March 28, 2001

Press Release

MBN ANNOUNCES RECEIPT OF SALTFLEETBY PAYMENT

Middlefield Bancorp Limited ("MBN") is pleased to announce that it has received approximately $12 million from Roc Oil Company under the Saltfleetby payment agreement. This amount is the maximum payable by Roc, reflecting the fact that the Saltfleetby onshore gas field has turned out to be substantially larger than originally estimated. In addition, MBN has acquired the remaining shares of 2M Energy Corp. pursuant to the compulsory acquisition procedures and now owns 100% of 2M.

As a result of these significant developments, publication of the first quarter results will be delayed by one week until April 6th, 2001.

W. Garth Jestley
President