March Resources Corp.

March Resources Corp.

February 21, 2008 08:48 ET

March Resources Corp. Update on Pica #1 Well

CALGARY, ALBERTA--(Marketwire - Feb. 21, 2008) - March Resources Corp. ("March") (TSX VENTURE:MCF) is pleased to provide an update on the progress of the drilling of the Pica #1 well in Chile. March previously spud the well on January 21, 2008 and has successfully set the surface and intermediate casing strings. They are presently drilling at approximately 1,600 metres depth. The drilling operation to date has gone extremely well, although the drilling was slower than expected through the volcanic tuff rocks previously encountered uphole of this depth.

March is very pleased to report that they are the first company to have penetrated the Jurassic aged beds in Northern Chile. Previous attempts by other operators never got out of the Tertiary age sands. March is anticipating that we will reach a total depth of between 3,200 and 3,500 metres within the next 14 to 21 days. Once total depth is reached the Corporation will log the well and prospective zones identified from logs and drill cutting samples will be completed and tested. The results of the logging and testing will be released as they become available.

Drill cutting results to date support the stratigraphic model for this location and are consistent with the geological and 2D seismic modeling previously completed prior to initiation of drilling at Pica #1. These preliminary results and observations have increased the confidence that March has in the outcome of this well. Drilling costs to date for Pica #1 are within budgeted amounts for this well. With the operational knowledge obtained from this first well, March anticipates that they will be able to drill the Pica #2 well even more cost efficiently. March has a 100% interest in the prospect.

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Statements in this press release may contain forward-looking information including expectations of future operations, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

The TSX-Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release.

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