BPK Resources, Inc. Announces the Completion of an Additional $1.3 Million in Equity Financing Bringing the Total Capital Raised to $2.8 Million for Funding of Oil and Gas Projects.

Business Editors

HOUSTON--(BUSINESS WIRE)--Jan. 24, 2003

BPK Resources, Inc. (OTC: BPKR) ("BPK") today announced that during the fourth quarter of 2002 it completed equity financings totalling in excess of $1.3 Million.

These financings, in addition to the $1.5 Million in convertible debt raised previously by BPK have been utilized for the acquisition and development of BPK's oil and gas projects, including the acquisition of its interests in Louisiana Shelf Partners, Phu Horm, CSR-WAHA Lockridge Partners and CSR-Hackberry Partners.

A summary of the projects and interests which BPK has acquired are as follows:

Hackberry Sands. BPK owns an approximate 20% interest in this project, drilled in joint venture with Oscar Wyatt, located in Jefferson County, East Texas. Two wells have been drilled so far on this project which are both producing gas and oil. A third well will be drilled in early 2003, which is expected to be the most significant producer of the three wells drilled.

Phu Horm. BPK owns an approximate 2% working interest in Phu Horm, a deep gas development project located in North East Thailand, operated by Amerada Hess. The project initially contained proven gas reserves in excess of 300 billion cubic feet of gas (as reported by Netherland Sewell) and a development well was drilled by Hess in 2002 to prove up additional reserves. Drilling of the development well is still underway with results expected by April, 2003.

Waha Lockridge. BPK owns a 12.5% working interest in this project, operated by Tom Brown, Inc., located in West Texas. Tom Brown, Inc. will drill two horizontal wells in the Devonian formation at 12,200 feet. The first well has been drilled with results expected to be confirmed shortly.

Louisiana Shelf Partners. BPK has a 9.5% interest in Louisiana Shelf Partners, L.P., a partnership which owns a shallow and deep gas prospect located on 1200 acres in Cameron Parish, Louisiana. This project is being undertaken in conjunction with Louisiana Coastal Exploration, Inc., a company whose principal has over 35 years of experience with Gulf Oil, Shell and LL&E in the exploration and development of onshore and offshore fields in Louisiana. The partnership has initially targeted potential reserves of approximately 450 billion cubic feet of gas in its initial exploration well. The drilling of the first well should be completed by April 30, 2003.

This release contains certain forward-looking statements regarding potential future events and developments affecting the business of the Company.

These forward-looking statements involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the company to be materially different from the future results, performance, achievements or other expectations expressed or implied by these forward-looking statements