Puma Energy Closes Agreement on Jumbo Prospect Venture; Exclusive Right Granted to Explore Additional Projects in Texas and Oklahoma.

Energy Editors/Business Editors

DALLAS--(BUSINESS WIRE)--May 21, 2003

Puma Energy Inc. (OTC:PUMX) today announced the closing of its agreement with DFC, LLC, of Dallas, Texas. Under this agreement, which was previously announced on April 9, DFC granted Puma the right to enter into a joint venture with DFC to purchase and fund the development of its Jumbo Prospect in Pushmataha County near Antlers, Oklahoma. The Jumbo Prospect includes approximately 2,800 net acres of leases and six vertically drilled and completed gas wells.

In addition, Puma was given the exclusive right to participate through the joint venture in an exploration and development project in the Texas Panhandle and Western Oklahoma area. Puma was also granted a right of first refusal to participate in another project that DFC is currently evaluating, which is located in the East Newark Field (one of the largest natural gas fields in the State of Texas) in the Barnett Shale trend near Fort Worth, Texas.

Puma is currently proceeding with efforts to raise up to $3,500,000 in the joint venture for the development of both projects. Due to the company's focus on onshore opportunities in North America, as of May 15, 2003, Puma has ceased its efforts in Central Asia.

The Joint Venture will be co-managed by the principals of Puma and DFC. Edward W. Blessing will continue to serve as Chairman of the Board of Puma. The principals of DFC are Gene Durkee, Robert Fowler and Paul Cheong. Background information on the principals of DFC follows:

Mr. Gene Durkee joined Phillips Petroleum Company as division drilling engineer in 1955 after graduating from the University of Oklahoma. Throughout his professional career, Mr. Durkee served as president for various corporations with expertise on exploration and drilling activities. Since 1989, he serves as president of Energy Drilling Company providing consulting services, managing oil and gas operations, operating drilling rigs and representing owners in the purchase and divesture of their capital equipment and oil and gas properties. Mr. Durkee also holds a Master's Certificate in Business from UCLA. He is a registered professional engineer, member of the Independent Professional Earth Scientist, member of the Society of Petroleum Engineers and Former Member of the Young Presidents Organization.

Mr. Robert Fowler joined Enserch Exploration, Inc., as petroleum engineer in 1958 after graduating from University of Oklahoma and later completed Harvard Advanced Management Program. He remained with the company and held various executive responsibilities for the exploration, drilling and production activities until 1991 when he retired as its Chairman. At present, Mr. Fowler is the founder and president of RGF Investments, Inc., an independent company with various private investments including oil & gas, banking, telecommunications and environmental technology. Mr. Fowler serves as director on the boards of various corporations and is a senior member of the advisory board of the College of Engineering at the University of Oklahoma. He is a past Director of Enserch Exploration, Inc., the Harvard Club of Dallas and Dallas Petroleum Club. Mr. Fowler was named a lifetime member of the Roughneck Club in 1988 - a prestigious award presented annually to an outstanding member of the oil and gas community by Lone Star Technologies in association with the Independent Petroleum Association of America.

Dr. Paul Cheong is president of Inflomax Corporation, an oil and gas investment and consultant firm. He joined Mobil Research and Development Corporation as Research Engineer after receiving his PhD in Chemical Engineering from the California Institute of Technology. During his 23-year career with Mobil, he held diversified management and staff positions in Reservoir Engineering, Research & Development, and Planning. He has worked in Nigeria, eastern and western Canada, Saudi Arabia, and various U.S. locations. Dr. Cheong elected early retirement from Mobil Corporation in 2000. He also holds BChE and BMath degrees from the University of Minnesota.

About Puma Energy:

Puma Energy Inc., based in Dallas, Texas, is an independent oil and gas exploration and development company that is targeting exploration and development projects in North America and has previously pursued projects in the Azerbaijan Republic.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:

Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.