Business & Finance
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Published in Business and Finance on Wednesday, March 25th 2009 at 12:14 GMT, Last Modified on 2009-03-25 12:15:44 by Market Wire
CALGARY, ALBERTA--(Marketwire - March 25, 2009) - Mooncor Oil & Gas Corp. ("Mooncor")(TSX VENTURE:MOO) is pleased to provide an update on its 100 percent working interest Western Canadian shale gas play.
Further to Mooncor's news release on February 19, 2009, Mooncor has compiled recent flow data and retrieved initial pressure data from its pilot well. A subsequent flow test of the pilot well was undertaken and new pressure recording gauges have been installed in the wellbore. Mooncor and its technical advisors are evaluating this preliminary data. The results of the final reports will be disclosed in late April 2009 when testing is completed.
Mooncor is encouraged by the ongoing results from this pilot program. Testing of the shale zone will aid Mooncor and its technical advisors in determining aspects of reservoir quality and deliverability. The results of this pilot program in conjunction with the petrophysical and reservoir simulation study will allow Mooncor to assess the potential of exploiting this shale system.
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. (through its wholly owned operating subsidiary Mooncor Energy Inc.) 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 its shale gas opportunities with a current emphasis on its high impact proven shale gas play in the Western Canadian Sedimentary Basin.
This information contains forward-looking statements (forecasts) under applicable securities laws. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, and the regulatory and legal environment. Many of these factors can be difficult to predict. As a result, the forward-looking statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements.
March 24.2009 closing price: $0.20
Neither 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.
