Morgan Creek Energy Corp.
Morgan Creek Energy Corp. TO ACQUIRE ADDITIONAL LITTLE CEDAR CREEK LEASE ACREAGE
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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MORGAN CREEK ENERGY CORP. OTCBB Symbol – MCRE
Frankfurt/Berlin Symbol – M6C
WKN: AØJL4C, ISIN: US61732R1Ø77
MORGAN CREEK ENERGY TO ACQUIRE ADDITIONAL LITTLE CEDAR CREEK LEASE ACREAGE
IN CONECUH COUNTY, ALABAMA
Dallas, Texas, USA – October 10, 2006 – Morgan Creek Energy Corp. (OTCBB:
MCRE, Frankfurt, Berlin: M6C) (the “Company”), has entered into an
agreement to acquire a further 385 acres of oil and gas targeted
development leases in the Little Cedar Creek Field located in Conecuh
County, Alabama from U.S. Gas Systems Inc. of Mississippi for $385,000 cash
and $385,000 in restricted stock in the capital of the Company priced at
the 30-day weighted average preceding the date of closing.
The new acreage is in addition to the Company’s 103 acres in the Little
Cedar Creek Field under acquisition first announced last month and forms
part of the 150 acres announced on September 21, 2006. The new 5-year lease
acreage is part of the Company’s expansion plans into the Little Cedar
Creek Field and the forging of a stronger working affiliation with U.S. Gas
Systems Inc. Further leases are planned with the Morgan Creek Energy’s
mandate to expand its acreage in the Little Cedar Creek Field. The Company
will own acreage in four separate sections and bring the Company’s acreage
position in the field to approximately 488 acres. Wells can be drilled on
160-acre spacing units.
Located in the Little Cedar Creek Field in Conecuh County, Alabama, the
acreage sits atop a Smackover Limestone gas drive reservoir located at
approximately 11,500 and 11,880 feet in depth. Management estimates the
field has produced 2.4MM barrels of oil and 2 BCF of casinghead gas. The
bulk of the production has been produced in the last four years. This field
has yielded only one dry hole to date.
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 in the United States. For further
information see: www.morgancreekenergy.com
Contact North America: Investor Relations, Morgan Creek Energy Corp.
Phone: +1 214-321-0603 Fax: +1 866-559-7565
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: AØJL4C, ISIN: US61732R1Ø77
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.
(c)DGAP 10.10.2006
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