2009-04-09-2009-04-06

To buy two properties in TX, gaining 130 BO/d.

Chancellor Group Inc., Pampa, Texas, (OTCBB: CHAG) plans to acquire two producing properties in Texas from an undisclosed seller for an undisclosed price. The first property produces up to 30 barrels of oil per day, and the second property produces 100 barrels per day. Chancellor chairman and chief executive Maxwell Grant says, "We believe both have good upside oil and gas potential, subject to completion of our evaluation of these properties. No one is pretending that financing such properties in this climate will be easy, but we believe it may be possible without impacting our current operations, although there is no assurance that this will be the case."