HOUSTON, TX--(Marketwire - 07/15/10) - Signature Exploration and Production Corporation (OTC.BB:SXLP - News), an independent energy company engaged in the exploration, development, exploitation and acquisition of onshore oil and natural gas properties in the U.S., announced today it has received a report from its operator that drilling at Koliba Prospect Well No. 2. located in Victoria County, Texas has reached a depth of 5,802 feet. Plans are to drill to a total target depth of 6,800 feet, at which time the well will be tapped by the operator.

"Drilling operations at Koliba Well No. 2 are near complete, and we are now closer to beginning production at the well. We look forward to providing additional progress reports as soon as they become available. As it looks now, we are on schedule to tap the well no later than next week," said Steven Weldon, Chairman and CEO of Signature Exploration and Production Corp.

Signature Exploration owns a 15% working interest in the Koliba Prospect, a 173-acre lease located in the highly productive North McFadden Field near the town of Bloomington. The prospect is valued to contain $5.8 million in estimated oil and gas reserves based on current prices. The well is accessible from roads beginning at the intersection of Highway 59 and 185 in eastern Victoria County, Texas. The Company previously announced it expects to begin generating cash flows from the Koliba Prospect this summer.

About Signature Exploration and Production Corp.

Signature Exploration and Production Corp. is an independent energy company engaged in the exploration, development, exploitation and acquisition of on-shore oil and natural gas properties in conventional producing areas along the gulf coast of Texas. Management's strategy is to continue making acquisitions of select properties that have been identified as economically attractive, technically and geologically sound and have significant upside potential. Visit www.signatureexploration.com for more information.

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