• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

March Resources Corp. Provides Operational Update for the Spud of the Initial Pica Well

Posted on: Wednesday, 31 October 2007, 09:00 CDT

March Resources Corp. ("March") (TSX VENTURE: MCF) is pleased to provide an update on its operations on the project in Northern Chile. Originally March had anticipated a spud date in October. The drilling rig company that was initially contracted to provide the drilling rig for the program could not complete the contract as agreed, which has caused March to secure a rig from a different company. March is pleased to have secured a different drilling rig from a major Canadian oilfield services company, and to report that the rig is now being prepared for shipment to Chile. The delay in the rig shipment has caused March to reschedule the drilling program with an anticipated spud date prior to December 31, 2007.

March has completed the majority of the construction in preparation for the commencement of the drilling project, this construction included completion of 11kms of access road and the two initial drill locations. In addition, ancillary equipment, including casing, drilling fluids and testing equipment is in transport to the drill sites. All logistical operations are in place for the spud of the initial well.

About March

March is an exploration company which is focusing its resources on two exploration blocks in Northern Chile. The definitive Special Operations Contracts ("SPOC") for each of these areas gives March exclusive oil and gas exploration and development rights. The Pica North and Pica South blocks in the Tamarugal basin consist of a total of 9,500 square kms (approx. 2,500,000 acres). The SPOC outlines the exploration and development rights on the blocks, which are valid for a period of 35 years and detail the work commitments that are required for each of the two blocks.

Safe Harbour

Statements in this press release may contain forward-looking information including expectations of future operations, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

The TSX-Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release.

 Contacts: March Resources Corp. Dave Antony President and CEO (403) 531-1710 Email: dantony@marchresources.ca Website: www.marchresources.ca

SOURCE: March Resources Corp.

Source: MARKET WIRE

More News in this Category