Morgan Creek Energy Corp.
Morgan Creek Energy Corp. ANNOUNCES PLANNED DRILLING ON OIL AND GAS TARGETED BARNETT SHALE LEASE IN COOKE COUNTY, TEXAS
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 ANNOUNCES PLANNED DRILLING ON OIL AND GAS TARGETED
BARNETT SHALE LEASE IN COOKE COUNTY, TEXAS
Dallas, Texas – November 6, 2006 – Morgan Creek Energy Corp. (OTCBB: 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
whereby 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 Ouachita 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: www.morgancreekenergy.com
Symbol: OTCBB – MCRE; Frankfurt/Berlin Symbol – M6C, WKN No.: AØJL4C; ISIN:
US61732R1Ø77
Contact North America: Investor Relations
Tel.: +1 214-321-0603
Contact Europe: International Market Trend AG
Tel.: +41-43-888-67-00
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 06.11.2006
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