Oncolin Therapeutics Inc. announced that it has identified its prospect to date located in Cameron Parish, Louisiana with a potential of 3,000,000 gross barrels of oil reserves and 30Bcf of natural gas reserves. The company anticipates beginning the field study within the next two weeks which includes evaluating drilling locations and possible re-entries. Upon a successful outcome of the field study the company will begin the lease acquisition phase. The company is continuing to build its prospect inventory and focus on developing or 'rehabbing' fields that provide the best economics taking the current oil & gas prices into consideration and also the ability to procure the necessary leases. The company will prioritize the leasing and development of these fields after conducting field studies and securing the necessary funding to proceed.

Oncolin Therapeutics Inc. announced that it has identified a second prospect located in Singer, Louisiana that has over 2,000,000 barrels of potential oil reserves. The company will initially pursue the acquisition of leaseholds that cover up to approximately 1,000 acres in Singer, Louisiana. The potential future gross revenue of this prospect equates to more than $100,000,000 based upon oil and gas prices if successful. There are several wells located within this target area that have produced oil but were shut-in due to mechanical problems. Oncolin will initially evaluate the viability of re-entering the existing well bores which is traditionally much less than drilling new wells. The company is continuing to build its prospect inventory however the company will focus on developing or 'rehabbing' fields that provide the best economics taking oil & gas prices into consideration and also the ability to procure the necessary leases. The company will prioritize these fields after doing field studies and securing the necessary funding to proceed. This prospect is in line with the company's new focus of developing existing well bores and re-entering wells behind existing pipe to produce oil and gas. This allows the company to reduce costs and generate substantial higher investment returns and also minimizes the risks and high capital costs typically associated with drilling new wells. The company accomplishes this by employing the latest seismic, directional drilling, logging, and completion technologies.

On 02/17/2009, Oncolin Therapeutics, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.