In addition, Morgan Creek has filed an intent-to-drill application with the state of Oklahoma for well spud approval.
According to an amended agreement signed on November 29, 2009, between Morgan Creek Energy and Bonanza Resources, Morgan Creek has an option to acquire a 70% working interest in Bonanza’s 85% working interest (a 59.50% net 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 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.
