CALGARY, Jan. 5, 2017 /CNW/ - Montana Exploration
Corp. ("Montana Exploration" or the "Company") (TSXV:
MTZ) today announced that the Company has, thus far, completed two
of five vertical wells drilled and cased under the Company's
current five well Montana program. The two wells were
perforated and successfully swab tested for oil production from the
Upper Shaunavon. Production was 100% oil and rates are
expected to meet or exceed type curves for historical Upper
Shaunavon production in the region. Montana Exploration
expects to bring these wells into commercial production within the
next month and will report stabilized flow rates at that
time. A third well is proposed to be perforated in the Lower
Shaunavon next week. Of the five wells drilled, four have
Eagle gas potential and three have several potential oil
horizons. All were cased for completion. The five well
drilling program targeted five potential Shaunavon prospects out of a current inventory
of 27 prospects. The Company has also identified 23 gas
prospects independent of the Eagle formation (that has produced 0.8
Tcf to date from the region – Montana Geological Service).
The results to date of the Company's five well program are
significant in that they support the geological and geophysical
model developed by the Company based upon 315 square miles of 3D
seismic, 700 miles of 2D seismic and well interpretation over
400,000 acres of land held by the Company directly and under option
with a large Montana based utility. Montana Exploration has
had exploration success in achieving oil production more than 7
miles from any significant historical production. The program
has set up multi-zone development potential for new wells and
exploration targets based upon geological and geophysical
anomalies. Discussions are advanced with potential industry
joint venture parties to pursue an expanded balanced program of
drilling for both oil and natural gas.
ABOUT MONTANA EXPLORATION CORP.
Montana Exploration Corp. is an oil and gas exploration and
production company focusing on the Shaunavon oil and Eagle gas opportunities
underlying its extensive land holdings and drilling rights in the
State of Montana. In the United States, the company operates
through its wholly-owned subsidiary, Montana Land & Exploration, Inc. The
Company's common shares are listed on the TSX Venture Exchange
under the trading symbol "MTZ". Additional information regarding
the company is available at www.SEDAR.com or at
www.MontanaExplorationCorp.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Montana Exploration Corp.