techniques in decision and planning efforts. His most recent assignment was in the Kerr-McGee North Sea office in Aberdeen, Scotland where the company produced nearly 80,000 BOE/day and was one of the most active drillers. At Ashland, he managed the transition from passive investor to active operator in a successful Gulf of Mexico program, as well as helping manage a large Appalachian exploitation effort and the successful appraisal and redevelopment of significant oil reserves in Nigeria.

    Jeff has been active throughout his career in professional societies, holding leadership positions as President of the Houston Geological Society and the Gulf Coast Association of Geological Societies. He has received numerous awards and honors from these societies. He is the the Gulf Coast Representative to the Advisory Council of the American Association of Petroleum Geologists (AAPG), and was General Chairman of that organization’s 2002 Annual Convention in Houston, Texas. He chairs the Advisory Committee of APPEX, the "Prospect and Property Expo" held annually in Houston and London by AAPG and the Society of Independent Professional Earth Scientists. He is a member of the Petroleum Exploration Society of Great Britain.

    He is frequently invited to speak and moderate panel discussions at industry meetings and has published on technical topics and the business applications of portfolio management in E&P projects. Mr. Lund graduated with a BS in Geology with honors from Case Western Reserve University and also holds an MS in Geophysics and an MBA in Finance, both from the University of Houston. Mr. Lund is an invited member of the Dean of Arts and Sciences Visiting Committee at Case Western Reserve University.

* * * * *