ABC Funding, Inc. Hires Jim B. Davis as Senior Vice President of Operations and Provides Operations Update

  
    
  
  
    
      ABC Funding, Inc. ("ABC" or the "Company") (OTCBB:AFDG) announced today 
      that it has hired Jim B. Davis as its Senior Vice President of 
      Operations and provides an operations update of its Duval County, Texas, 
      properties acquired in September 2008.
    
    
      Jim B. Davis, age 46, has over 21 years' experience with major and 
      independent E&P companies. From September 2007 until joining ABC 
      Funding, Inc. on October 1, 2008, Mr. Davis served as an independent 
      consulting drilling engineer for Apache Australia Ltd., designing wells 
      in the Gippsland and Carnorvoran Basins located offshore Australia, and 
      for El Paso Corp., designing and drilling high pressure/high temperature 
      wells in Duval, Lavaca, Starr and Hidalgo counties of South Texas, as 
      well as supervising two to three drilling rigs. From April 2002 until 
      his resignation in August 2007, Mr. Davis held positions of increasing 
      responsibility as manager, vice president and senior vice president of 
      engineering and operations for Goodrich Petroleum Corp. (NYSE:GDP). The 
      company’s areas of focus were onshore 
      Louisiana and Texas. Mr. Davis was instrumental in growing Goodrich, 
      both through increased reserves and cash flow, during his tenure at 
      Goodrich. From May 2001 until March 2002, Mr. Davis consulted as the 
      senior drilling engineer (and acting drilling manager during the Forest 
      Oil acquisition) for Forcenergy, Inc. and from January 2000 to May 2001 
      was responsible for Forcenergy’s daily 
      drilling and engineering activities for its Gulf of Mexico projects. 
      From November 1987 until December 1999, Mr. Davis held various 
      production, development and drilling engineering positions with Texaco 
      E&P, Inc. in fields throughout Southeast Louisiana and the Gulf of 
      Mexico. Mr. Davis is a licensed Professional Engineer in the States of 
      Louisiana and Texas and received a Master of Engineering Degree and a 
      Bachelor of Science Degree in Petroleum Engineering in 1987 and 1985, 
      respectively, from Louisiana State University.
    
    
      Robert P. Munn, Chairman and Chief Executive Officer, stated, “We 
      are extremely pleased that Jim has joined our senior management team. 
      His extensive background in the areas of production, operations and 
      drilling serve as an integral part for our development of our South 
      Texas properties recently acquired in the Voyager Gas Corporation 
      acquisition.” Mr. Munn went on to say, “Jim 
      has hit the ground running and is preparing procedures to immediately 
      increase production from our South Texas properties, either through 
      performing mechanical repairs of idle wellbores or adding additional 
      reserves through recompletions to currently non-producing formations in 
      other wellbores identified as proved non-producing reserves.”
    
    
      Pursuant to the Company’s third party 
      independent reservoir engineering report, the Company has identified 
      drilling opportunities for six proved undeveloped locations and seven 
      probable locations. Total estimated capital expenditures for drilling of 
      these 13 wells are $11.7 million. The Company expects to fund these 
      above described recompletions and drilling opportunities through a 
      combination of cash flow from the Duval County properties and borrowings 
      under the Company’s CIT USA Inc. credit 
      facility. The Company anticipates it will drill a total of four of its 
      proved undeveloped and probable well locations prior to its fiscal year 
      end of June 30, 2009.
    
    
      FORWARD-LOOKING STATEMENTS: This document includes forward-looking 
      statements. Forward-looking statements include, but are not limited to, 
      statements concerning estimates of expected drilling and development 
      wells and associated costs, statements relating to estimates of, and 
      increases in, production, cash flows and values, statements relating to 
      the continued advancement of the Company’s 
      projects and other statements which are not historical facts. When used 
      in this document, the words such as “could,” 
      “plan,” “estimate,” 
      “expect,” “intend,” 
      “may,” “potential,” 
      “should,” and 
      similar expressions are forward-looking statements. Although ABC 
      Funding, Inc. believes that its expectations reflected in these 
      forward-looking statements are reasonable, such statements involve risks 
      and uncertainties and no assurance can be given that actual results will 
      be consistent with these forward-looking statements. Important factors 
      that could cause actual results to differ from these forward-looking 
      statements include the potential that the Company’s 
      projects will experience technological and mechanical problems, 
      geological conditions in the reservoir may not result in commercial 
      levels of oil and gas production, changes in product prices and other 
      risks disclosed in the Company’s Annual 
      Report on Form 10-KSB filed with the U.S. Securities and Exchange 
      Commission.