CALGARY, Dec. 13, 2013 /CNW/ - Montana Exploration Corp. ("Montana" or the "Company") (TSXV:MTZ) is pleased to announce preliminary results of the three
vertical exploration wells it has drilled with its Denver-based joint
venture partner in Blaine County, Montana. The wells were drilled
within a 45 square mile 3-D seismic program that was conducted on a
portion of the Company's approximately 150,000 net acres on the
Shaunavon trend in Montana. The Shaunavon trend in Saskatchewan has
produced over 300 million barrels out of in excess 4 billion barrels of
oil in place.
All three vertical wells encountered live oil in the Shaunavon formation
and provide strong encouragement to Montana to proceed with a
commercial program to develop the Shaunavon. Two wells were cased to
be completed in the Upper Shaunavon. The Company has analyzed core and
log data in conjunction with an internationally recognized independent
petrophysicist with substantial experience in the Shaunavon in
Saskatchewan. Porosities, permeabilities and oil saturations are
similar to those encountered in Shaunavon wells in Saskatchewan and in
the Bowes Field located 10 miles south of Montana's current drilling.
Initial wells have been drilled vertically to evaluate the presence of
oil and it is likely that development will be conducted by drilling
horizontal wells similar to those being drilled at Bowes Field. All
Lower Shaunavon production in Saskatchewan is from horizontal wells.
Well 1 penetrated both Upper and Lower Shaunavon zones and a 5-foot
interval was perforated and the upper zone yielded an approximate
24-hour rate of 15-20 barrels (90% oil cut) unstimulated. The Lower
Shaunavon had oil shows in core and on logs over a 40-foot transition
Well 2 encountered 20 feet of Upper Shaunavon, with high oil saturation
in the core and a long transition zone with decreasing oil saturation
across the next 50 feet into the Lower Shaunavon.
Further information on test results and flow rates will be released when
About Montana Exploration Corp.
Montana is a Canadian junior oil and gas exploration and production
company focusing on the Shaunavon oil opportunities underlying its
extensive land holdings in the state of Montana. In the United States
the company operates through its wholly owned subsidiary, Montana Land
& Exploration, Inc. Montana's common shares are listed on the TSX
Venture Exchange under the trading symbol "MTZ". Additional
information regarding Montana is available under Montana's profile at www.sedar.com or at Montana's website, www.montanaexplorationcorp.com.
Forward Looking Statements
This press release contains statements that constitute "forward-looking
information" or "forward-looking" statements" (collectively
"forward-looking information") within the meaning of applicable
securities legislation. Forward-looking information is often, but not
always, identified by the use of words such as "anticipate", believe",
"expect", "plan", "intend", "forecast", "target", "project",
"guidance", "may", "will", "should" "could", "estimate", "predict" or
similar words suggesting future outcomes or language suggesting an
outlook. This forward-looking information includes, among others,
statements regarding: the Arrangement; satisfaction of the conditions
to completion of the Arrangement; ability of Waldron shareholders to
withdraw prior elections, closing of the Arrangement; and other
expectations, beliefs, plans, goals, objectives, assumptions,
information and statements about possible future events, conditions,
results of operations or performance.
Various assumptions were used in drawing the conclusions or making the
forecasts and projections contained in the forward-looking information
contained in this press release.
Forward-looking information is based on current expectations, estimates
and projections that involve a number of risks, which could cause
actual results to vary and in some instances to differ materially from
those anticipated by Montana and described in the forward-looking
information contained in this press release. Undue reliance should not
be placed on forward-looking information.
The forward-looking statements and information contained in this press
release are also affected by the risk factors, forward-looking
statements and assumptions and uncertainties described in Montana's
reports on file with applicable securities regulatory authorities and
which may be accessed on its SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors that may
affect future results is not exhaustive. When relying on our
forward-looking statements to make decisions with respect to Montana,
investors and others should carefully consider the foregoing factors
and other uncertainties and potential events. Furthermore, the
forward-looking statements contained in this press release are made as
of the date of this press release and Montana does not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law. The
forward-looking statements contained in this joint press release are
expressly qualified by this cautionary statement.
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:
For further information on Montana and the Arrangement, please contact:
Montana Exploration Corp.
Chairman and Chief Executive Officer
Telephone: (403) 265-9091 ext. 247
Telephone: (403) 265-9091 ext. 248