Morgan Creek Energy Expands Its Ouachita Oil and Gas Lease Position With Additional Acreageadmin
Morgan Creek Energy Corp. , has reached agreements to acquire a further 916 net mineral acres located in the immediate vicinity of its core targeted drilling area that forms part of the Company’s Ouachita (Wash-A-Taw) gas and oil exploration program.
The Company has identified seven separate potential areas of exploration interest and is now leasing on the first of these targets. This additional lease acreage brings to a total an aggregate of 2,072 net mineral acres being acquired by Morgan Creek Energy in the first of the seven proprietary areas identified by the Company’s Senior Geologist, Thomas Markham. A target of 7,000 to 10,000 gross mineral acres in the selected area form part of the first Ouachita gas exploration area.
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. The Company intends to drill a single well to twin the historical well drilled pre-1923 on the property. This historical well drilled over 200 feet of natural gas shows and is within 1,000 feet of a gas pipeline. The new vertical well is expected to reach a depth of approximately 3,600 feet in order to test specific formations that management believes contain significant gas. 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. Morgan Creek Energy has initiated a preemptive leasing program in order to provide the Company with formidable leverage on all of the properties that it drills in the Ouachita Trend and immediate inlands.
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
Contact North America: Investor Relations, Morgan Creek Energy Corp. Phone: 214-321-0603 Fax: 866-559-7565 e-mail: email@example.com Contact Europe: International Market Trend AG Phone: 41 43 888 67 00 Fax: 41 43 888 67 09 Stock Exchange Information: Symbol: OTCBB – MCRE
Frankfurt/Berlin Symbol – M6C, WKN: WKN: A0JL4C, ISIN: US61732R1077
Source: Morgan Creek Energy Corp.