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Malloy
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Ness Energy: Increased Revenues and Assets, Management Forecast: 'Trend to Continue This Year' with South Texas Wells to Support Trend; Corrects Prior Release

Friday , June 04, 2004 11:36 ET

WILLOW PARK, Texas & NETANYA, Israel, Jun 4, 2004 (BUSINESS WIRE) -- Ness Energy International, Inc. (OTC Bulletin Board:NESS) announced today a Management review of recently completed financial periods discloses a substantial increase in revenues and assets, and support Ness projections to continue revenue increases and build assets, including from new efforts in South Texas, during the year.

Increased Revenues and Assets

The recently filed Annual Report, for the prior year, considered with the recently filed quarterly report for the March 31, 2004 quarter, confirms significant increases in revenues and assets compared to prior periods. The Annual Report discloses a significant increase in assets through acquisitions, and other events. Audited assets total approximately $17,800,000 (with reserves totaling over $20 million) as of December 31, 2003, this compared to the asset total of $762,377 for December 31, 2002, a considerable increase from 2002.

Management Projects Trend To Continue

According to President Stephens, "We are not where we expect to be, revenues are not yet sufficient to carry us without doing deals with other companies and taking other steps, but we continue to experience an increase of cash flow and reserves as production expands. I believe we will continue to extend this revenue trend upwards as we continue to acquire production, rework wells and build this company on deals that make sense. With the accomplishment of additional acquisitions, we will build upon the significant base of assets acquired this past year. Efforts are ongoing in our North Texas operations but we are really looking to South Texas to support and accelerate what we believe will be a continued positive trend of revenues and asset value."

Ness is in the process of re-entering wells in the South Texas area, benefiting from new drilling and completion technologies developed over the past few years, available rework opportunities acquired by Ness, and the significant incentive to explore and develop oil and gas based on current news events, and the record breaking increases in the value of these commodities-oil and gas prices are at record levels.

Other News and Correction

Ness has started discussions with overseas sources who have expressed an interest in participating in Ness Texas operations. Ness believes this interest and further interest is imminent based upon the World news creating an intense focus on oil and gas. Ness is also considering additional acquisitions in Israel where Ness operations include assets and exploration rights. Updates are pending concerning Israel efforts.

In the press release dated June 3, 2004 regarding our newest acquisition, production figures were stated at 3,000,000 mcf and 6,000,000 mcf per month. These figures when read literally reads, 3.5 billion cubic feet and 6 billion cubic feet. Even though we wish this was the case, these figures were typed wrong in transposition and the actual rate should read 3.5mmcf.... three million cubic feet and 6mmcf.....six million cubic feet. We apologize for the error.

About Ness-The Vision

The current business of the Company is focused upon development and execution of oil and gas exploration plans with a focus both on pursuits in the petroleum rich State of Texas, and also in the Middle East, specifically Israel. Ness believe Israel, in particular the southwest end of The Dead Sea, is a place where "Science and The Bible shake hands" and that Ness will achieve the vision of the location and recovery of an abundant source of oil and gas in Israel.

Certain Information

Certain statements above are forward-looking based on Management's expectations or estimates, subject to change. Words like "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates" and similar identify them. They are not guarantees of performance or otherwise and are subject to risks, uncertainties and other factors, some beyond control and difficult to predict. Therefore, outcomes may differ materially from these statements. Do not place undue reliance on them. Unless legally required, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company disclaims information created or distributed by any outside party and endorses only its official Press Releases. Comments concerning plans, filings, reports or other documents are limited in that they may express opinions or be summaries of less than all of the information. Specific details concerning figures, including footnotes, and other information are in more detailed reports with the SEC.

SOURCE: Ness Energy International, Inc.


CONTACT: Ness Energy International, Inc.
Investor Relations
Tina Sbriglia, 817-341-1477
info@nessenergy.com
Web: www.nessenergy.com



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