RE: i'm surprised there wasn't a late kicker for PPS closing
Great Northern Oilsands Inc. Spuds High Impact John Bowen #2 Tennessee Oil Project
(OTC:GNNS:PK)
VANCOUVER, Aug. 15 /PRNewswire-FirstCall/ - Great Northern Oilsands Inc. - (OTC:GNNS:PK) ('Great Northern' or the 'Corporation') is pleased to announce it has been informed from the operator, Montello Resources Ltd. (TSXv: MEO), of the 'SPUD' of the John Bowen #2 Well (Morgan Highpoint #1) this morning at 2 AM EST August 15th, 2007.
Great Northern has fully earned its 5% net WI in the High Impact Drilling Program at Highpoint, Morgan County, North-Eastern Tennessee.
Our operator Montello informed us that mobilization of over 50 truckloads of equipment including a Triple Rig from Nabors Drilling USA, one of the largest independent contract drillers in the world, came from as far as 700 miles away. The Drill Rig was assembled and pressure tested this past week while well-site improvements and construction commenced in early June were completed just prior to commencement - completion of the Conductor and Rat-Hole early last weekend. Final banking and credit facilities were completed in mid-July. Nabors Drilling USA worked expeditiously to ensure timely 'spud'.
The corporation is participating with its partners in drilling the John Bowen # 2 Test Well in Tennessee tentatively to the Precambrian/Granite-Basement. The total depth of the Test Well is estimated to be between 7,000 to 9,500 feet. Our operator Montello has informed Great Northern that it is and will be testing and evaluating the various formations while it drills the Test Well under-balanced. They are using the services of an independent Geologist and Geophysicist to evaluate and analyze the logging data. The Morgan Highpoint Project is located in a part of the State of Tennessee where a limited number of deep tests have been drilled from the late 1960's through to the early 1980's.
Great Northern has recently partnered in drilling high impact oil and gas exploration prospects and is also active in the Athabasca region of the Alberta Oilsands.
Great Northern will keep shareholders apprised of developments with this project as they occur.
Certain statements in the release are forward-looking statements or information (collectively 'Forward-Looking Statements'), within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. We are hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in these Forward-Looking Statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as 'will likely result,' 'are expected to,' 'will continue,' 'is anticipated,' 'estimated,' 'intend,' 'plan,' 'projection,' 'could,' 'vision,' 'goals,' 'objective' and 'outlook') are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the Forward-Looking Statements.
CONTACT: David Lane, Great Northern Oilsands Inc., President & Chief Executive Officer, Email: info@greatnorthernoilsands.ca; Investor Relations, Great Northern Oilsands Inc., Email: info@greatnorthernoilsands.ca, Telephone (604) 646-5625, Facsimile (604) 688-1817; Please visit Great Northern Oilsands Inc. corporate website at www.greatnorthernoilsands.ca
SOURCE Great Northern Oilsands Inc.
Source: PR Newswire (August 15, 2007 - 2:17 PM EST)
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