Texas Oil Producer Chancellor Increases Production

Chancellor Group, Inc. (OTCBB: CHAG), a Texas-based oil and gas producer, announced today an increase in its oil production of approximately 20 percent.

Chancellor Chairman, Maxwell Grant, said today that 3 of the additional 16 wells bought in May were now producing.

“The three wells combined are pumping approximately 8 barrels of oil per day (BOPD), seven days a week,” Mr. Grant said.

“This equates to about a 20 percent increase.

“Whereas there are no production guarantees in the oil industry, we have allowed time to have passed what is normally called, ‘flush’ production when wells are brought back on after being shut in for some time.

“We still have another 12 wells to re-enter (one is a salt-water disposal well) and are optimistic about further possible production increases.

“There is also potential for increased gas production.”

Chancellor has a fully-bonded operator’s license with the Texas Railroad Commission through its fully-owned subsidiary, Gryphon Production Company, LLC. For fuller information on both companies see Chancellor’s filings at www.sec.gov.

Safe Harbor Statement:

This Media release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Chancellor Group, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Chancellor (CE) (USOTC:CHAG)
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