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

Morgan Creek Energy Expands Its Ouachita Oil and Gas Lease Position With Additional Acreage

Posted on: Wednesday, 8 November 2006, 09:00 CST

DALLAS, Nov. 8 /PRNewswire-FirstCall/ -- Morgan Creek Energy Corp. (OTC Bulletin Board: MCRE; Frankfurt, Berlin: M6C) (the "Company"), has reached agreements to acquire a further 916 net mineral acres located in the immediate vicinity of its core targeted drilling area that forms part of the Company's Ouachita (Wash-A-Taw) gas and oil exploration program.

The Company has identified seven separate potential areas of exploration interest and is now leasing on the first of these targets. This additional lease acreage brings to a total an aggregate of 2,072 net mineral acres being acquired by Morgan Creek Energy in the first of the seven proprietary areas identified by the Company's Senior Geologist, Thomas Markham. A target of 7,000 to 10,000 gross mineral acres in the selected area form part of the first Ouachita gas exploration area.

As announced by the Company on November 2, 2006, Morgan Creek Energy has initiated the process of permitting a twin well for drilling on a key lease in central Texas. The Company intends to drill a single well to twin the historical well drilled pre-1923 on the property. This historical well drilled over 200 feet of natural gas shows and is within 1,000 feet of a gas pipeline. The new vertical well is expected to reach a depth of approximately 3,600 feet in order to test specific formations that management believes contain significant gas. If proven successful, gas shows in the target formations would help validate Morgan Creek Energy's precept that this property and the Company's other unique targeted areas in the Ouachita Trend hold the potential for significant untapped gas production. Morgan Creek Energy has initiated a preemptive leasing program in order to provide the Company with formidable leverage on all of the properties that it drills in the Ouachita Trend and immediate inlands.

About Morgan Creek Energy Corp.: Morgan Creek Energy Corp. is a natural resource exploration company engaged in the acquisition and development of oil and natural gas properties worldwide. For further information see: http://www.morgancreekenergy.com/

Contact North America: Investor Relations, Morgan Creek Energy Corp. Phone: 214-321-0603 Fax: 866-559-7565 e-mail: info@morgancreekenergy.com Contact Europe: International Market Trend AG Phone: 41 43 888 67 00 Fax: 41 43 888 67 09 Stock Exchange Information: Symbol: OTCBB - MCRE Frankfurt/Berlin Symbol - M6C, WKN: WKN: 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, Morgan Creek Energy Corp.,+1-214-321-0603, fax +1-866-559-7565, info@morgancreekenergy.com, or Europe,International Market Trend AG, 41 43 888 67 00, fax 41 43 888 67 09, forMorgan Creek Energy Corp.

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

Source: PRNewswire-FirstCall

More News in this Category