CALGARY, Oct. 19, 2016 /CNW/ - 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.
ABOUT MONTANA EXPLORATION CORP.
Montana Exploration Corp. is an oil and gas exploration and production company focusing on the Shaunavon oil and Eagle gas opportunities underlying its extensive land holdings and drilling rights in the state of Montana. In the United States, the Company operates through its wholly-owned subsidiary, Montana Land & Exploration, Inc. The Company's common shares are listed on the TSX Venture Exchange under the trading symbol "MTZ". Additional information regarding the Company is available at www.SEDAR.com or at www.MontanaExplorationCorp.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Montana Exploration Corp.
For further information: about Montana Exploration, please contact: Charles Selby, Chairman and Chief Executive Officer or Donald Foulkes, President, by telephone at +1.403.265.9091 or by mail at 2300, 144 4th Ave. S.W., Calgary, Alberta T2P 3N4.