The company has engaged Duke Drilling, a local driller in the Oklahoma/Kansas region, as contractor to drill the Nowlin #1-19 well. The drilling contract provides for the Duke Drilling to drill to 9,000ft. Morrow A and B Sands have been shown to produce between 300 and 500 barrels of oil per day.
According to an amended agreement signed in November 2009 between Morgan Creek and Bonanza Resources (Bonanza), Morgan Creek has an option to acquire a 70% working interest in Bonanza’s 85% working interest in the prospect, up to October 28, 2010. Morgan Creek has an exclusive right to drill and complete one well on the prospect to earn its 70% working interest in the entire 5,600-acre prospect.
Morgan Creek further revealed in December that it has agreed in principle to enter into a participation arrangement with partners to jointly develop the North Fork 3-D prospect to earn its 70% majority working interest in the prospect.
Morgan Creek is an independent energy company engaged in the exploration and acquisition of oil and natural gas prospects.
