Montana Oil (fka MOGI)

[Argyll]

>>The Sylvan lake project will begin very shortly the company and its partners have secured a drilling rig and are only waiting for a temporary road ban to be lifted. The rig is currently sitting in Red Deer Alberta a mere 30 miles from Sylvan Lake. The initial well is a 7,200-foot Peskisko Sand test that is prospective for oil and gas. It is expected to take approximately 10 to 12 days to drill and test the initial well. Each development well has probable production of 150 barrels of oil per day and 750 million cubic feet gas per day with reserves in excess of 1 billion cubic feet gas and 300,000 barrels of oil. There are four other pay zones that are prospective for gas. The average well in the Sylvan Lake Field has produced 500 barrels of oil per day with over one million cubic feet of gas per day. If successful, the company intends to drill up to 4 more wells on these land sections. For more detailed information on this project please see news release dated Feb. 7th, 2005. An announcement will be made immediately upon the commencement of drilling.>>