Chancellor Signs Heads of Agreement

Texas oil and gas producer, Chancellor Group, Inc. (OTCBB: CHAG), today announced plans to set up a South African subsidiary to investigate potential gold producing properties in South Africa and Zimbabwe.

Chancellor Chairman, Maxwell Grant, said today:

“In a reasonably comprehensive Heads of Agreement filed recently as an exhibit to our 8K, we have identified joint venture partners who have what we regard as exceptional gold expertise in Africa, including a top geologist with many years experience at a very senior level with Rio Tinto in the whole Southern African region.

“We strongly advise any interested parties to read this document in its entirety.

“During a due diligence period we will seek to begin some minimal, low-cost testing to seek to ascertain the likelihood of positive, longer-term results.

“We have already begun our search for potential assets to test.”

Chancellor’s oil and gas division 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 all Chancellor’s activities, 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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