Altus Explorations Inc. Announces Additional Projects and Change of Address.

Business Editors

OLIVE BRANCH, Miss.--(BUSINESS WIRE)--Oct. 23, 2003

Altus Explorations Inc. (the "Company") (OTCBB:ATUX) is pleased to announce that it has entered into a letter of intent with Orbit Energy, LLC, a Texas-based exploration company, to develop a portion of approximately 34 prospect areas within the Cherokee basin of Southeast Kansas and Northeastern Oklahoma. Leasing and permitting is currently underway on three prospect areas. Altus is paying a total of $75,000 to Orbit, which amount includes $37,500 for the geological library and data on the prospect areas as well as $37,500 for the Company's 50% share of acquisition costs for the leases to be acquired for the three initial prospects which total approximately 3,000 acres. The entire approximate 34 prospect areas consist of approximately 195,000 contiguous acres. Orbit will be the operator and has agreed to initiate operations to drill a test well on the first of three prospects by February 1, 2004. Altus will also pay its proportionate share of drilling costs. In addition to Orbit's stated intention of testing the Cherokee coalbed methane coals, which are endemic and prospective throughout the area, Orbit also intends to test deeper formations such as the Mississippian, Arbuckle, and Cattleman Sands at depth range from approximately 1,000 to 3,500 feet. The Company will maintain a 50% working interest in the prospect area.

The Company has also signed a letter of intent with B.B.I. Inc./Escopeta Oil Company, L.L.C. to acquire a 100% working interest in the mineral leases for the 17,122-acre Alexander Creek Prospects located onshore within the upper Cook-inlet Basin, Alaska, which lie along the western margin of the Sustina River drainage. This property is just southeast of the Castle Mountain Fault. It is located six to 10 miles north of the Stump Lake gas field, and 6 to 9 miles east of the Lewis River gas field, both of which have established prolific gas production. The Company is paying approximately $1.3 million to acquire the interest and must pay the entire purchase price prior to commencement of drilling. The Company's intention is to drill the initial test well to a minimum of 10,000 feet, to test the Sterling, Beluga and Tyonek formations, scheduled to be drilled in January, 2005. Management's preliminary reviews of geological and geophysical studies indicate a reasonable possibility of commercial quantities of recoverable gas reserves for this prospect. The purchase will be conditional on due diligence, agreed upon sale documentation and financing.

Further, the Company has acquired a 10% working interest in the T.E. Lane gas unit located in Freestone County, Texas, from CodeAmerica Investments, L.L.C. ("CodeAmerica") for a price of $200,000. CodeAmerica is a company owned by our President, Milton Cox. The Lane No. 1 is a 15,400-foot gas well currently in final stages of completion within the Bossier formation. The Bossier wells in this area typically independently produce at 4 to 10 MMCFD with recoverable reserves of 2 to 6 BCF after stimulation. The acquisition of this initial 10% working interest provides Altus with the option to participate in up to three more wells within this unit. To participate in these wells, Altus will have to pay its proportionate share of costs associated with its 10% working interest.

As of October 15, 2003, the address of the Company's principal executive office has changed to Suite 100, 8900 Germantown Road, Olive Branch, Mississippi 38654. Our telephone number changed to 662-893-7376 and our fax number changed to 662-893-7883.

Safe Harbor Statement

This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, that the Company will complete its acquisition of a 50% interest in certain oil and gas leases with Orbit, that leasing and permitting is currently underway on three prospect areas of the Cherokee basin, that Orbit will initiate operations to drill a test well on the first of 3 prospects by February 1, 2004, that Orbit intends to test the Cherokee coalbed methane coals and deeper formations at depth range from 1,000 to 3,500 feet, that the Company will acquire the Alexander Creek Prospects, that it will drill a test well to 10,000 feet by January, 2005, that Bossier wells in the Freestone County, Texas, area typically independently produce at 4 to 10 MMCFD with recoverable reserves of 2 to 6 BCF after stimulation and that there may be commercial quantities of oil or gas in the Company's prospects. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include general factors that affect all companies that explore for oil and gas, such as the uncertainty of the requirements demanded by environmental agencies, the impact of competitive products and pricing and general economic conditions as they affect the Company's customers, the price of oil and gas, and specific risks such as the Company's ability to raise financing for acquisitions or operations, inability to hire qualified employees in a timely manner, and the likelihood that no commercial quantities of oil or gas is found or recoverable. Readers should refer to risk disclosure of other junior oil and gas exploration reporting companies on Edgar to get an understanding of the range of risk factors that could adversely affect the Company.