Morgan Creek Energy has received notification from its contractor, Hardberger & Smiley, that construction on the Nowlin #1-19 well, Beaver County, Oklahoma began January 11, 2010. The construction is expected to take approximately seven days.
In addition to the site build schedule, Morgan Creek has filed an intent-to-drill application with the State of Oklahoma for well spud approval.
According to an Amended Agreement signed on November 29, 2009 between Morgan Creek Energy 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 Partners, to jointly develop the North Fork 3-D Prospect to earn its 70% majority working interest in the Prospect.
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