DALLAS, Jan. 12 /PRNewswire-FirstCall/ -- Morgan Creek Energy Corp. (the "Company") ("Morgan Creek") (OTC Bulletin Board: MCKE; M6C1-Frankfurt) has been informed by the operator, Castelli Exploration Inc., that it has received the surface owner agreement for rights to the property and has completed the staking of the Nowlin #1-19 well on the North Fork 3-D Prospect in Beaver County, Oklahoma.
The well location is based on the surveyor plat and has been submitted to the State of Oklahoma as part of the well permit application. The surface owner agreement was executed on December 29, 2009 and provides access to develop the property.
Castelli Exploration Inc. proposes to drill a well in the N2 SE/4 of section 19 1N-24ECM, Beaver County, Oklahoma to an approximate depth of 9,000 feet or to a depth sufficient to test the Morrow and Chester Formations.
According to an Amended Agreement signed on November 29, 2009 between Morgan Creek and Bonanza Resources ("Bonanza"), Morgan Creek has an option to acquire a 70% working interest in Bonanza's 85% working interest (a 59.50% net working interest) in the Prospect, up to October 28, 2010. Morgan Creek has an exclusive right to drill and complete one well on the Prospect to earn its 70% working interest in the entire 5,600-acre Prospect.
Morgan Creek further announced on December 8, 2009 that it has agreed in principle, to enter into a participation arrangement with the Partners, to jointly develop the North Fork 3-D Prospect to earn its 70% majority working interest in the Prospect as follows:
Morgan Creek Interest
All subsequent wells
About Morgan Creek Energy Corp.:
Morgan Creek Energy Corp. is an independent energy company engaged in the exploration and acquisition of oil and natural gas prospects. For further information see: www.morgancreekenergy.com
Symbol: OTCBB – MCKE; Frankfurt/Berlin Symbol – M6C1, WKN No.: A0QYTM; ISIN: 61732R 206
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SOURCE Morgan Creek Energy