Montello Resources Ltd. as Operator of the Morgan Highpoint Project, is pleased to announce that the Company has received regulatory approval to drill the Morgan Highpoint #5 Test Well.
The surface lease has been acquired and surveyed and construction of the drill pad location is being completed. The goal is to spud the Test Well as early as Monday, April 14, weather permitting.
The Morgan Highpoint #5 Test Well will be drilled on a parcel of land recently acquired as part of the Morgan Highpoint Project and is strategically located between the Morgan Highpoint #3 Discovery Well and the Howard White #1 Well.
The Morgan Highpoint #5 Test well offsets the Morgan Highpoint #3 Discovery Well and the Morgan Highpoint #4 Test Well.
The interests are as follows: Montello, as operator, pays 15% of the costs to earn a 35% interest and its JV Partners; Austin Developments Corp. - TSXV Symbol "AUL", pays 20% of the costs to earn a 30% interest, Blackrock Petroleum Corp. -- OTCBB "BRPC" is paying 60% of the costs to earn a 30% interest and Park Place Energy Corp. -- OTCBB "PRPL"/Frankfurt "3P2" pays 5% of the costs to earn a 5% interest.
The Morgan Highpoint #3 Well logs have been reviewed and the Morgan Highpoint #4 Test Well is logged and being evaluated by our geo-scientists. Schlumberger is performing the cased hole logging of both the John Bowen #1 and #2 Test Wells today. Completion plans will be finalized once the logs for the Morgan Highpoint #4 Well and John Bowen #1 &, #2 Wells have been analyzed.
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