Montana Exploration Corp. Mobilizes Drilling Rig
Montana Exploration Corp. (“MTZ” or the “Company”) announces that the Company expects to spud the first well in its previously announced five well Shaunavon drilling program on October 22nd. The program will target five out of 27 Shaunavon prospects identified on 3D seismic on lands held by MTZ and lands under option with a large Montana based utility.
MTZ has engaged Capstar Drilling, which has previously drilled wells for MTZ and has an experienced crew in the area. Drilling time for each well is expected to be 8 to 10 days based upon a projected well depth of approximately 4,200 feet and time to move the rig.
Montana now has a land base comprised of approximately 400,000 net primarily contiguous acres in Blaine County, Montana held directly and under option with access to 3D seismic covering approximately 315 square miles. Based upon reasonable risking, Montana’s program is expected to be economic at current oil prices.
Significant potential also exists for natural gas prospects now that AECO pricing appears to have recovered above the $2.50 per mcf level. The Company is seeking financial or joint venture partners to pursue 23 gas prospects identified on 3D excluding additional opportunities in the Eagle and Judith River formations.
The long term strategic value of the Company’s lands and commercial relationships has the potential to generate significant shareholder value.
Source: Montana Exploration Corp.
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