Palisades Petroleum Corporation: Additional Property in Montana, USA
Palisades Petroleum Corporation is pleased to announce that it has expanded its shallow natural gas exploration program in Northwest Montana, USA.
Effective July 24, 2006, the Company entered an agreement to acquire a 50% working interest in more than 3,900 acres in the Highwood Prospect from Zone Exploration, Inc. (Billings, Montana). The new prospect will target shallow natural gas from the Bow Island formation.
In addition, Palisades signed a Joint Operating Agreement appointing Cline Production Company as the operator for the Highwood Prospect. Cline is also the operator of the Company’s North Buffalo Prospect.
Palisades and its drilling partners, Cline Production Company (27.5%), PBP Resources, LLC (20%) and Brave River Production, LLC (2.5%), will drill a 1,350 foot well to target the 4th Bow Island sand formation at a pre-determined engineered location on the new prospect. This well will be drilled concurrently with the Company’s North Buffalo Prospect well, which will target the 1st Bow Island sand at a shallower depth.
With the acquisition of the Highwood Prospect, Palisades now has an interest in more than 6,800 leasehold acres in an area targeting shallow natural gas. In addition to the Bow Island sands, the regional area also has potential for natural gas in the deeper Dakota formation and potential for oil in the deeper Swift and Madison formations.
Palisades Petroleum Corporation continues to be an attractive proposition for investment dollars, which shall be required to further the scope of drilling operations as the company moves forward with its plan to drill and complete a number of producing wells in the Rocky Mountain Region of the United States of America.
Further information on the progress of the Companies activities will be presented on a timely basis.
Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and seismic reports; the ability to close the acquisition of Oil and Gas exploration properties, 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. More information is included in Palisades Petroleum Corporation filings with the Pink Sheets LLC and may be accessed at http://www.pinksheets.com.
Contacts: Palisades Petroleum Corporation Leslie Rutledge President (702) 948-0659 lrutledge@palisadespetroleum.com
www.palisadespetroleum.com
