Assure's Subsidiary Quarry Oil & Gas Announces Its Exploration And Development Results.

Energy Editors/Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--March 29, 2004

Assure Energy, Inc. (OTCBB: ASURF)(Frankfurt WKN 357954 Symbol ASL) and Quarry Oil & Gas Ltd. (TSX-V: QUC) (Quarry) are pleased to announce that Quarry, Assure's 48.5 % controlled subsidiary has completed its Fall-Winter 2003 Multi Well Drilling Program in Canada's Western Sedimentary Basin.

Quarry focussed its exploration and development efforts on two principal areas of interest, the Rigel area of British Columbia and the Ribstone area of Alberta. The program comprised drilling 6 new locations, 5 new oil wells in Ribstone and 1 new gas well in Rigel and completing 2 wells drilled in the prior season, 1 oil well in Ribstone and 1 gas well in Rigel. To preserve certain lands of Quarry and enhance its reserve base, Quarry farmed out 2 gas test wells in the Currant area of British Columbia to its controlling shareholder Assure, for a prospect fee of $450,000, a commitment to drill the wells, and a convertible gross overriding royalty.

As a result of the 6 new wells drilled by Quarry, 5 new oil wells drilled in Ribstone are completed as producers and the 1 new gas well drilled in Rigel was abandoned. Both of the completion wells have been successfully brought onto production. Assure has drilled the 2 gas wells in the Current area to target depth and both wells are presently being evaluated.

In the Ribstone area Quarry drilled 5 directional oil wells off an existing well lease. Quarry completed the newly drilled 5 wells and also completed a well that was drilled and cased during the prior season. Presently all 6 wells are pumping oil at a combined production averaging 14.1 m3/day (88.7 bbls/day) from the Sparky, GP, and Lloyd formations. Quarry management is undergoing evaluations to either re-complete one well as a water injection well or drill a water injection well to increase flow rates and optimize production. Reserves from the 6 well pad are estimated by Quarry's independent engineers at 163,000 barrels recoverable of which Quarry holds a 100% working interest.

The completed gas well in the Rigel area is presently producing from the Dunlevy at an average 530mcf/day or (198 mcf/day net) and 7 bbls/day (2.5 bbls/day net) of associated natural gas liquids which has leveled off from its initial production rate of 2.5 mmcf/day in a normal decline curve associated with this structure. Quarry has a 37.5% working interest before payout, (12.5% interest after payout) in this well.

Quarry exited the year ending December 31, 2003 with 979 boe/d of production, of which approximately 33% is produced from 7 gas wells and 67% is produced from approximately 48 oil wells.

ABOUT ASSURE ENERGY, INC.

Assure Energy, Inc. is an Alberta, Canada corporation that is principally engaged in the exploration, development and acquisition of petroleum and natural gas located in Western Canada. Assure operates through its wholly owned subsidiary Assure Oil and Gas Limited and its wholly owned subsidiary Westerra 2000 Inc. Assure owns approximately 48.5% of the issued and outstanding shares of Quarry Oil & Gas Limited, an Alberta corporation, through Assure Holdings, Inc. Assure trades on the OTCBB under the symbol ASURF and also trades on the Frankfurt Stock Exchange (WKN 357954) under the Symbol ASL.

ABOUT QUARRY OIL & GAS LTD:

Quarry Oil & Gas Ltd., an Alberta, Canada corporation, is a junior oil and gas company engaged in the exploration and development of petroleum and natural gas properties located in Western Canada. Quarry's common shares trade on the TSX Venture Exchange under the symbol QUC.

FORWARD-LOOKING STATEMENT 

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.