Altus Explorations, Inc. Lake Creek No. 3 Well Update.

OLIVE BRANCH, Miss. -- Altus Explorations, Inc. (the "Company" or "Altus") announces that the drilling of the Lake Creek No. 3 well located in Chautaugua County in Southeast Kansas has been completed. Casing was set at a total depth of 1,576 feet to the Mississippian formation.

The drilling rig is to be moved from the Lake Creek No. 3 well site to a third drilling location in Southeast Kansas. It is anticipated that the Lake Creek No. 4 well will be spud by the end of the first week of January 2005. The Lake Creek No. 4 well's projected total depth is 3,200 feet to test the Arbuckle and the Mississippian formations.

Altus' participation in the drilling of the Lake Creek No. 2, Lake Creek No. 3, and Lake Creek No. 4 wells (the "Wells") is pursuant to its Amendment, dated December 16, 2004, to the Lake Creek Prospect Farmout Agreement with Orbit Energy, LLC ("Orbit"). In connection with the Amendment, Altus secured the right to participate in the drilling of Lake Creek area acreage located outside the original Lake Creek Prospect Acreage. Altus has the right to participate in the acreage development associated with the Wells with a working interest up to 25%, of which 10% shall be "carried" by Orbit while Altus would be responsible for its proportionate share of capital expenditures on the remaining 15% working interest.

Notice Regarding Forward Looking Statements

This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the well's projected depth of 3,200 feet and drilling completion by the end of the first week of January 2005.