Morgan Creek Energy to Expedite Lease Program Over Entire Ouachita Oil and Gas Target In Texasadmin
Morgan Creek Energy Corp. (OTC Bulletin Board: MCRE; Frankfurt, Berlin: M6C) (the “Company”), today announced that management intends to accelerate and expand its leasing and acquisition program on the targeted areas that form the Company’s Ouachita (Wash-A-Taw) gas and oil exploration program in central Texas. The expedited leasing initiative is designed to enlist the resources of senior oil and gas E&P companies that can participate in developing the entire scope of potential gas and oil resources in the Ouachita Trend along with Morgan Creek Energy.
The Company has identified seven separate potential areas of exploration interest and is already leasing on the first of these targets. An area of 7,000 to 10,000 gross mineral acres in the selected target region forms the first Ouachita gas exploration area.
Company geologist Thomas Markham, who oversees the program states, “The potential resource in the Ouachita is believed to be large enough that a company in our position would ideally enlist the resources of one or several large oil and gas companies as early as possible. We are now actively pursuing this strategy that can not only accelerate development, but also ensure that Morgan Creek Energy retains the opportunity to be first-in on potential production and future development.”
As announced by the Company on November 2, 2006, Morgan Creek Energy has initiated the process of permitting a twin well for drilling on a key lease in central Texas where the Company intends to drill a single well to twin the historical well drilled pre-1923 on the property. If proven successful, gas shows in the target formations would help validate Morgan Creek Energy’s precept that this property and the Company’s other unique targeted areas in the Ouachita Trend hold the potential for significant untapped gas production.
About Morgan Creek Energy Corp.: Morgan Creek Energy Corp. is a natural resource exploration company engaged in the acquisition and development of oil and natural gas properties worldwide. For further information see: www.morgancreekenergy.com