Apollo Resources International Announces Stock Purchase and Sale Agreement to Acquire Russian Oil Production Company.

DALLAS -- Apollo Resources International, Inc. (OTCBB:AOOR) today announced that through a stock purchase and sale agreement, it will acquire 100% of JSC Kaliningradneft, an oil production company based in Kaliningrad, Russia. The parties have executed the agreement which, subject to final due diligence, is expected to close in early March of this year.

Kaliningradneft is currently producing 32,000 barrels of oil per month that fulfill annual European Union purchase contracts, with annual gross revenues of approximately $15 million (based on current European market prices). Kaliningradneft holds a 25 year exclusive exploration and production license from the Russian government that covers approximately 300 square kilometers in the Kaliningrad region. Kaliningradneft has C1 certified oil reserves of 600,000 tons or 4.32 million barrels.

"We will be working closely with our new Russian partners over the next several weeks, and anticipate a long and prosperous relationship," stated Apollo CEO, Dennis McLaughlin. "This acquisition is consistent with the company's strategy of gaining access to long-term reserves with significant development potential."

Apollo Chief Operating Officer, Wayne McPherson, stated, "We look forward to collaborating with our technical and operations counterparts over the coming weeks to share ideas, improved equipment and drilling techniques, and best practices from our respective countries to cut costs and enhance production."

Apollo Resources International is a public energy company focused on the acquisition and development of upstream oil & natural gas production assets. Additionally, the Company evaluates and develops existing and future alternative energy sources.

This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.