Providential Subsidiary Launches Oil and Gas Operations.

LOS ANGELES -- Providential Holdings, Inc. (OTCBB:PRVH) (Berlin and Frankfurt Stock Exchanges: PR7, WKN 935160), a provider of international advisory services specializing in mergers and acquisitions, announced today that Providential Oil & Gas, Inc., which was established in 2003 as a wholly-owned

Henry Fahman, Chairman and CEO of Providential Holdings, stated, "Providential Oil & Gas is moving quickly to first launch its operations in the US and is investigating other opportunities in Vietnam and China. Petrochemicals represent a $162 billion industry in North America. The cost of oil and gas continues to rise while the pressure to find additional resources is mounting. Providential Oil & Gas stands to provide additional resources to the U.S. and Asia, while creating a unique market opportunity for the Company and its investors to benefit from a bullish worldwide energy market."

About Providential Holdings, Inc.

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A advisory services, precision cutting tools, and international markets. The Company acquires and consolidates special opportunities in selective high-growth industries to create additional value, acts as an incubator for emerging companies and technologies, and provides financial consultancy and M&A advisory services to U.S. and foreign companies. URL:www.phiglobal.com

About Providential Oil & Gas, Inc.

Providential Oil & Gas, a wholly-owned subsidiary of Providential Holdings, Inc., aims to become a premier independent oil and gas company by building a diversified portfolio of high value oil and gas assets in North America and other selective regions of the world. URL: www.prooilandgas.com

This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.