SPOKANE, Wash., Feb. 23, 2005 (PRIMEZONE) -- Monarch Gulf Exploration Inc. (Pink Sheets:MGXX), an Oil and Gas Exploration Company, announced today the addition of participating interests in seven new wells to the company portfolio, bringing the number of individual well participation to 19. The wells are in various states of completion or early production, with the exception of the company's 1% interest in the Crowley No. 2 Prospect, located in Acadia Parish, Louisiana, approximately 20 miles west of Lafayette. This well will be drilled to a proposed depth of 12,600 feet. This is an offset well drilling into proven sands confirmed by previous drilling and the company is looking to find the type of reserves that fit into the parameters of wells that company Chairman, Charles Couch typically drills for.
As the new interest in these 7 wells come on line and are completed, Management believes, the subsequent revenue will serve to continue to improve the foundation for building a solid asset base and income stream for the company in the future.
Independent third party reserve analysis is being completed on all projects that Monarch will participate in now and in the future.
The company is also pleased to announce the completion of its first round of private financing and is currently weighing its options to access the capital markets for the future growth of the company.
President R.E. Bob Jorgensen comments that we are extremely pleased that of the first seven wells we participated in, all seven have proven to be commercially viable. Although this is an extremely high percentage of success, and while we don't expect future results to be similar, it clearly shows that the Couch prospect verification process can successfully continue to identify excellent opportunities for the company.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above include forward-looking statements that involve risks and uncertainties. The company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include but are not limited to the ability of the company to verify the reserve value of oil and gas well interests, completion costs, the cyclical nature of the oil and gas industry, and the economy in general.