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Littlefield to acquire Texas corporations

AUSTIN, Texas -- (PRESS RELEASE) -- Littlefield Corporation (OTCBB:LTFD) announces that it is in the process of acquiring the stock of three Texas corporations who each own a grandfathered commercial lessor license for its charitable bingo operations in Texas. These acquisitions are being made subject to definitive agreements with the sellers.

The acquisition of a grandfathered commercial lessor license in Texas is made by a series of corporate actions in conformance with the requirements of the Bingo Enabling Act. It is a complicated and time-consuming process. In the end, a wholly owned corporate subsidiary of Littlefield Corporation will own each of the grandfathered commercial lessor licenses.

Jeffrey L. Minch, President and CEO of Littlefield Corporation, made the following comment:

"The acquisition of these licenses will enable us to take advantage of current growth opportunities in Texas which we have already identified and which have passed our initial screening.

"We currently own or are acquiring a total of eight commercial lessor licenses and expect to put them all to use in CY 2008.

"We must first acquire sufficient licenses to support our plans and then negotiate leases for new locations.

"We have previously indicated that two of these licenses will be put to work in San Angelo and the Rio Grande Valley.

"As we enter into letters of intent and sign leases for new locations, we will make the appropriate public announcements."

Investors are always cautioned to be careful in drawing conclusions from a single press release, the Company's performance in a single quarter or the individual opinions of any member of the Company's management in making their individual investment decisions.

Littlefield Corporation, acting through appropriately formed and licensed corporate subsidiaries, is the largest owner of charitable bingo halls in the United States, with a total of 31 bingo halls in Texas, South Carolina, Alabama and Florida.

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