Monterey Exploration Ltd.

Monterey Exploration Ltd.

March 30, 2010 17:00 ET

Monterey Exploration Ltd. Announces Resignation of Officer and Provides an Operational Update

CALGARY, ALBERTA--(Marketwire - March 30, 2010) - Monterey Exploration Ltd. ("Monterey" or the "Corporation") (TSX:MXL) announces that Mr. David Fisher has resigned as the Vice President, Finance and Chief Financial Officer of the Corporation effective March 31, 2010. The directors and management wish to express their gratitude to Mr. Fisher for his contributions to the Corporation, and the Corporation wishes him well in his future endeavours.

Mr. John Mah, a Chartered Accountant who has been the Corporation's Financial Controller since January 2007, will be appointed as Monterey's new Vice President, Finance and Chief Financial Officer.

At Groundbirch in Northeast British Columbia, completion operations continue on the Corporation's two horizontal Montney wells that were drilled and cased in the first quarter of 2010. The fracture stimulation equipment at 2-21-80-21 W6M was moved off location this morning. The fracture equipment at 13-27-80-21 W6M finished the final stage fracture stimulation this morning and will be moving off location this evening. Coil unit drilling rigs for both locations are on site to begin the drill out of isolation plugs so flow testing and evaluation can commence.

This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking information"). Specifically, this press release contains forward-looking information relating to the appointment of Monterey's new Vice President, Finance and Chief Financial Officer and Monterey's drilling and completion operations at Groundbirch in Northeast British Columbia. The forward-looking information is based on certain key expectations and assumptions made by Monterey, which expectations and assumptions management of Monterey believes to be reasonable at this time. Although Monterey believes that the expectations and assumptions on which such forward-looking information is based are reasonable at the date of this press release, undue reliance should not be placed on the forward-looking information as Monterey can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Drilling and completion plans may change depending on drilling results, the state of the economy and management's assessment of other oil and gas opportunities. The forward-looking information contained in this press release is presented as of the date hereof and Monterey undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • Monterey Exploration Ltd.
    Patrick Manuel
    President and Chief Executive Officer
    (403) 691-7725