Creston Resources LTD Announces Closing of Mountain Oil & Gas, Inc. Asset Acquisition.

ROOSEVELT, Utah -- Creston Resources, Ltd. ("Creston" or the "Company") (Pink Sheets:CSTJ) today announced that it has successfully completed the previously announced Purchase Agreement with Mountain Oil & Gas, Inc. ("MOG") to acquire substantially all of the assets of MOG including rights in certain oil and gas leases located in the Uintah Basin of Utah. This acquisition adds approximately 8000 acres of oil and gas leases containing 19 existing wells to Creston's current properties that reside in the same basin. In total, Creston now holds interests in 46 wells with total lease holdings of just over 17,000 acres.

The new wells acquired presently average approximately 73 gross BOE/d with margin for considerable increase with recompletion work. According to Robert L. Ballou, geologist for Creston, the acquisition also includes HBP acreage that is highly prospective for drilling candidates. Most noteworthy is a drilling location in the prolific La Point area Northeast of Roosevelt, several drillable locations in the Coyote Basin Northwest of Roosevelt, a location in the Cedar Rim area West of Duchesne, and over 1600 acres in the Monument Butte area that is prospective for not only shallow Green River and Wasatch production but also for recently delineated Meseverde and Blackhawk wells. The acquisition also includes wells and acreage in the active Brundage Canyon area currently being drilled by FIML (Fidelity Investments) as part of at least a 12 well drilling program.

The acquisition, which was originally announced on December 28th 2005, is part of an ongoing restructuring and repositioning of the company. Under terms of the acquisition, Mountain Oil & Gas received 29.5 million shares of restricted common stock and retained an overriding royalty interest of up to 1.5% on the oil and gas leases that have been assigned to Creston. Creston has assumed certain liabilities of MOG and has cancelled outstanding indebtedness of MOG to Creston in the amount of approximately $189,000. Mountain Oil & Gas will be retained as the operator of record until the time Creston's wholly owned subsidiary Homeland Gas & Oil takes over those duties.

Jack Carson, President and CEO, said, "We are pleased to have closed this transaction and look forward to fully developing the acreage. This is an exciting period for our company, executing on the first of several initiatives that will add value to our shareholders. We will look to continue to make strategic decisions to bring the value of our company to the surface."

About the Uintah Basin

The Uintah Basin is one of the most petroliferous areas in the country. Oil and gas production in the Uintah Basin began in the late 1940's with major development in the 1960's and expanding in the 1970's and 1980's. Since the 1980's there has been a tremendous surge of exploration and production activity in the basin with literally thousands of wells being drilled and completed. Within the last decade discoveries using the latest oilfield technological advances, including 3D seismic methods have yielded significant discoveries in previously unproductive formations, opening up thousands of acres of the basin for exploration and development. Over 300,000,000 BO have been produced from the Bluebell/Altamont field alone, and combined total production from Duchesne and Uintah Counties in 2004 was 9,615,191 BO (65% of the total oil produced in Utah in 2004) and 146,118,755 MCF/G (49% of the total gas produced in Utah in 2004).

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve a wide variety of risks and uncertainties, including, without limitations, statements with respect to the company's strategy and prospects. Readers and investors are cautioned that the company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the company, and other factors that may be more fully described in additional documents set forth by the company. Readers are cautioned not to place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements contained in this document.