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Morgan Creek Energy Announces Planned Drilling on Oil and Gas Targeted Barnett Shale Lease in Cooke County, Texas

Posted on: Monday, 6 November 2006, 09:01 CST

DALLAS, Nov. 6 /PRNewswire-FirstCall/ -- Morgan Creek Energy Corp. (BULLETIN BOARD: MCRE, Frankfurt, Berlin: M6C) (the "Company"), announces that it has reached an agreement with Pierco Petroleum, Inc. (Pierco") of Oklahoma to drill on its "Browder" Barnett Shale Lease in Cooke County, Texas.

Under terms of the agreement, Pierco will participate in the lease and drilling with up to a 50% working interest and a 37% net revenue interest; Morgan Creek Energy retains a minimum 50% working interest and a 37% net revenue interest.

The Company expects to spud the well within the next month based on operational readiness and drilling availability. Company geologists and drilling personnel anticipate drilling a conventional vertical well on this prospect.

Management estimates the acreage could support up to three vertical wells. The area has seen significant drilling activity since the lease was acquired by the Company during this past summer. Surrounding wells in the area, including a well located approximately one-half mile to the northeast, report initial production of significant quantities of both oil and gas.

Morgan Creek Energy's Browder Barnett Shale lease is a 122.35-acre Barnett Shale oil and gas exploration lease located in Cooke County, Texas. Shale thickness from offsetting well data in the area provides estimated Barnett Shale producing zone thicknesses between 400 and 900 feet thick at depths ranging between approximately 7,800 to 8,800 feet in depth.

This drilling, in conjunction with drilling previously announced last week on its Oauchita leases, is part of the Company's strategic effort to develop a significant base of oil and gas production beginning in the last quarter of 2006.

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 worldwide. For further information see:

http://www.morgancreekenergy.com/

Symbol: OTCBB - MCRE; Frankfurt/Berlin Symbol - M6C, WKN No.: A0JL4C; ISIN: US61732R1077

SAFE HARBOR STATEMENT

THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS", AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.

EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE,""ANTICIPATE,""BELIEVE,""PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL REPORT ON FORM 10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Morgan Creek Energy Corp.

CONTACT: North America, Investor Relations, +1-214-321-0603; Europe,International Market Trend AG, +41-43-888-67-00

Web site: http://www.morgancreekenergy.com/

Source: PRNewswire-FirstCall

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