Pegasi Completes Public Listing, Raises $10 Million, Begins Drilling

Pegasi Energy Resources Corp reported the completion of a share exchange with Maple Mountain Exploration, Inc. In connection with the share exchange, the Company changed its name from Maple Mountain Exploration, Inc. to Pegasi Energy Resources Corporation and following the completion of the share exchange, changed its ticker symbol from 'MPXP.OB' to 'PGSI.OB' to more closely represent its new corporate identity.

Michael Neufeld, the Company's President and CEO stated, "The completion of our public listing marks a significant milestone for the Company and enables Pegasi to access the breadth of the U.S. capital markets. We facilitated the public listing by successfully raising more than US$10 million from institutional and private investors and Pegasi has commenced its drilling program with the capital. I am extremely excited about the Company's growth prospects, with an established and experienced management team Pegasi is now poised to execute the next steps in its growth agenda."

The share exchange was consummated effective December 21, 2007. As a result of the share exchange, the Company has abandoned its prior business plan and operations and has adopted the business plan and operations of Pegasi Energy and has changed the address of our principal executive offices to 218 N. Broadway, Suite 204, Tyler Texas 75702 and the telephone number of our executive offices to 903-595-4139.


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