Montello Suspends Drilling Operations After Encountering Hydrocarbons in Morgan Highpoint # 3 Test Well, Morgan County Tennessee
10 Março 2008 - 1:01PM
Marketwired
CALGARY, ALBERTA announces that the participating interests in
the Morgan Highpoint # 3 and # 4 Test Wells are as follows:
Montello, as Operator, is paying 15% of all costs associated with
both the Morgan Highpoint # 3 and # 4 Test Wells to earn a 35%
interest in the associated production spacing units. Austin
Developments Corp. (TSX VENTURE: AUL) is paying 20% of the costs to
earn a 30% interest, Blackrock Petroleum Corp. (OTCBB: BRPC) is
paying 60% of the costs to earn a 30% interest and Park Place
Energy Corp. (OTCBB: PRPL) is paying 5% of the costs to earn a 5%
interest.
The Morgan Highpoint # 3 Test Well, located in Morgan County,
Tennessee is strategically located approximately one mile west of
the John Bowen # 1 & # 2 Wells and one mile north-west of the
Howard White # 1 Well. From a geological standpoint this is
significant as the Howard White # 1 Well, that was drilled in 2002,
resulted in a Blowout flowing over 500 barrels / hour of light
crude oil (12,000 barrels of oil per day for two days) before being
capped. Environmental and legal issues relating to the Blowout have
to date precluded the re-drilling of the Howard White # 1 Well.
After encountering hydrocarbons below the intermediate casing in
the Morgan Highpoint #3 Test Well, as a precautionary measure,
Montello has secured the well and suspended operations. The
drilling rig has been released and moved to the Morgan Highpoint #
4 Test Well location. Montello is now mobilizing additional safety
and under balanced equipment to be placed on the Morgan Highpoint #
3 Test Well after which drilling operations will recommence.
Montello and the joint venture partners are encouraged to have
encountered hydrocarbons in the Morgan Highpoint # 3 Test Well.
Although we cannot definitively state that we have a commercial
well, we are pleased with the results that have been encountered in
the Morgan Highpoint # 3 Test Well to date. It is anticipated that
the Morgan Highpoint # 4 Test Well will spud this week once all
regulatory approvals are in place.
About Montello Resources Ltd.
Montello Resources Ltd. (TSX VENTURE: MEO), www.montello.com, is
an emerging, publicly traded company listed on the TSX Venture
Exchange in Canada. Montello is pursuing shallow oil and gas
opportunities in Alberta and engaged in drilling high impact oil
and gas exploration prospects "hunting for elephants" in the
Tennessee Appalachians and in Alberta.
ON BEHALF OF THE BOARD OF DIRECTORS
William R. (Bill) Cawker, President-CEO
Visit www.montello.com for ongoing updates & have your name
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Reader Advisory: This news release contains certain
forward-looking statements, including management's operations and
capital expenditures and the timing thereof, that involve
substantial known and unknown risks and uncertainties, certain of
which are beyond the Corporation's control. The Corporation's
actual results, performance or achievements could differ materially
from those expressed in, or implied. Investors are cautioned that
forward-looking statements are inherently uncertain and involve
risks and uncertainties that could cause actual results to differ
materially. There can be no assurances that future developments
affecting Montello will be those anticipated by management.
Furthermore any forward-looking statements contained in this news
release are made as at the date of this news release and the
Corporation does not undertake any obligation to update publicly or
to revise them whether as a result of new information, future
events or otherwise, except as may be required by applicable
securities laws. We Seek Safe Harbor.
"BOEs may be misleading, particularly if used in isolation. A
BOE conversion ratio of 6 Mcf: 1bbl is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the
wellhead."
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Montello Resources Ltd. William (Bill) Cawker
President - C.E.O. (604) 408-7600 or (604) 649-0080 Email:
bill_cawker@montello.com Montello Resources Ltd. Larry Myles (604)
408-7600 or (604) 649-0080 Email: lmyles@montello.com Website:
www.montello.com
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