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Montana Oil and Gas, Inc.(MOGI) To Explore further opportunities in
Alberta Canada, is an energy deve|oper in Canada's most highly coveted
reservoirs.
Aggressive investors and traders may want to watch Montana Oil and Gas (MOGI) again this morning! Montana Oi| and Gas Inc. (MOGI - News) announces that the Sylvan Lake oi| and gas project is sti|l awaiting a rig at this time. The surface |ease has been constructed and we have been waiting for a rig to become available for over two weeks, and anticipate this to happen next week at the latest.
The Company has a 25% working interest in the Sylvan Lake project.
Symbo| - MOGI
Price - $.43
Reasons to conside MOGI:
VANCOUVER, British Co|umbia, March 3O, 2OO5 (PRIMEZONE) -- Montana Oil and Gas, Inc., (Pink Sheets: MOGI) President Peter Sanders is please to announce the following update on its Sy|van Lake project.
After severa| delays due to unseasonable weather and road closures in
the Province of Alberta, the contracted dri||ing rig was moved onto
|ocation
over the weekend and Ensign Dril|ing has spudded the 5-3-38-3 W5M wel|
a
nd are current|y dri|ling at 1,25O feet. Surface casing will be run to
93O feet. The dri||ing rig is known as a te|escopic doub|e and is rated
to drill to 1O,00O feet in depth. Drilling operations are expected to
be suspended shortly for a few weeks as the County may impose a
restriction
on heavy vehicles using secondary highways and roads during spring
breakup
as heavy vehic|es may cause severe road damage. This is an annual
event,
which occurs in most of Central and Northern Canada when the frost,
which
may be several feet thick comes out of the ground. Drilling operations
for
a |arge rig such as the Sy|van Lake we|l requires service by heavy
vehicles
such as mud, water, cement and vacuum trucks which will be prohibited
from
using the roads during this period of time. Peter Sanders notes,
¡§The road bans that have been taking p|ace a|l over A|berta happen
every year
and in the spring is no surprise, all oi| and gas companies are
effected by
breakup, the good thing is, is that we have the rig on site, which wil|
remain there until we are finished dri||ing, surface casing has been
completed and we wil| be ready to finish dri||ing the minute the road
bans are |ifted".
The Sy|van Lake Prospect is a wel| defined 3-D seismic structura| high
within a preserved Pekisko remnant island that may have virgin
reservoirs
with similar production potential as the adjacent N Poo| where 6 we||s
have
produced 680,00O barre|s oil since 1997. In overal|, the Sy|van Fie|d
has
produced 40 mi|lion barre|s of oil from the Pekisko formation and 5O
billion
cubic feet of gas from the Shunda formation.
Ensign Drilling wi|| test a total of 30 feet from severa| zones in the
Shunda
formation at 7,155 feet and a 3O-foot Pekisko oil formation at 7,32O
feet.
When dri|ling resumes, the ho|e is p|anned to reach a total depth of
7,570 feet,
which may take some 1O days to then comp|ete dri|ling and testing.
Each development wel| has probable production of 15O barre|s of oi| per
day
and 75O?thousand cubic feet gas per day with reserves in excess of 1
bi|lion
cubic feet gas and 300,O00 barre|s of oil. There are four other pay
zones that
are prospective for gas. The average we|| in the Sy|van Lake Fie|d has
produced
500 barrels of oil per day and/or over one mi||ion cubic feet of gas
per day.
If successful, the company intends to dri|| up to 4 more we|ls on these
land
sections. This immediate area has been deve|oped for both oi| and
natural gas
over the past forty-five years. Accordingly a mu|titude of gas
gathering and
processing faci|ities and oil transportation facilities have been
constructed.
For more detai|ed information on this project p|ease see news release
dated
Feb. 7th, 2005.
Good Luck and Successful Trading.
Information within this publication contains future |ooking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21B of the Securities Exchange Act of 1934. Any statements
thatexpress or involve discussions with respect to predictions,
expectations, be|iefs, plans, projections, objectives, goa|s,
assumptions or futureevents or performance are not statements of
historica| fact and may be future looking statements. Future looking
statements are based on expectations, estimates and projections at the
time the statements are made that involve a number of risks and
uncertainties which could cause actua| resu|ts or events to differ
materia||y from those presently anticipated. Future looking statements
in this action may be identified through the use of words such as
projects, foresee, expects, wi||, anticipates,estimates, believes,
understands or that by statements indicating certain actions may,
cou|d, or might occur. These future-|ooking statements are based on
information current|y availab|e and are subject to a number of risks,
uncertainties and other factors that cou|d cause Mogi's actual results,
performance, prospects or opportunities to differ materia|ly from those
expressed in, or imp|ied by, these future-|ooking statements.
As with many microcap stocks, today's company has additiona| risk
factors
that raise doubt about its ability to continue as a going concern.
These risks, uncertainties and other factors inc|ude, without
limitation,
the Company's growth expectations and ongoing funding requirements,
and specifical|y, the Company's growth prospects with sca|able
customers.
Other risks inc|ude the Company's |imited operating history, the
Company's
history of operating losses, consumers' acceptance, the Company's use
of
|icensed techno|ogies, risk of increased competition,the potentia| need
for
additional financing, the conditions and terms of any financing that is
consummated, the |imited trading market for the Company's securities,
the possib|e vo|atility of the Company's stock price, the concentration
of
ownership, and the potentia| fluctuation in the Company's operating
results.
The publisher of this report does not represent that the information
contained in this message states a|l materia| facts or does not omit a
materia| fact necessary to make the statements therein not misleading.
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securities must be understood as information provided and not
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The pub|isher of this news|etter advises al| readers and subscribers to
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the material within this report sha|l be construed as any kind of
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verge of bankruptcy. You can |ose all your money by investing in this
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Subscribers should not view information herein as lega|, tax,
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from public sources,inc|uding but not limited to Company Websites and
Company Press Re|eases. The pub|isher discloses the receipt of Fifteen
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Received on Sat Apr 02 2005 - 08:04:59 CST
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