Provides Update on Shale Gas Recompletion Operations
posted on Feb 19, 2009 06:55AM
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|February 19, 2009|
|Mooncor Provides Update on Shale Gas Recompletion Operations|
|CALGARY, ALBERTA--(Marketwire - Feb. 19, 2009) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Mooncor Oil & Gas Corp. ("Mooncor")(TSX VENTURE:MOO) is pleased to provide an update on the recompletion operations on Mooncor's recently acquired 56,960 acre 100 percent working interest Western Canadian shale gas play.
Further to the announcement of January 26, 2009, Mooncor has completed the initial work on the suspended vertical wellbore that was acquired in December 2008. The shale zone of interest was perforated and subsequently fracture stimulated. The company is currently gathering additional flow and pressure data for analysis. The required pressure data will be collected by downhole pressure gauges and will take 30 to 45 days before retrieval of the gauges for analysis of the data.
This property, acquired at Crown land sales through brokers, occurs as an almost contiguous land block on trend with a well-known, high-profile, shale gas play. The property occurs in an area that has an extensive system of gas gathering and processing facilities with services and infrastructure readily available for third-party use and significant for development of Mooncor's assets in the area. Mooncor entered this play through in-house development of a previously acquired technical report and the strategic application of a large land-banking program.
Business of Mooncor Oil & Gas Corp.
Mooncor Oil & Gas Corp. is a junior oil and gas exploration and development company with unconventional shale gas, light oil and heavy oil projects in Saskatchewan, Alberta and South Western Ontario. Mooncor is focusing on both its oil operations and its shale gas opportunities with a current emphasis on the high impact proven shale gas play at Ladyfern on the western Alberta border.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. The Corporation disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Closing Price: February 18, 2009: $0.20
Outstanding Common Shares: 76,919,116