International TME Resources Inc. Reports the Longtom Gas Field Possible Gas Reserves Have Been Increased By 38% to 438 BCF On TME's ORRI under VIC/P54

Dallas, Texas, (BUSINESS WIRE) Tuesday, May 16, 2006 — International TME Resources Inc. (OTC:ITME - News) is pleased to announce that the operator for VIC/P54 states that, based on the analysis of newly available seismic data, Internationally recognized consultants, Gaffney, Cline & Associates (herein called "GCA") have increased their best estimate of the Longtom Gas Field on TME's ORRI by 38% to 438 Bcf of possible gas reserves.

Since GCA's previous resource estimate in April 2005, the VIC/P54 operator has reprocessed the 3D seismic data over the Longtom Gas Field. Interpretation of this data has indicated that there is likely to be considerably more gas in the field.

GCA was recently appointed by the VIC/P54 operator's Independent Expert, Ernst & Young, to provide an estimate of resource volumes of the Longtom field. The estimated volumes are based on professional judgment and are subject to revision as a result of future operations or as additional information become available.

TME's ORRI under VIC/P54 is a "Hot" Property: Anzon Australia has lodged a $A171, 000,000 bid for its all-share takeover offer for Nexus Energy, the operator of VIC/P54. One of the main targets being sought in the attempted takeover bid is the revenue potential that exists within the Longtom gas Field on the P-54.

About VIC/P54:
The Longtom Gas Field is located in the Gippsland Basin and was discovered by BHP in 1995, but was considered sub-commercial at the time due to the lack of maturity of the gas markets and the interpreted reservoir quality. A 386+ meter gas column was intersected in the Emperor Formation in Longtom-1.

Longtom-2 was drilled in late 2004. A 400+ meter gas column was confirmed within the structure. The lower reservoir section in Longtom-2 flowed at a stabilized rate of 18-19 mmcf/day over a 12 hour period — an excellent result confirming the commercial potential of the previously untested lower reservoir section in Longtom. Longtom-3 will be a multi-purpose appraisal well seeking confirmation of the lateral extent of the lower reservoir as well as exploration of the anomaly higher in the stratigraphic column.

Should the takeover attempt fail, the operator of VIC/P54 has successfully raised $44.2 million. A portion of the capital raised will enable the operator to rapidly progress the commercialization of the Longtom Gas Field. The Longtom-3 well is currently expected to spud in the 2nd half of June 2006. TME's ORRI under VIC/P54 is located in the prolific Gippsland Basin of the Bass Strait and consists of 155,676 gross acres.

Gas Contract in Place on the VIC/P54
TME is also pleased to report that the operator of VIC/P54 has signed the Longtom Gas Sales and Toll Processing Agreement with Santos. The agreement will enable the operator of VIC/P54 to process and sell up to 350 BCF of gas over 12 years (with an option for additional 91 BCF of gas) from the Longtom Gas Field located in the Bass Strait.

The gas from VIC/P54 will be processed through Santos existing Patricia Baleen facilities near Orbost in Victoria. The Longtom Gas Sales Agreement with Santos is conditional on the successful completion of the Longtom-3 appraisal well and the operator of VIC/P54 is confident that this will be achieved.

Upon a successful completion of Longtom-3, the first gas is anticipated to flow from the Longtom Gas Field by mid 2008.

About TME:
The company has royalty interests in more than 4,651,695 acres located in two-world class petroleum basins in Australia, the Cooper-Eromanga Basin and the Gippsland Basin. Substantial holdings have been acquired in two world class petroleum basins. The Cooper-Eromanga Basin (Onshore) located in the state of South Australia and the Gippsland Basin (Offshore) located in the Bass Straits and offshore to the State of Victoria.

Offshore
The Company has acquired royalty holdings in 370,572 acres in the Gippsland Basin. This Basin contains some of the largest fields in the world and wells that are world record Producers. One well in the Halibut Field has produced 60 million bbls. of oil - a world record. Many TCF of natural gas have been produced from fields in this Basin.

Onshore
The Company has acquired royalty and working interest holdings in 4,281,123 acres in the Cooper-Eromanga Basin. To date, this Basin has produced a total of 11 Trillion cubic feet of natural gas and 450 million barrels of oil have been discovered. Since the first gas discovery in 1963, a total of 123 gas fields and 58 oil fields have been discovered.

Texas
ITME has entered into a joint venture to develop a heavy oil and natural gas project in southwest Texas. A total of 13,500 acres, more or less have been acquired in the prospect MEGA WEST AREA. Multiple Marble Falls Reefs have been mapped at a depth of 4,200 feet and a well is planned to be drilled to offset a mapped high to two old gas wells that produced .25 BCF per well. Cores will be taken in the Trinity Oil Sands at a depth of 1,000+,- feet over an interval of more than 70 feet. These cores will provide an update to previous old cores which verified the existence of the Trinity Oil Sand oil saturation. 65% oil saturation, 30% porosity and thousands of millidarcys of permeability were measured. ITME will earn a carried 30% net profits interest in the project and will manage the operation. The company's consulting geologist projects a multi-million barrel recoverable potential for the project.