Source: Morgan Creek Energy Corp.
On 9:15 am EST, Tuesday December 8, 2009
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Companies: Morgan Creek Energy Corp.
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Mcke breaking news!!!
Source: Morgan Creek Energy Corp.
On 9:15 am EST, Tuesday December 8, 2009
Buzz up! 0
Companies: Morgan Creek Energy Corp.
Related Quotes
Symbol Price Change
MCKE.OB 0.60 -0.09
DALLAS, Dec. 8 /PRNewswire-FirstCall/ -- Morgan Creek Energy Corp. ("The Company") ("Morgan Creek") (OTC Bulletin Board: MCKE; M6C1-Frankfurt) has arranged a Private Placement financing and will add two participating partners (the "Partners") to jointly develop the North Fork 3-D Prospect in Beaver County, Oklahoma.
Morgan Creek Energy has arranged up to a $2 million dollar financing on a Private Placement basis at the offering price of $.50 cents per unit with each unit being comprised of one common share and one-half warrant. Each full warrant is exercisable to purchase a further share at $1.00 per share for one year.
Morgan Creek Energy is intending to drill a test well in order to prove targets in the Morrow A and B Sands, which have been shown to produce between 300 and 500 barrels of oil per day in this area. According to an Amended Agreement signed on December 1, 2009 between Morgan Creek and Bonanza Resources ("Bonanza"), Morgan Creek has an option to acquire a 70% working interest of Bonanza's 85% working interest (a 59.50% net working interest) in the Prospect, up to October 28, 2010.
