Boyd Energy Corporation Announces Results of the Jones No. 1.

ARLINGTON, Texas--(BUSINESS WIRE)--June 21, 1999--

Boyd Energy Corporation (the "Company") (OTC BB:BECO) announced this morning that the Jones no. 1 in Caldwell County, Kentucky, has been determined a "non-commercial" well. While natural gas was encountered in the Devonian Black Shale, the quantity was not sufficient for completing the well for the purpose of selling natural gas. President of the Company, Boyd Branch, stated, "We didn't drill a dry hole; we drilled a non-commercial well. Our original plan was to complete wells that would produce a minimum of 50,000 cf (cubic feet) per day and, ideally 100,000 cf per day to meet our economic goals. The Jones no. 1 cannot do that even though there is natural gas present in the well. "

"We have learned a lot from this well," Boyd Branch reported. "The structure here is 1,900 feet high to the control well, the WW Stephens no. 1 and the hardest rock we have ever encountered. After drilling to 2,940 feet, we realized we were in a archeological anomaly known as a fold over. At some point in the geological history of the formation of this area of Kentucky it appears that possibly the plates shifted to the point of creating a lapping effect, a fold over." He continued, "We drilled through compressed rock which is why it was so hard and took so long to drill short distances."

Future plans were explained by Mr. Branch as, "Boyd Energy Corporation will now direct their drilling program away from this area of the prospect moving east to drill our second location. We have found gas, just not in commercial quantities and we expect to continue to drill until we do find what we know is here." Prior to beginning the next drill, the company plans to shoot some additional seismic to help delineate exactly where the fold over ends and will switch from a compressed air rig to a mud rig for the second drill. As soon as the second location is determined, the Company plans to continue to aggressively drill their 4,200 Kentucky prospect.

Boyd Energy Corporation is an independent oil and gas exploration and development company located at 1000 Ballpark Way, Suite 210, Arlington, Texas, 76011, Tel: [phone], Fax: [phone] or visit our Web site at www.boydenergy.com.

Forward looking statements in this announcement are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward looking statements involve risks and uncertainty. Including without limitation to the costs of exploring for the uncertainty of developing new oil and gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling and producing of oil and gas reserves, as well as general market conditions, competition and pricing.

For more information contact the Company at: 817/469-8118.