Oct. 5, 2009 (PR Newswire) --
DALLAS, Oct. 5 /PRNewswire-FirstCall/ -- Morgan Creek Energy Corp. (the "Company") (OTC Bulletin Board: MCKE) (M6C1-Frankfurt) announces that management has decided to prioritize the exploration drilling program on the North Fork 3D prospect in Beaver County, Oklahoma.
Further to its news release of June 3, 2009, Morgan Creek Energy Corp. has entered into a Definitive Agreement, with Bonanza Resources Corporation ("Bonanza"), for an option to earn a 60% working interest of Bonanza's 85% working interest in the North Fork 3-D prospect in Beaver County, Oklahoma. In order to exercise the option, Morgan Creek is required to incur US$2,400,000 in exploration and drilling expenditures. Bonanza Resources has completed a multi-component interpretive 3-D survey on approximately 8,500 acres to image the Morrow A and B sands. This 3-D interpretive survey has identified 40 drill ready target locations.
Company President and CEO, Peter Wilson states, "The prioritization of the drilling in Oklahoma will accelerate our corporate initiative to drill what management believes to be the best possible target for production success with the least risk associated in our current exploration portfolio."
Bonanza Resources Corporation, through its subsidiary, acquired an 85% interest in the North Fork 3-D prospect pursuant to an agreement with Radiant Energy, LLC and Ryan Petroleum, LLC dated February 25, 2008 (the "Original Agreement"). Pursuant to the Definitive Agreement, Morgan Creek will assume 60% of Bonanza's rights, title, interest and obligations under the Original Agreement for the duration of the option period and will continue to do so in the event that the option is exercised.
About Morgan Creek Energy Corp.:
Morgan Creek Energy Corp. is a natural resource exploration company engaged in the acquisition and development of strategic oil and natural gas properties. For further information see: www.morgancreekenergy.com
Symbol: OTCBB - MCKE; Frankfurt/Berlin Symbol - M6C1, WKN No.: A0QYTM; ISIN: 61732R 206
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