|Tue May 29, 2001|
GARRINGTON #2 WELL PRODUCING, LINE OF CREDIT FINALIZED
| ||Vancouver-The Company is pleased to announce that the Garrington #2 horizontal re-entry well has been connected to the pipeline and is currently producing. The Company will report production figures once flow levels have stabilized. The Garrington #2 has been producing more oil and condensates than anticipated and the well will have to be engineered to accommodate the excess liquids.|
The Company is actively bidding and acquiring, oil & gas properties in Alberta with various private partners at this time. A more detailed description of the properties acquired will be given as title documents are yet to be completed. All acquisitions are for cash.
The Company is also pleased to announce that its line of credit for over half a million dollars with a major Canadian bank has been finalized. The line of credit will allow the Company to plan and complete further oil & gas acquisitions without straining the short term cash flow of the Company. The Company also announces that Panstar Capital Corp., will not be handling the investor relations tasks for the Company. Investor relations duties will be handled by management. The Company announces that 272,000 stock options will be set at $0.30 per share for directors and employees.
For further information please call (604) 689-2454 or visit our web site at www.mountdakota.com.
On behalf of the Board
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the contents of this news release
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