LINDON, UT--(MARKET WIRE)--Aug 29, 2008 -- Oceanic Research & Recovery, Inc. (Other OTC:ORRV.PK - News), a marine salvage and exploration company, today announced that it is extending its permit rights with the Kirby Group LLC, at the "Kirby" site near Key West Florida through the remainder of the 2008 season.

"We've been working all summer at Kirby and this week we again engaged the services of Sonographics Inc. to perform more Mag, Sub-Bottom, and Side-scan work within a square mile area of the site while the weather permits," said William Shupe, ORR's President. "The RV Deepscan, our main research vessel, has been in excellent operating condition since April and a major asset to our search efforts. We have also cut our operating costs by approximately 60% since taking over the Key West operations."

ORR continues to search for acquisitions and other salvage contracts in conjunction with its long-term effort to build its marine research and recovery base in Key West, Florida.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements

For more information, visit ORR's website at http://www.oceanicresearchandrecovery.com or info@oceanicrandr.com.

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