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 zone.
- 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 available.
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
Email: [email protected]
Telephone: (403) 265-9091 ext. 248
Email: [email protected]