Morgan Creek Energy has entered into an Letter Agreement dated July 9, 2009, with FormCap Corp., for joint drilling on the Company's Frio Draw gas prospect in Curry County, New Mexico. FormCap is required to drill and complete two mutually defined targets on the Company's leases in return for an earned 50% Working Interest (40.75% Net Revenue Interest) in the entire Frio Draw Prospect.
Following the initial well drilling and completion, Morgan Creek Energy's management and land team will work with FormCap to establish additional targets on the Frio Draw based on technical data and drill results. The two companies will jointly fund additional targets and have committed to a minimum five-hole drill program in order to effectively test the Frio Draw.
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