PRESCOTT, Ariz., July 19 /PRNewswire-FirstCall/ -- ROCKY MOUNTAIN
MINERALS, INC. (OTC Bulletin Board: RMMI) announced today that it and its
Joint Venture partners (Strata Resources N.L. and Octanex N.L.) have entered
into an agreement with BHP Billiton Petroleum Pty Ltd ("BHP") and Apache
Energy Limited ("Apache") for the sale of a 100% working interest in WA-329-P,
a petroleum exploration permit in the offshore Exmouth Sub-basin of Australia.
The permit covers an area of 177,000 acres.
    The terms of the Agreement provide an initial cash payment of $400,000, a
deferred supplemental cash consideration of $1,000,000 contingent upon the
operator drilling a well or maintaining the property into Year 5 of the
permit, whichever first occurs, and the grant of an overriding royalty
interest ranging from 2.75% to 3.75% with respect to any future production.
    In announcing the agreement, President of RMMI, Mr. Ray Hill said, "The
sale of WA-329-P to BHP and Apache provides the joint venturers a great
opportunity to participate in an exploration program with major international
oil companies in a highly desirable and prospective area with little financial
exposure or commitment.  Beginning in 1998 several significant oil discoveries
have been drilled in the surrounding permit blocks by major companies,
including BHP, Apache and Woodside."
    RMMI and its Exmouth partners sold exploration permit WA-322-P,
immediately north of WA-329-P, to BHP in 2004 under similar terms.  WA-329-P
is currently undergoing a large, multi-permit seismic assessment.  Mr. Hill
noted, "We believe that WA-329-P will become subject to the same level of
exploration commitment and work that we are seeing performed in the
surrounding acreage."

     The Exmouth Joint Venture percentage interests are:

     RMMI, 25%; Strata Resources, 37.5%; Octanex, 37.5%

Link to this page: