CALGARY, Oct. 20, 2015 /CNW/ - Montana Exploration Corp.
("MTZ" or the "Company") (TSXV:MTZ) today announced
that it has acquired approximately 46,000 additional undeveloped
acres on the Shaunavon oil trend,
which is all of the lands in Montana held by its former joint venture
partner, for US$700,000, comprised of
US$200,000 in cash and US$500,000 in common shares of Montana issued at
a price of CA$0.10 per share (approximately 6,666,667
shares). The cash component of the purchase price was
provided under trust conditions by a controlling shareholder of MTZ
in consideration of a US$200,000
secured note maturing August 15,
2017.
"This acquisition is very important to our future development
plans and our current financing activities. It consolidates
our ownership of the Shaunavon
play, increasing our working interests to nearly whole throughout
the block," said Charles V. Selby,
Chairman and Chief Executive Officer. "The purchase also
gives us exclusive ownership and use of the 3D seismic mapping the
distribution of the play."
MTZ's land holdings in the state of Montana are now
approximately 132,000 on both the Shaunavon oil and Eagle gas trends. The
reserves and production potential throughout this acreage provide
substantial upside to the Company's shareholders.
ABOUT MONTANA EXPLORATION CORP.
MTZ is an oil and gas
exploration and production company focusing on the Shaunavon oil and Eagle gas opportunities
underlying its extensive land holdings in the state of Montana. In
the United States, the company
operates through its wholly-owned subsidiary, Montana Land & Exploration, Inc. MTZ's
common shares are listed on the TSX Venture Exchange under the
trading symbol "MTZ". Additional information regarding MTZ is
available under MTZ's profile at www.SEDAR.com or at
www.MontanaExplorationCorp.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Montana Exploration Corp.