Assure Energy Posts Strong Growth for 3rd Quarter.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--Nov. 20, 2003

Assure Energy, Inc. ("Assure" or the "Company") (OTCBB:ASUR-News; Frankfurt WKN: 357954, ASL) is pleased to announce it has achieved strong revenue and production growth for the nine months ended September 30, 2003. Gross revenue for the nine month period ended September 30, 2003 grew to $3,840,475 from $702,491 for the nine month period ended September 30, 2002, an increase of 446%. Effective July 28, 2003 the Company acquired a 48.5% interest in Quarry Oil & Gas Ltd., a Calgary, Canada based oil and gas company ("Quarry"). Our financial reports include the accounts of the Company and its wholly owned subsidiaries for the periods indicated and Quarry, from July 28, 2003.

For the nine-month periods ended September 30, 2003 and September 30, 2002, we had total revenues of $3,840,475 and $702,491 respectively. For the three-month periods ended September 30, 2003 and September 30, 2002, we had total revenues of $1,882,104 and $397,893, respectively. Revenues net of royalties for the nine-month periods ended September 30, 2003 and September 30, 2002 were $3,112,732 and $595,421 respectively. Revenues net of royalties for the three-month periods ended September 30, 2003 and September 30, 2002 were $1,555,357 and $362,624 respectively. The increase in revenues for the nine month period ended September 30, 2003 compared to the prior year was essentially due to the following events occurring during 2003:

-- the acquisition of Quarry,

-- increased drilling activity within our subsidiaries,

-- an increase in the price of oil and natural gas, and

-- the relative strength of the Canadian dollar against the

United States dollar.

Harvey Lalach, President of Assure stated, "We are pleased with the dramatic growth in both production and revenues. Assure/Quarry exited the September quarter with combined production of approximately 1170 boe/d. We have stated our plan to grow this company through acquisitions and through the drill bit. Clearly, acquisitions are currently effecting our corporate growth. We have however recently announced the introduction of our new proven and previously successful management team (see: http://www.assure-energy.com/news1.php) and our Fall Drilling Program (see: http://www.assure-energy.com/news2.php). Together I expect that these new factors will achieve our growth through the drill bit."

Operating expenses net of general and administrative expenses, depletion and site restoration, interest and unrealized gain on commodity hedging for the nine-month periods ended September 30, 2003 and 2002 were $1,220,316 and $167,483 respectively, and for the three-month periods ended September 30, 2003 and September 30, 2002 were $843,306 and $85,156 respectively. The increase in operating costs was primarily a result of expanded operations and increased production volumes.

Our total expenses were $4,798,412 for the nine-month period ended September 30, 2003 and $607,293 for the nine-month period ended September 30, 2002. Our total expenses for the three-month periods ended September 30, 2003 and September 30, 2002 were $2,380,820 and $266,131, respectively. The increase in total expenses was related to increased operating costs, increased depletion and site restoration expenses, increased interest expense and increased costs associated with our expanded operations.

For the nine-months ended September 30, 2003, we had a net loss of $2,083,758 or $.13 per share as compared to a net loss of $11,872 or less than $.01 per share, for the nine-months ended September 30, 2002. For the three-months ended September 30, 2003 and September 30, 2002, we had a net loss of $1,169,053 or $.07 per share and net income of $96,493, or less than $.01 per share, respectively The Company attributes the losses for the three and nine month periods ended September 30, 2003, to increased costs associated with our expanded operations including increases in general and administrative expenses, operating expenses, interest expenses and depletion and site restoration. During the three month period ended September 30, 2003, the Company incurred non-recurring costs associated with the acquisition of Quarry of approximately $340,000.

For further information please read the financial statements and footnotes included in the Company's Quarterly Report on Form 10QSB filed November 14, 2003.

ABOUT ASSURE ENERGY, INC.

Assure Energy, Inc. is a junior oil and gas exploration and production company that operates through its wholly owned subsidiary, Assure Oil and Gas Corp., and its subsidiary Westerra 2000 Inc. Assure oil and gas properties are focused in the Western Canadian Sedimentary Basin. Through Assure Holdings Limited, the Company also owns approximately 48.5% of Quarry Oil and Gas Ltd., an Alberta based junior oil and gas exploration and production company.

FORWARD-LOOKING STATEMENTS 

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, risks set forth in documents filed by the company 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.

To find out more about Assure Energy, Inc. (OTCBB:ASUR) visit our website at www.assure-energy.com.