NEWS

WIRES

OTHER

Summit Entertainment Approves Share Buyback Plan

Summit Entertainment Group, Inc. aspires to be a leading diversified owner and operator of multiple entertainment properties, including developments located in Las Vegas and Reno, Nevada, and in Louisiana. Summit plans lead in the entertainment professional services industry as well as in casino/entertainment operations in 2005, and it announces the approval of a plan to purchase, from time to time in the open market, up to 500,000 shares of the company's common stock over the next 12 months.

"Given our improved cash position and projected cash flows, the implementation of a share repurchase program is an excellent means to increase value to our shareholders," stated John D. Jarvis, president of Summit Entertainment Group, Inc. "This action reflects our strong belief in the fundamental value of our management, sales team and technology."

Summit Entertainment Group, Inc. plans to commence the repurchase of shares immediately and will continue such repurchases from time to time in the open market at prices and times deemed to be beneficial to the long-term interests of shareholders and the company. The timing of the purchases, the prices paid and the actual number of shares of common stock purchased will depend upon market conditions and limitations imposed by applicable federal securities laws, including the amount and timing of acquisitions. Any repurchased shares will be held as treasury stock and available for general corporate purposes.

"At current prices, we believe our stock represents an attractive investment opportunity, and this plan reflects a serious commitment to improve long-term stockholder value," added Jarvis.

About Summit Entertainment Group Inc.

Headquartered in Houston, Texas, Summit Entertainment Group, Inc. aspires to be a leading diversified owner and operator of multiple entertainment properties, including developments located in Las Vegas and Reno, Nevada, and in Louisiana. Summit Entertainment Group's press releases are available at http://www.summitentgroup.com or www.knobias.com. Additional news and information can be obtained at (281) 255-9424.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The company cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those the Company expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to the company's forward-looking statements are found in our SEC filings.

     
   President
   Summit Entertainment Group Inc.
   Tomball,    TX,    77377
   USA
   281-255-9424 ext:100 (phone)
   281-351-182 (fax)
   john@summitentgroup.com
   www.summitentgroup.com