| ||February 01, 2005|
First Stoney Creek Well to Commence Drilling
| ||February 1, 2005, (Vancouver, British Columbia) MBA Energy Corporation a wholly owned subsidiary of MBA Gold Corp. (TSX-V: MBA) is pleased to announce that the surface casing has been set and cemented for the Contact- MBA Dover #101 well. The drilling rig is currently on-site rigging up and is expected to commence drilling February 1, 2005. Drilling operations are anticipated to take approximately two weeks. Completion and testing operations will follow after the drilling rig is released. This well is the first of potentially two wells that will be drilled to evaluate two separate prospects under a farm-out agreement with Contact Exploration Inc. ("Contact"), (TSX-V:CEX). MBA is paying 100% of the cost to drill and complete the well to earn a 50% working interest in the three-section Dover prospect. |
The Contact-MBA Dover #101 is designed to twin a gas well that was drilled and tested in 1958. The1958 well had oil shows and gas flow rates of approximately 700 thousand cubic feet per day from multiple zones. MBA also has an option to drill and complete one well on the adjoining three-section Gautreau prospect under the same terms. The Contact--MBA Gautreau #101 well is designed to twin a gas well that was drilled and tested in the 1930's. The 1930's well tested gas flow rates of approximately 400 thousand cubic feet per day from multiple zones.
Contact presently controls over 55,000 acres in the Stoney Creek region which are covered by an Area of Interest provision in the Farm Out agreement between MBA and Contact. The area is located approximately 15 kilometers south of the city of Moncton, New Brunswick and contains several different play types and drilling targets. The initial two farm in projects, Dover and Gautreau, are adjacent to and have oil and gas potential similar to the original Stoney Creek field which produced approximately 30 billion cubic feet of gas and one million barrels of oil.
MBA Energy Corporation is a wholly-owned subsidiary of MBA Gold Corp., a natural resource company whose strategy is to acquire a portfolio of properties that have indicated resources and require further exploration or development work. MBA will add value to these projects by providing capital, exploration expertise and where justified, development and production planning.
For more information, contact Mr. Cam White at 604-707-0373.
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