Park Place Energy Corp. announced that Montello Resources Ltd., as the Operator, after obtaining the required regulatory approvals with respect to the licensing of the Morgan Highpoint # 4 Test Well, spud the well on March 10, 2008. The participating interests in this new well are as follows: Park Place is paying 5% of the costs to earn a 5% interest, Montello is paying 15% of the costs to earn a 35% interest, Austin Developments Corp. is paying 20% of the costs to earn a 30% interest and Blackrock Petroleum Corp. is paying 60% of the costs to earn a 30% interest.
The Morgan Highpoint # 4 Test Well, located in Morgan County, Tennessee is strategically located approximately half a mile south of the suspended Morgan Highpoint # 3 Test Well, which as a precautionary measure, after encountering hydrocarbons, was secured and suspended until additional safety and under balanced equipment could be brought in to safely carry on operations.
Most Popular Articles
From the Career Center
Jobs that may interest you