Montello Resources et al Ramp up To Drill Morgan Highpoint #5 Test Well; Commence Logging of John Bowen #1 and #2 Test Wells
09 Abril 2008 - 9:35AM
Marketwired
CALGARY, ALBERTA ("Montello") as Operator of the Morgan
Highpoint Project, is pleased to announce that the Company has
received regulatory approval to drill the Morgan Highpoint #5 Test
Well.
The surface lease has been acquired and surveyed and
construction of the drill pad location is being completed. The goal
is to spud the Test Well as early as Monday, April 14, weather
permitting.
The Morgan Highpoint #5 Test Well will be drilled on a parcel of
land recently acquired as part of the Morgan Highpoint Project and
is strategically located between the Morgan Highpoint #3 Discovery
Well and the Howard White #1 Well.
The Morgan Highpoint #5 Test well offsets the Morgan Highpoint
#3 Discovery Well and the Morgan Highpoint #4 Test Well.
The interests are as follows: Montello, as operator, pays 15% of
the costs to earn a 35% interest and its JV Partners; Austin
Developments Corp. - TSXV Symbol "AUL", pays 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"/Frankfurt "3P2" pays 5% of the costs to
earn a 5% interest.
The Morgan Highpoint #3 Well logs have been reviewed and the
Morgan Highpoint #4 Test Well is logged and being evaluated by our
geo-scientists. Schlumberger is performing the cased hole logging
of both the John Bowen #1 and #2 Test Wells today. Completion plans
will be finalized once the logs for the Morgan Highpoint #4 Well
and John Bowen #1 &, #2 Wells have been analyzed.
Please refer to our web-site at www.montello.com to view photos
recently posted of the Morgan Highpoint # 3 Discovery Well. For
more information on the Morgan Highpoint Project, see our News
Releases posted on www.sedar.com and www.montello.com.
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 Northern Alberta, engaged in deep high impact
drill projects in southern Alberta, as well as high impact oil and
gas exploration "hunting for elephants" in the Tennessee
Appalachians.
ON BEHALF OF THE BOARD OF DIRECTORS
William R. (Bill) Cawker, President-CEO
Visit www.montello.com for ongoing updates & have your name
included on our mailing list.
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 Email: bill_cawker@montello.com
Montello Resources Ltd. Larry Myles (604) 408-7600 Email:
lmyles@montello.com Website: www.montello.com
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