OKLAHOMA CITY, April 20 /PRNewswire-FirstCall/ -- The Beard Company (OTC Bulletin Board: BRCO) today announced that Beard Dilworth, LLC ("BDLLC"), a subsidiary of the Company, has purchased the properties comprising the Dilworth Field in Kay County, Oklahoma, for a total consideration of $1,695,000. Herb Mee, Jr., President of The Beard Company, reported that a Company subsidiary, Beard Dilworth, LLC, closed on the purchase of the Dilworth Field on April 17, 2009. The properties purchased are situated in Sections 17, 18 and 20, Township 28 North, Range 1 East in Kay County, Oklahoma. It has been estimated that the Dilworth Field has produced more than 70 million barrels of oil since the discovery well was completed in 1910. A reservoir study by one of America's most highly respected engineering firms has estimated that the Field should be capable of producing an additional 3.4 to 4.4 million barrels of recoverable oil from the Arbuckle Formation by utilizing high volume extraction ("HVE") technology. BDLLC's targeted rate of fluid recovery for the project is approximately 220,000 barrels of fluid per day with an anticipated hydrocarbon yield of 1% to 2%. BDLLC is currently in the process of raising $7,000,000 from private investors to finance the purchase of the Dilworth Field and complete its contemplated development program. Those investors who contribute the initial $2,000,000 of capital to BDLLC will receive a 3.5-to-1 return ($7,000,000) before payout ("BPO"); the investors contributing the next $5,000,000 will receive a 3-to-1 return ($15,000,000) BPO. After payout ("APO") of the $22,000,000, the investor group will own 40% of BDLLC, the Company will own 10%*, and Subsurface Minerals Group LLC ("SMG"), the former owner (which has approximately $10,000,000 invested in the Dilworth Field), will back in for 50%. *The Company will actually own a 10% interest BPO by virtue of its $700,000 capital contribution to BDLLC, and 14% APO as a result of its 10% back-in plus its 4% APO interest on its $700,000 investment. Under the contemplated development program, BDLLC plans to drill five shallow wells to test several upper zones in the Field that it believes will be productive. It then plans to purchase two disposal wells already in place in the field that were not part of its initial purchase, drill two large-bore production wells and one additional disposal well, and start injecting water into the Arbuckle Formation. If, as anticipated, BDLLC achieves or exceeds its targeted injection and recovery rates, it estimates that the $22,000,000 payout will occur during 2010 based upon an oil price of approximately $50 per barrel. "Now that BDLLC has purchased the field, we expect to move forward quickly to raise the remaining $5,275,000 needed to complete the contemplated development program," noted Mee. "Both Bill Beard and I believe that the Dilworth Field is the best, and has the most upside potential relative to the investment required, of any oil deal we've ever seen. The primary reason we sold McElmo Dome was to provide the funds to increase our interest in the Dilworth Field, where we believe there is an opportunity for a far greater return on our investment. We believe that the purchase and development of the Dilworth Field will play a key near-term role in the major turnaround that is underway at our Company, and a fitting adjunct to the longer-term potential we believe exists in our Geohedral investment." About The Beard Company The Beard Company creates, acquires, and/or invests in businesses that management believes have high growth and/or above-average profit potential and can enhance shareholder value. The Company will from now on be involved in oil and gas activities; coal reclamation activities; e-commerce activities conducted through its starpay(TM) subsidiary; and minerals exploration and development through its Geohedral investment. The Company is headquartered in Oklahoma City and its common stock trades on the OTC Bulletin Board under the symbol "BRCO". Forward-Looking Statements This document may include statements that constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect", "anticipate", or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the ability to negotiate and execute contracts in connection with the Company's coal reclamation activities; the outcome of a lawsuit against Visa; future trends in commodities prices; financial, geological or mechanical difficulties affecting Beard Dilworth's or Geohedral's planned geological work programs; uncertainties surrounding estimates of mineralized material; and other risks associated with the Company's business. By making these forward-looking statements, Beard undertakes no obligation to update these statements for revisions or changes in the future. For Additional Information, Please Contact: Herb Mee, Jr., President, at (405) 842-2333 or via email at or RJ Falkner & Company, Inc., Investor Relations Counsel, at (800) 377-9893 or via email at DATASOURCE: The Beard Company CONTACT: Herb Mee, Jr., President of The Beard Company, +1-405-842-2333, ; or RJ Falkner & Company, Inc., Investor Relations Counsel, 1-800-377-9893,

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