Oil-and-Gas news release. Any comments?
Re: News Release - Friday, December 10, 1999
Oil and Gas Property Acquired
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Montello Resources Ltd. has entered into an agreement to acquire a 100%
interest (no existing encumbrances) in a Petroleum & Natural Gas Lease in
the
Sturgeon Lake Area, Alberta. Consideration for the acquisition will be the
issuance of 2,250,000 shares. Patrick Power, the President of the Issuer,
has
a 15% interest in the Lease. All other parties are at arm's length.
Evaluation of extensive geological and geophysical data has identified
several drill targets. Drilling targets include a D3 Leduc pinnacle reef
buildup and a Beaverhill Lake / Swan Hills barrier reef. The isolated D3
Leduc pinnacle reef target is approximately 2 miles from a producing
pinnacle
with an original estimated 5 million barrels of recoverable oil reserves.
The
mapped pinnacle feature on Montello lands is on the same Leduc platform as
the producing pinnacle and both are located immediately in front of the
massive prolific Sturgeon Lake Leduc complex.
The Beaverhill Lake / Swan Hills barrier reef target is approximately 2/3
of
a mile from a Swan Hills discovery well with about 600,000 barrels of
recoverable oil reserves. The mapped barrier feature on Montello lands is
on
trend with and up dip (up structure) from the discovery well with
anticipated
recoverable reserves in excess of 1 million barrels of oil per well.
Panther
Enterprises Inc., an integral part of the Montello team at Sturgeon Lake,
is
responsible for the initial Swan Hills discovery.
The acquisition is subject to the approval by the Canadian Venture
Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
MONTELLO RESOURCES LTD.
Per: "Patrick Power"
PATRICK POWER, President
The Canadian Venture Exchange has neither approved nor disapproved the
information contained herein.
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Copyright (c) 1999 MONTELLO RESOURCES LTD. (MEO)
All rights reserved. For more information, please visit our
website at montello.com
or send electronic mailto:IR@montello.com
Message sent on Fri Dec 10, 1999 at 12:38:35 PM Pacific Time |
