Source Capital Group Announces Investment Opinion on Tyner Resources Ltd.: Initiating Coverage on Tyner Resources Ltd

Business Wire, Dec 13, 2005

SCOTTSDALE, Ariz. -- Strong Indications of Natural Gas from Palo Duro Basin

Source Capital Group Inc. ("Source Capital") announced today that it has initiated research coverage on Tyner Resources Ltd. ("Tyner" or the "company"). Source Capital has established a twelve-month price target for TIPNF of $4.00 per share. Tyner is drilling exploration wells in the in the Palo Duro Basin of the Texas Panhandle, where Pennsylvanian-aged shales exist at depths between 7,000 and 10,500 feet. These shales appear to have similar characteristics as the prolific Barnett Shale in north central Texas. The area has the potential of developing into a substantial supplier of domestic natural gas.

"Tyner's Stephens #1 well has shown significant production potential at Absolute Open Flow, and the company is now fracture stimulating the well to determine its true potential," stated Joe Blankenship, vice president research of Source Capital. "The results of the fracture stimulation of the Stephens #1, plus the test results of a second well, the Broseh #1, has led Tyner to begin the development of gas gathering and collection systems for the area. We believe that Tyner could be the first to begin commercial production from what may be a very prolific area for natural gas supply," Blankenship continued.

"Two other companies have drilled exploratory wells in the Palo Duro Basin; Vintage Petroleum (NYSE:VPI) and Bankers Petroleum (TSE:BNK), but neither has released results. Vintage continues to drill, indicating positive results from its first wells. The recent announcement that ConocoPhillips (NYSE:COP) is in discussions to buy Burlington Resources (NYSE:BR) indicates the importance that the major integrated oil companies are putting on improving the domestic natural gas supply," continued Blankenship.

Tyner's stock (TIPNF - $1.29) is selling at 5.0 times our calendar year 2007 estimate of $0.26 per share, giving it a price well below the industry average.

Our twelve month price target for Petrol stock is $4.00.

Source Capital Group: Source Capital, headquartered in Westport, Conn., provides high-quality independent investment services, removed from the typical Wall Street environment, to individuals and institutions.