December 22, 2002

 AMMONITE RESOURCES LAUNCHES NEW CORPORATE FINANCE ADVISORY SERVICE
DICK GESSINGER  TO LEAD INITIATIVE

     Ammonite Resources has taken a major step in strengthening our energy finance advisory capabilities with the addition of Richard "Dick" Gessinger to the firm as Managing Director of Corporate Finance. Dick actually joined Ammonite in September, but we have kept the new relationship "under wraps" pending development of a corporate finance business plan We have identified our target niche, have completed a business plan, have signed on our first private equity corporate finance client, and are now going public with the firm's new energy finance initiative.

     Dick Gessinger has more than thirty years experience as an energy finance specialist. During his career he has served as a commercial banker, investment banker, president of a small E&P company, and most recently as chief financial officer of a NYSE listed Gulf Coast energy exploration company.  Dick has demonstrated continued success in financing energy exploration and development activities working with very small, mid-size and major oil companies. His experience with corporate finance, debt and equity capital markets and mergers and acquisitions has helped many energy companies grow and prosper throughout the industry's volatile commodity price cycles. Dick's experience as a commercial banker, investment banker and an executive of two E&P companies, gives him a rare blend of qualifications as a financial advisor to the petroleum industry. He is working with  Managing Partner Skip Hobbs in Ammonite's New Canaan, Connecticut office.

     Mr. Gessinger received a BA degree in Political Science from Emory University in 1970, and an MBA in Corporate Finance from Emory in 1972. He worked from 1972-1982 as a Vice President of the former Manufacturers Hanover Trust Company in New York. He became District Head of the bank's South Central District, and eventually oversaw a $1 billion Southwest USA energy loan portfolio. From 1982-1986, Mr. Gessinger was a founder, EVP and CFO, and then President of Trade Exploration Corp., Fort Worth, Texas, and CFO of the Callimanopulos Group, a private Greek shipping company that controlled Trade Exploration. The company was formed with a $10 MM "angel" investment, and grew its production from zero to nearly 80 MMcfe/day by 1986 when the company was sold. In 1987 Dick entered the investment banking industry as a Vice President of the Energy Capital Markets Group for Citicorp Investment Bank in New York. At Citicorp, Dick managed the underwriting and distribution of energy loans exceeding $40 billion. In 1989, Mr. Gessinger was recruited to become Senior Vice President of Institutional Capital Markets for Graham Resources, Inc., where he developed a proprietary oil and gas income fund for institutional clients. In 1991 he was recruited to become the Managing Director of the Energy Group for Bear Stearns & Co., Inc. In 1995, Dick was recruited to become Senior Vice President and Managing Director of Rauscher Pierce Refsnes, Inc., where he headed Rauscher's energy capital markets group. In 1997, Mr. Gessinger joined Meridian Resources Corporation in Houston as Executive Vice President and Chief Financial Officer. Reporting to the CEO, Dick was responsible for the company's corporate finance, capital markets, investor relations, and corporate planning and development activities. He is a member of the Independent Petroleum Association of America and served on the IPAA Executive Committee from 1991 to 1994.

AMMONITE'S NEW ENERGY FINANCE INITIATIVE

     We believe the combined dynamics of the petroleum industry, gas supply outlook, and Wall Street investment climate are such, that private equity investments in oil and gas exploration and production should now be seriously considered by gas utilities, industrial end-users, institutional investors, and high net-worth individuals. New exploration - not merely the re-cycling of producing assets under new management, is a critical component of the Nation's energy policy. Demand forecasts approaching 30 TCF/year by 2010, the sharp drop in drilling activity over the past year, and the precipitous decline in well deliverability in the USA and now Canada, all point to a potentially severe natural gas supply/demand imbalance. Utilities and large industrial end-users should be very concerned about future supply. The mid-December Henry Hub gas price in excess of $5.00 MMbtu is sending a clear message about the precarious balance between supply and demand. Faced with the dismal performance of public equities on Wall Street, institutions and individuals should consider an investment in petroleum E&P as an attractive "alternate" investment that has the potential for significant appreciation in the face of strong petroleum demand and dwindling domestic supply.

     There are numerous energy investment advisors. However, we believe that Ammonite is unique in that we have the senior in-house capability to evaluate worldwide petroleum investment opportunities at a comprehensive geotechnical, engineering, economic, and business level. We have been doing this for 20 years! Our associates are located throughout the oil patch in the United States, Canada, and in Europe and South America. We also have excellent professional and management contacts within the petroleum industry and on Wall Street.

     Ammonite Resources believes that it can add the most value as advisors to emerging private petroleum E&P companies. As geoscience and finance specialists we know and understand the petroleum business from top to bottom! In our recent travels through the North American oil patch from Mexico to Canada, we are seeing some outstanding exploration opportunities originated by very competent and respected geoscientists - many of who do not have the management track records that most private equity funds are seeking. These opportunities are simply not being seen or considered by risk capital providers - in part, because management does not know how to approach the capital markets. Ammonite will work with these companies to assist management in defining a strategic plan, prepare a business plan and build an economic model from the prospect to company level, and to determine relative valuations of assets and intangibles going into the first round of private equity financing. We will prepare clients for the due diligence process; structure the private equity transaction; and then introduce clients to the most appropriate private equity financiers.

     Ammonite intends to be very picky about whom it represents as raising exploration dollars in the current market is without a doubt a challenging task. To have the best chance of success, the client should:

· have a compelling story to tell;

· have impeccable professional credentials;

· have a track record as proven oil and gas finders;

· be innovative thinkers;

· be versatile with the latest geoscience technologies;

· be focused;

· have identified and started the leasing process to acquire a risk diversified portfolio of multiple prospects with significant upside potential, and of a scale that will be of interest to serious capital providers; and

· if not prior management experience in a public company or large private company, at least have a demonstrated ability to successfully put together, sell/farmout, and manage a prospect portfolio.

     Ammonite will work with start-up companies trying to raise their first $ 5-20 million private equity, and with more established companies that are seeking significant exploration capital that could exceed $100 MM.