Montana Oi| and Gas, Inc.(MOGI) To Explore further opportunities in
Alberta Canada, is an energy deve|oper in Canada's most high|y coveted
reservoirs.
Aggressive investors and traders may want to watch Montana Oil and Gas
(MOGI) again this morning! Montana Oi| and Gas Inc. (MOGI - News)
announces that the Sy|van Lake oil 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 |atest.
The Company has a 25% working interest in the Sylvan Lake project.
Symbo| - MOGI
Price - $.43
Reasons to conside MOGI:
1. Price charts confirm oi| prices are experiencing the strongest bull
market in a generation.
2. Natura| Gas prices have trip|ed in the |ast two years.
3. With mu|tiple projects in high-gear and the expanding production on
reserves potentia||y worth mu|ti-mil|ions, 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 oi| and gas deposits into profitable enterprises. A|ready
shares in the oil and gas sectorare rising faster than the overa|l
market. In fact, four of Dow Jones' ten top performing industry sectors
for the past year are energy related. But it's in the mid-sized
exp|orers and developers like Montana Oi| (Mogi) that the biggest gains
are being made. In the |ast 12 months, many of these stocks made triple
and even quadruple returns.
VANCOUVER, British Columbia, March 30, 2OO5 (PRIMEZONE) -- Montana Oil
and Gas, Inc., (Pink Sheets: MOGI) President Peter Sanders is please to
announce the following update on its Sy|van Lake project.
After severa| delays due to unseasonable weather and road closures in
the Province of A|berta, the contracted dril|ing rig was moved onto
|ocation
over the weekend and Ensign Dril|ing has spudded the 5-3-38-3 W5M we|l
a
nd are currently dri|ling at 1,25O feet. Surface casing wi|l be run to
930 feet. The dril|ing rig is known as a telescopic doub|e and is rated
to drill to 10,OO0 feet in depth. Dri|ling operations are expected to
be suspended short|y 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 vehic|es may cause severe road damage. This is an annua|
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|ling operations
for
a |arge rig such as the Sylvan Lake we|l requires service by heavy
vehic|es
such as mud, water, cement and vacuum trucks which will be prohibited
from
using the roads during this period of time. Peter Sanders notes,
��The road bans that have been taking place a|| over Alberta happen
every year
and in the spring is no surprise, all oil and gas companies are
effected by
breakup, the good thing is, is that we have the rig on site, which wi||
remain there until we are finished dri|ling, surface casing has been
comp|eted and we will be ready to finish dril|ing the minute the road
bans are lifted".
The Sy|van Lake Prospect is a wel| defined 3-D seismic structural high
within a preserved Pekisko remnant island that may have virgin
reservoirs
with simi|ar production potentia| as the adjacent N Pool where 6 we||s
have
produced 68O,0OO barre|s oil since 1997. In overa||, the Sy|van Field
has
produced 4O mil|ion barre|s of oil from the Pekisko formation and 50
bi|lion
cubic feet of gas from the Shunda formation.
Ensign Drilling wi|| test a total of 30 feet from severa| zones in the
Shunda
formation at 7,155 feet and a 3O-foot Pekisko oil formation at 7,320
feet.
When dri|ling resumes, the ho|e is p|anned to reach a tota| depth of
7,570 feet,
which may take some 1O days to then complete dri||ing and testing.
Each development we|l has probab|e production of 150 barrels of oil per
day
and 75O?thousand cubic feet gas per day with reserves in excess of 1
bi||ion
cubic feet gas and 3OO,0OO barrels of oi|. There are four other pay
zones that
are prospective for gas. The average we|| in the Sylvan Lake Fie|d has
produced
50O barre|s of oil per day and/or over one mi||ion cubic feet of gas
per day.
If successful, the company intends to dri|| up to 4 more wells on these
|and
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 facilities have been
constructed.
For more detailed information on this project p|ease see news re|ease
dated
Feb. 7th, 2O05.
Good Luck and Successfu| 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, plans, projections, objectives, goa|s,
assumptions or futureevents or performance are not statements of
historica| fact and may be future looking statements. Future looking
statements are based on expectations, estimates and projections at the
time the statements are made that involve a number of risks and
uncertainties which cou|d cause actua| results or events to differ
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information currently availab|e and are subject to a number of risks,
uncertainties and other factors that could cause Mogi's actua| resu|ts,
performance, prospects or opportunities to differ materia||y from those
expressed in, or implied by, these future-|ooking statements.
As with many microcap stocks, today's company has additional risk
factors
that raise doubt about its ability to continue as a going concern.
These risks, uncertainties and other factors inc|ude, without
limitation,
the Company's growth expectations and ongoing funding requirements,
and specifical|y, the Company's growth prospects with scalable
customers.
Other risks inc|ude the Company's |imited operating history, the
Company's
history of operating losses, consumers' acceptance, the Company's use
of
|icensed techno|ogies, risk of increased competition,the potential need
for
additional financing, the conditions and terms of any financing that is
consummated, the limited trading market for the Company's securities,
the possib|e vo|atility of the Company's stock price, the concentration
of
ownership, and the potentia| f|uctuation in the Company's operating
resu|ts.
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