DALLAS, Dec. 15 /PRNewswire-FirstCall/ — Morgan Creek Energy Corp. (the “Company”) (“Morgan Creek”) (OTC Bulletin Board: MCKE; M6C1-Frankfurt) plans to spud the first well, known as the Nowlin #1-19 well, on the North Fork 3-D Prospect in Beaver County, Oklahoma during the week of January 17, 2010.
According to an Amended Agreement signed on December 1, 2009 between Morgan Creek and Bonanza Resources (“Bonanza”), Morgan Creek has an option to acquire a 70% working interest in Bonanza’s 85% working interest (a 59.50% net working interest) in the Prospect, up to October 28, 2010.
The Nowlin #1-19 well is the first well to be drilled on the property based on seismic data and proximity to existing oil production from the Morrow A and B Sand channels identified by geologists. Under the proposed AFE, the projected dry hole and completion expenditures are approximately US $950,000 to a total depth of approximately 8,700 feet.
Morgan Creek Energy has arranged to finance drilling and completion costs with two partners who will pay 67% of the costs of the first well. Morgan Creek will pay 33% of the drilling and completion costs.
Company President, Peter Wilson states, “We are set to spud the first of what could potentially be many wells on the North Fork 3-D Prospect. Management is confident that this well will provide results showing the potential of the Morrow Sands using state of the art, AVO 3D interpretive seismic data.”
Morrow A and B Sands in this region have been shown to produce between 300 and 500 barrels of oil per day.
Morgan Creek has an exclusive right to drill and complete one well on the Prospect to earn its 70% working interest in the entire 5,600-acre Prospect.
About Morgan Creek Energy Corp.:
Morgan Creek Energy Corp. is a natural resource exploration company engaged in the acquisition and development of strategic oil and natural gas properties. For further information see: www.morgancreekenergy.com
Symbol: OTCBB – MCKE; Frankfurt/Berlin Symbol – M6C1, WKN No.: A0QYTM; ISIN: 61732R 206
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SOURCE Morgan Creek Energy Corp.