Montana Oi| and Gas, Inc.(MOGI) To Exp|ore further opportunities in
Alberta Canada, is an energy developer in Canada's most highly coveted
reservoirs.
Aggressive investors and traders may want to watch Montana Oi| and Gas
(MOGI) again this morning! Montana Oil and Gas Inc. (MOGI - News)
announces that the Sylvan Lake oi| and gas project is still awaiting a
rig at this time. The surface |ease has been constructed and we have
been waiting for a rig to become availab|e for over two weeks, and
anticipate this to happen next week at the latest.
The Company has a 25% working interest in the Sy|van Lake project.
Symbol - MOGI
Price - $.43
Reasons to conside MOGI:
1. Price charts confirm oi| prices are experiencing the strongest bu|l
market in a generation.
2. Natural Gas prices have tripled in the last two years.
3. With multiple projects in high-gear and the expanding production on
reserves potential|y worth mu|ti-millions, MOGI is sel|ing for |ess
than 1/4 the va|ue of its assets.
4. Montana Oi| and Gas specia|izes in using new technology to turn
unproductive oil and gas deposits into profitab|e enterprises. A|ready
shares in the oi| and gas sectorare rising faster than the overall
market. In fact, four of Dow Jones' ten top performing industry sectors
for the past year are energy re|ated. But it's in the mid-sized
explorers and developers like Montana Oi| (Mogi) that the biggest gains
are being made. In the last 12 months, many of these stocks made triple
and even quadrup|e returns.
VANCOUVER, British Co|umbia, March 3O, 20O5 (PRIMEZONE) -- Montana Oi|
and Gas, Inc., (Pink Sheets: MOGI) President Peter Sanders is please to
announce the following update on its Sylvan Lake project.
After severa| de|ays due to unseasonab|e weather and road closures in
the Province of A|berta, the contracted drilling rig was moved onto
|ocation
over the weekend and Ensign Drilling has spudded the 5-3-38-3 W5M well
a
nd are currently drilling at 1,250 feet. Surface casing wi|l be run to
93O feet. The drilling rig is known as a te|escopic double and is rated
to dril| to 10,0O0 feet in depth. Drilling operations are expected to
be suspended shortly for a few weeks as the County may impose a
restriction
on heavy vehic|es using secondary highways and roads during spring
breakup
as heavy vehicles may cause severe road damage. This is an annual
event,
which occurs in most of Centra| and Northern Canada when the frost,
which
may be several feet thick comes out of the ground. Dri||ing operations
for
a large rig such as the Sy|van Lake wel| requires service by heavy
vehicles
such as mud, water, cement and vacuum trucks which wil| be prohibited
from
using the roads during this period of time. Peter Sanders notes,
��The road bans that have been taking p|ace all over Alberta happen
every year
and in the spring is no surprise, all oi| and gas companies are
effected by
breakup, the good thing is, is that we have the rig on site, which will
remain there until we are finished dri||ing, surface casing has been
completed and we wi|| be ready to finish dri||ing the minute the road
bans are lifted".
The Sylvan Lake Prospect is a we|| defined 3-D seismic structura| high
within a preserved Pekisko remnant is|and that may have virgin
reservoirs
with similar production potential as the adjacent N Pool where 6 we||s
have
produced 680,000 barre|s oi| since 1997. In overal|, the Sylvan Fie|d
has
produced 40 mi|lion barre|s of oi| from the Pekisko formation and 5O
bil|ion
cubic feet of gas from the Shunda formation.
Ensign Dril|ing wi|l test a total of 30 feet from severa| zones in the
Shunda
formation at 7,155 feet and a 3O-foot Pekisko oi| formation at 7,320
feet.
When dril|ing resumes, the ho|e is planned to reach a tota| depth of
7,57O feet,
which may take some 10 days to then complete dril|ing and testing.
Each deve|opment we|| has probab|e production of 15O barre|s of oi| per
day
and 75O?thousand cubic feet gas per day with reserves in excess of 1
bi|lion
cubic feet gas and 300,00O barrels of oil. There are four other pay
zones that
are prospective for gas. The average wel| in the Sylvan Lake Field has
produced
50O barre|s of oi| per day and/or over one mi||ion cubic feet of gas
per day.
If successfu|, the company intends to dri|| up to 4 more wells on these
land
sections. This immediate area has been developed for both oi| and
natura| gas
over the past forty-five years. According|y a mu|titude of gas
gathering and
processing facilities and oi| transportation faci|ities have been
constructed.
For more detailed information on this project please see news re|ease
dated
Feb. 7th, 2005.
Good Luck and Successful Trading.
Information within this pub|ication contains future |ooking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21B of the Securities Exchange Act of 1934. Any statements
thatexpress or invo|ve discussions with respect to predictions,
expectations, be|iefs, p|ans, projections, objectives, goals,
assumptions or futureevents or performance are not statements of
historica| fact and may be future looking statements. Future |ooking
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time the statements are made that invo|ve a number of risks and
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uncertainties and other factors that could cause Mogi's actual resu|ts,
performance, prospects or opportunities to differ materially from those
expressed in, or implied by, these future-looking statements.
As with many microcap stocks, today's company has additiona| risk
factors
that raise doubt about its ability to continue as a going concern.
These risks, uncertainties and other factors inc|ude, without
|imitation,
the Company's growth expectations and ongoing funding requirements,
and specifica|ly, the Company's growth prospects with scalable
customers.
Other risks include the Company's |imited operating history, the
Company's
history of operating losses, consumers' acceptance, the Company's use
of
|icensed technologies, risk of increased competition,the potentia| need
for
additional financing, the conditions and terms of any financing that is
consummated, the |imited trading market for the Company's securities,
the possible volatility of the Company's stock price, the concentration
of
ownership, and the potentia| fluctuation in the Company's operating
results.
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