Monarch Enters into Drilling Agreementadmin
Monarch Gulf Exploration, Inc., a Washington Corporation, today announced it has entered into an agreement to participate in the drilling of a test well in the North Colgrade Prospect located in Winn Parish, Louisiana. Monarch will have a 19% working interest in this project. Total drilling costs are estimated in to $374,000.
The principal targets of the well will be the First Wilcox oil sands and surrounding gas sands. The total depth for the test well is planned for 2,990 feet. The North Colgrade Prospect is approximately 1,500 acres. The first well is anticipated to be drilled by the end of this year.
The Colgrade field, three miles to the south, has produced approximately 22 MBbls (million barrels) of oil. The Joyce field, four miles to the northwest of the North Colgrade prospect, has produced 1.9 MBbls of oil from the First Wilcox Sand and 3.5 Bcf (billion cubic feet) of gas from multiple Wilcox gas sands. Mapping by Frank Davis Exploration, Inc., indicates many of the Lower Wilcox sands have untested oil and gas potential.
In other news today, Monarch announced that Williams & Webster, PS of Spokane, Washington, has completed the company audit.
R.E. “Bob” Jorgensen, Monarch’s CEO states that completing these two projects are important steps in achieving the company’s objective of maturing into an aggressive junior oil and gas exploration and production company.
Safe Harbor” Statement under Private Securities Litigation Reform Act of 1995: Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained herein contains “forward-looking statements” which can be identified by the use of forward-looking terminology such as “believe”, “expect”, “may”, “should”, “up to”, “approximately”, “likely”, or “anticipates” or the negative thereof or given that the future results covered by such forward looking statements will be achieved. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Monarch Gulf Exploration, Inc. R.E. “Bob” Jorgensen 509-465-1177 509-434-8161 cell
Source: Monarch Gulf Exploration, Inc.