CALGARY, Oct. 19, 2016 /CNW/ - Montana Exploration
Corp. ("MTZ" or the "Company") announces that the
Company expects to spud the first well in its previously announced
five well Shaunavon drilling
program on October
22nd. The program will target five out of
27 Shaunavon prospects identified on 3D seismic on lands held by
MTZ and lands under option with a large Montana based
utility. MTZ has engaged Capstar Drilling, which has
previously drilled wells for MTZ and has an experienced crew in the
area. Drilling time for each well is expected to be 8 to 10
days based upon a projected well depth of approximately 4,200 feet
and time to move the rig.
Montana now has a land base comprised of approximately 400,000
net primarily contiguous acres in Blaine
County, Montana held directly and under option with access
to 3D seismic covering approximately 315 square miles. Based upon
reasonable risking, Montana's program is expected to be economic at
current oil prices.
Significant potential also exists for natural gas prospects now
that AECO pricing appears to have recovered above the $2.50 per mcf level. The Company is seeking
financial or joint venture partners to pursue 23 gas prospects
identified on 3D excluding additional opportunities in the Eagle
and Judith River formations.
The long term strategic value of the Company's lands and commercial
relationships has the potential to generate significant shareholder
value.
ABOUT MONTANA EXPLORATION CORP.
Montana Exploration Corp. is an oil and gas exploration and
production company focusing on the Shaunavon oil and Eagle gas opportunities
underlying its extensive land holdings and drilling rights in the
state of Montana. In the United
States, the Company operates through its wholly-owned
subsidiary, Montana Land &
Exploration, Inc. The Company's common shares are listed on the TSX
Venture Exchange under the trading symbol "MTZ". Additional
information regarding the Company is available 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.