March Resources Corp.

March Resources Corp.

March 14, 2005 12:41 ET

March Resources Corp. Corporate Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MARCH RESOURCES CORP.

TSX VENTURE SYMBOL: MCF

MARCH 14, 2005 - 12:41 ET

March Resources Corp. Corporate Update

CALGARY, ALBERTA--(CCNMatthews - March 14, 2005) - March Resources Corp.
(TSX VENTURE:MCF) ("March" or the "Corporation"). The Corporation is
providing an operational update on its winter drilling program and
corporate transactions.

Private Placement

March is pleased to report that the private placement previously
announced on March 10, 2005 has received TSX Venture Exchange Inc. final
acceptance with the publication of the bulletin outlining its final
acceptance and the subscribers pursuant to the private placement.

March has released the private placement from escrow and the 6,000,000
Units, which were issued at a price of $0.12 per Unit. Each Unit
consists of one common share in the capital of the Corporation and one
common share purchase warrant. Each warrant entitles the holder thereof
to acquire one common share exercisable at $0.17 per share for a period
of 12 months from issuance of the Units. All of the securities issued in
connection with this private placement are subject to a four month hold.
Proceeds of the private placement will be used for general working
capital purposes. Insiders of March subscribed for 231,666 Units of the
private placement.

After giving effect to the private placement, and effective today's
date, March has 21,037,776 common shares issued and outstanding.

Operations

March has completed its winter drilling program, with working interests
in three wells ranging from 9% to 40%. At Sylvan Lake, March has drilled
and completed two wells. The Sylvan Lake 16-35, (9.5% interest),
Ostracod test was placed on production on March 10 with initial
production at 700 mcf per day. The Sylvan Lake 11-6, (40% interest),
Edmonton Sand test is awaiting fracture stimulation and production
tests. The Bruce 2-4 (25% interest), Viking test has been completed and
remains suspended subject to pooling negotiations.

The Corporation has completed the sale of minor interests in 6 wells in
the Lodgepole area for gross proceeds of $242,000.

The proceeds from this sale along with the recently announced private
placement will give the Corporation the required working capital to
continue evaluating oil and gas opportunities in both Canada and
internationally.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    March Resources Corp.
    Dave Antony
    CEO
    (403) 531-1710
    Email: dantony@marchresources.ca
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.