- Updated geological mapping indicates the vertical 12-33 well is positioned to access the prolific down dip 37 degrees API Cadotte oil reservoir at McKinley
- An estimated 400,000 to 500,000 barrels remain in place in the Cadotte D Pool and will be accessible to up dip 12-33 vertical well once completed
CALGARY, ALBERTA -- (Marketwire) -- 06/17/10 -- Morumbi Oil & Gas Inc. (TSX VENTURE: MOC) ('Morumbi' or the 'Company') is pleased to announce that it will soon begin completion operations at its newly drilled 12-33 vertical well in northwest Alberta.
Morumbi's 12-33 vertical well was drilled in early March 2010 and encountered the targeted Cadotte reservoir approximately 2 meters structurally higher than the highest offset wells drilled to date in the McKinley Cadotte light oil pool. The well logs indicate that we are on the up dip northeastern edge of the McKinley Cadotte D Pool and are only 8 meters east of what geological mapping suggests should be 25 to 30 feet of oil bearing clean reservoir sands.
Morumbi intends to complete the New 12-33 vertical well in July at which time surface conditions will be sufficiently dried out to permit access to the well site which has to date been inaccessible due to unseasonably wet conditions. Morumbi's plans include upgrading the access roads for all season access to enable the Company to bring in the necessary completion equipment. Morumbi intends to undertake a relatively small fracture stimulation of the well to access the clean sands penetrated by the original 12-33 horizontal well 8 meters to the west of our new 12-33 vertical well.
Morumbi has made available on its website (www.morumbi.ca) recently updated geological maps and an investor presentation outlining the prospects for our McKinley light oil prospect. The updated geological mapping reviews the results of the recently drilled new 12-33 vertical well and suggests that the Company is in a good position to access the prolific 37 degrees API Mckinley Cadotte D pool from the most structurally high location penetrating the pool to date.
Morumbi Oil & Gas Inc. is a newly traded public company with attractive near-term light oil exploitation opportunities in northwest Alberta. The Company trades on the TSX Venture Exchange under the symbol 'MOC'. For more information about Morumbi and the Company's McKinley Property and plans visit our website at www.morumbi.ca.
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as 'estimates', 'intends', 'expects', 'believes','may', 'will' and include, without limitation, statements regarding the company's plan of business operations (including plans for developing assets) and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, commodity prices, risks inherent in the oil & gas industry, financing risks, labour risks, title disputes, regulatory risks, currency fluctuations, competition, unexpected decline rates in wells, changes in taxation or royalty regimes and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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.
Morumbi Oil & Gas Inc.
Thomas J. Loch
President & C.O.O.
416-364-2266 or 1-(877) 954-6327
416-364-2266 or 1-(877) 954-6327