NEWS!
Mr. William Cawker reports
MONTELLO ACQUIRES ADDITIONAL LAND IN TENNESSEE; PINCHER CREEK 1-11 WELL COMES ON PRODUCTION; FIRST WELL AT GROUARD COMPLETED AS A GAS WELL; FINANCING CANCELLED
Montello Resources Ltd. has acquired additional leases totalling 190 acres to add to its landholdings within the Morgan Highpoint area. The company is in the final stages of surveying the site for a proposed follow-up second test well to the John Bowen No. 2 well which is cased and scheduled to be logged in the new year.
The company's Pincher Creek operating JV partner, Pennine Petroleum Corp., has brought the 1-11 well on production. Condensates are currently being trucked to market and gas production is being flared pending stable rates and tie-in.
The company's operating JV partner, Northern Sun Exploration Inc., has drilled and cased both wells at Grouard, Alta. It informed the company today that the first well 1-15-76-14-W5 has been completed as a gas well with testing continuing, while the service rig will be on site tomorrow to commence completion on the second well 10-3-76-14-W5. There have been discussions with Northern Sun with regards to potentially furthering the company's joint ventures in the area.
Montello has chosen to cancel the previously announced $1.2-million non-flow-through non-brokered private placement of up to 10 million units at the price of 12 cents per unit. Each unit was to consist of one common share at 12 cents and one common share purchase warrant priced at 25 cents.
Canceled the private placement. Now that is super bullish news.
Cheers,
Pete
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