SPOKANE, Wash., March 1, 2005 (PRIMEZONE) -- Monarch Gulf Exploration (Pink Sheets:MGXX) announced today the flow rates for three wells in the company portfolio. Uno Mass, Liberty County, Texas, well production improved to 3,816 mcf +324 barrels of oil per day or the equivalent of 6,084 mcf per day. Flowing tubing pressure was 5,175 lbs. We are flowing through the sales meter.
The well surpassed the Beach House no. 4, on the Texas Gulf, well in production volume to capture the most recent well high production spot in the MGXX portfolio. The beach House 4 well is flowing 2,241 mcf +252 barrels of oil per day. This is the equivalent of 5,005 mcf per day. Another new well, the Adema, in Louisiana, within eyesight of New Orleans, is flowing 2,550 mcf +1 barrel of oil.
We will announce the net revenue to the company from these two wells shortly. Company president Bob Jorgensen commented that the verification methods developed by Chairman Charles Couch and his team are continuing to bring in a very good percentage of wells to production for Monarch Gulf Exploration. Our business model, at this state of our development, continues to be participate in as many high quality "A prospects" as we can, spreading company risk and diversifying our capital to generate significant future monthly revenue and reserves.
Crude Oil rose to 51.75 a barrel yesterday up 26 cents or 7.6 times the value of natural gas at 6.73 per mcf. Iraq has pumped only 1 day in 2 months because of security pipeline concerns. Natural gas found support in the cold weather over the NE despite storage levels 400BCF above last year.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above include forward looking statements that involve risk and uncertainties. The company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward looking statements. Thos factors include but are not limited to the ability of the company to verify the reserve value of the oil and gas well interests, the cyclical nature of the industry and the economy in general.