Blackrock Petroleum Corp.
OTC Bulletin Board: BRPC
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Apr 18, 2008 14:15 ET
Blackrock Petroleum et al Spuds Morgan Highpoint #5 Offset Test Well And Cancellation of Shares by Major Stockholder
LAS VEGAS, NEVADA--(Marketwire - April 18, 2008) - Blackrock Petroleum Corp. (OTCBB:BRPC) (the "Company"), a participant in the Morgan Highpoint Project, is pleased to announce that the operator, Montello Resources Ltd. (TSX VENTURE:MEO), has rigged and commenced drilling on April 15, 2008 on the Morgan Highpoint #5 Test Well. The Morgan Highpoint #5 Test Well offsets the Morgan Highpoint #3 Discovery Well and the Morgan Highpoint #4 Well. We are additionally pleased to announce that the Morgan Highpoint #3 Discovery Well is now on production.
The interests in the Morgan Highpoint #5 Test well are as follows: the Company pays 60% for a 30% earned interest; Montello Resources Ltd. pays 15% for a 35% earned interest; Austin Developments Corp. (TSX VENTURE:AUL) pays 20% for a 30% earned interest; and Park Place Energy Corp. (OTCBB:PRPL)(FRANKFURT:3P2) pays 5% for a 5% earned interest.
The Open Hole Logs for the Morgan Highpoint #3 Discovery Well and the Morgan Highpoint #4 Well were conducted by Weatherford Services, one of the world's largest oilfield service companies. These logs are currently being evaluated by geoscientists, as well as by the participants of the Morgan Highpoint Project. The pending results from the drilling and logging of the Morgan Highpoint #5 Test Well will be compared to the results obtained from the Morgan Highpoint #3 and #4 Wells as well as the results obtained by Montello Resources Ltd., Austin Developments Corp. and Park Place Energy Corp. from the John Bowen #1 and #2 Wells. This information will be key in finalizing completion plans.
In addition, the Company is pleased to announce that its major stockholder, Mr. Hsien Loong Wong, who held in aggregate 94,500,000 post forward stock split shares of common stock, has voluntarily agreed to surrender for cancellation a significant amount of shares of common stock in order to encourage equity investment into the Company. Mr. Hsien Loong Wong has voluntarily agreed to surrender for cancellation 80,000,000 of the 94,500,000 post forward stock split shares registered in his name, resulting in 14,500,000 shares being registered to Mr. Hsien Loong Wong. The cancellation of these 80,000,000 shares took place on April 18, 2008, which has reduced the issued and outstanding shares from 135,000,000 to 55,000,000.
On behalf of the Board of Directors,
Blackrock Petroleum Corp.
Hsien Loong Wong, President and Director
