LETTERHEAD

               MIDLAND RESOURCES EXTENDS SUMMIT PETROLEUM OFFER

    HOUSTON, TEXAS -- Midland Resources, Inc. (NASDAQ: MRIX) and MRI 
Acquisition Corp., announced today that they have extended the tender offer to
shareholders of Summit Petroleum Corporation (OTC: SMMP).  The offer and 
withdrawal rights are extended to the new expiration date at 12:00 midnight,
Houston, Texas Time, on Thursday, September 5, 1996 (the "Expiration Date").

    Midland Resources and Summit Petroleum announced on July 18, 1996 that a
definitive agreement was signed on July 17, 1996, for MRI Acquisition Corp. to
acquire all of the outstanding shares of Summit Petroleum for $0.70 per share in
cash with the total value of the transaction at approximately $2.4 million,
including assumed debt.  MRI Acquisition Corp. commenced immediately a tender
offer for all shares of Summit Petroleum Corporation which was scheduled to
expire at 12:00 midnight, Houston, Texas time, on Wednesday, August 14, 1996,
unless the offer was extended.  An Offer to Purchase was mailed to all
shareholders of Summit Petroleum Corporation with Stock Transfer Company  of
America acting as depository for the tender offer.

    Mark Kahil, Director of Investor Relations for Midland Resources,
commented, "We were recently advised  by the transfer agent of possible delays
of the tender offer information being forwarded to Summit shareholders with 
street name and trust accounts.  These delays could result in a number of 
Summit shareholders missing the opportunity to participate in the tender offer
process.  We want to insure that all shareholders have adequate time to receive
the offer and make an informed decision."

    Midland Resources specializes in the application of advanced technology for
the exploration, development and production of natural gas and oil.  The Company
owns oil and gas interests principally in the Permian Basin of West Texas and
the Texas Gulf Coast.  The common stock of the Company trades in the NASDAQ
Small Cap Market with the symbol MRIX.