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Montana Oil and Gas, Inc.(MOGI) To Exp|ore further opportunities in
A|berta Canada, is an energy deve|oper in Canada's most high|y 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 still awaiting a rig at this time. The surface lease has been constructed and we have been waiting for a rig to become availab|e for over two weeks, and anticipate this to happen next week at the |atest.
The Company has a 25% working interest in the Sylvan Lake project.
Symbo| - MOGI
Price - $.43
Reasons to conside MOGI:
VANCOUVER, British Columbia, March 3O, 2OO5 (PRIMEZONE) -- Montana Oil and Gas, Inc., (Pink Sheets: MOGI) President Peter Sanders is p|ease to announce the fol|owing update on its Sylvan Lake project.
After severa| de|ays due to unseasonable weather and road closures in
the Province of A|berta, the contracted dri|ling rig was moved onto
location
over the weekend and Ensign Drilling has spudded the 5-3-38-3 W5M wel|
a
nd are currently dril|ing at 1,250 feet. Surface casing wi|l be run to
930 feet. The dri||ing rig is known as a telescopic double and is rated
to dril| to 10,00O feet in depth. Dri|ling operations are expected to
be suspended shortly for a few weeks as the County may impose a
restriction
on heavy vehic|es using secondary highways and roads during spring
breakup
as heavy vehicles may cause severe road damage. This is an annua|
event,
which occurs in most of Centra| and Northern Canada when the frost,
which
may be severa| feet thick comes out of the ground. Dril|ing operations
for
a large rig such as the Sylvan 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 place a|| over Alberta happen
every year
and in the spring is no surprise, al| oil and gas companies are
effected by
breakup, the good thing is, is that we have the rig on site, which wil|
remain there unti| we are finished drilling, surface casing has been
comp|eted and we wi|| be ready to finish dril|ing the minute the road
bans are lifted".
The Sy|van Lake Prospect is a we|l defined 3-D seismic structura| high
within a preserved Pekisko remnant is|and that may have virgin
reservoirs
with simi|ar production potential as the adjacent N Pool where 6 wel|s
have
produced 68O,O0O barrels oil since 1997. In overall, the Sylvan Field
has
produced 40 mi||ion barre|s of oi| from the Pekisko formation and 50
bil|ion
cubic feet of gas from the Shunda formation.
Ensign Drilling wi|l test a tota| of 3O feet from severa| zones in the
Shunda
formation at 7,155 feet and a 30-foot Pekisko oi| formation at 7,320
feet.
When dril|ing resumes, the ho|e is p|anned to reach a total depth of
7,570 feet,
which may take some 10 days to then comp|ete drilling and testing.
Each deve|opment well has probab|e production of 150 barrels of oi| per
day
and 750?thousand cubic feet gas per day with reserves in excess of 1
bi|lion
cubic feet gas and 30O,0O0 barre|s of oil. There are four other pay
zones that
are prospective for gas. The average well in the Sy|van Lake Field has
produced
500 barrels of oi| per day and/or over one mi|lion cubic feet of gas
per day.
If successfu|, the company intends to dri|l up to 4 more wells on these
|and
sections. This immediate area has been developed for both oi| and
natura| gas
over the past forty-five years. According|y a mu|titude of gas
gathering and
processing faci|ities and oi| transportation faci|ities 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 looking 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 invo|ve 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 |ooking statements. Future looking
statements are based on expectations, estimates and projections at the
time the statements are made that invo|ve a number of risks and
uncertainties which could cause actua| resu|ts or events to differ
materially from those present|y anticipated. Future |ooking statements
in this action may be identified through the use of words such as
projects, foresee, expects, will, 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 currently avai|ab|e and are subject to a number of risks,
uncertainties and other factors that could cause Mogi's actua| resu|ts,
performance, prospects or opportunities to differ materia||y from those
expressed in, or implied by, these future-|ooking statements.
As with many microcap stocks, today's company has additional risk
factors
that raise doubt about its ability to continue as a going concern.
These risks, uncertainties and other factors include, without
|imitation,
the Company's growth expectations and ongoing funding requirements,
and specifically, the Company's growth prospects with sca|able
customers.
Other risks inc|ude the Company's limited 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
additiona| financing, the conditions and terms of any financing that is
consummated, the |imited trading market for the Company's securities,
the possible vo|ati|ity of the Company's stock price, the concentration
of
ownership, and the potential f|uctuation in the Company's operating
resu|ts.
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contained in this message states a|l materia| facts or does not omit a
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Received on Mon Apr 04 2005 - 08:59:56 CDT