|Mon Apr 15, 2002|
| ||The Company is pleased to announce the results of a recently completed engineering report for the petroleum and natural gas reserves on its Garrington #1 and Garrington #2(West) horizontal wells both located west of Bowden, Alberta. The report gives the net present value of the proven developed producing and probable oil and gas reserves owned by Mount Dakota Energy Corp., in the above two wells as $5,059,000.|
The Company will be completing reserve evaluations on its two newest wells, the Farrow #1, and the Lomond Well, in the next couple of months. Management is confident, based on the existing production rates of the Farrow #1 and the Lomond well, that the reserve value given to Mount Dakota's share of these two new wells will add significantly to its asset base.
The Company and its partners are anxiously awaiting the commencement of the Farrow #2 test well located approximately 2500 feet north of the Farrow #1 production well. The Farrow #2 well will test our geoscientist's theory that the channel sands the Farrow #1 well is currently producing from extend to the north. A positive result on the Farrow #2 test well will allow the potential for the drilling of numerous infill wells around, and between the Farrow #1 and Farrow #2 wells. Depending on the road restrictions during spring breakup, the company expects drilling of the Farrow #2 to begin in late May 2002.
On Behalf of the Board
Mount Dakota Energy Corp.
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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