Littlefield Corporation reports fire at bingo halls

31 October 2007

AUSTIN, Texas --(PRESS RELEASE) -- Littlefield Corporation (OTCBB:LTFD) announces two of its South Carolina bingo halls were damaged by fire. The two bingo halls are located in Goose Creek in the vicinity of Charleston and are known as Beacon Beach Bingo Hall and Beacon Bingo Hall.

The fire started in the Beacon Beach Bingo Hall and appears to have resulted from an electrical problem in an icemaker. The damage to Beacon Beach Bingo is extensive.

The smoke from this fire infiltrated the adjoining Beacon Bingo Hall causing extensive smoke damage.

Restoration work is under way and it is anticipated that the Beacon Bingo Hall will reopen within two weeks while the Beacon Beach Bingo will require more extensive repairs. It is difficult to predict how long the repairs will require but it is estimated to be approximately two months.

The Company's wholly owned South Carolina subsidiaries are well capitalized and adequately insured and will be able to financially undertake these repairs and complete them with no material financial impact on the Company.

The Company has property damage, contents and business interruption/loss of rents insurance which will provide the appropriate coverage.

Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments:

"It is always troubling to have a fire at a bingo hall but it is comforting to know that there has been no personal injury and that it is unlikely that any preventive measures could have prevented this tragedy.

We will ensure that our customers are directed to out other Charleston bingo halls and that the repairs are pursued diligently. We should have the B bingo hall -- Beacon Bingo Hall -- back in operation in two weeks and the C bingo hall -- Beacon Beach Bingo Hall -- back in operation in two months.

Our wholly owned South Carolina subsidiaries are adequately capitalized and insured to deal with this situation. I appreciate all of the hard work done to respond to this emergency and the work of the fire fighters in putting out the blaze. Thank you to one and all!

We will keep you posted on our progress."

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 is a Delaware Corporation headquartered in Austin, Texas whose corporate subsidiaries are involved as licensed commercial lessor and promoter (in South Carolina only) with thirty (30) charitable bingo halls in Texas, South Carolina and Alabama. Over 100 charities conduct bingo in these charitable bingo halls and in 2006 earned $4,300,000 to fund their noble causes. These charitable bingo halls had over 3,000,000 customers play bingo in 2006. In addition, the Company owns Word of Mouth (custom catering company) and Premiere Tents & Events (party rental company).

In accordance with the safe harbor provisions of the Private Securities Reform Act of 1995: except for historical information contained herein, certain matters set forth in this press release are forward-looking statements that are subject to substantial risks and uncertainties, including government regulation, taxation, competition, market risks, customer attendance, spending, general economic conditions and other risks detailed in the Company's Securities and Exchange Commission filings and reports.