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TSX Venture: AUL
VANCOUVER, April 23 /CNW/ - Austin Developments Corp. (TSX Venture Exchange Symbol "AUL") ("Austin") has been informed by Montello Resources Ltd. ("Montello") as Operator of the Morgan Highpoint Project that the Morgan Highpoint No. 5 Test Well has been drilled to total depth and logged. Hydrocarbons were encountered during the drilling of this well. The well logs will now be assessed and analyzed to determine a suitable completion program for the Morgan Highpoint No. 4 and Morgan Highpoint No. 5 Wells.
The Morgan Highpoint No. 5 Well was drilled on a parcel of land recently acquired as part of the Morgan Highpoint Project and is strategically located between the Morgan Highpoint No. 3 Discovery Well and the Howard White No. 1 Well. The participating parties in the Morgan Highpoint No. 5 well are as follows: Montello Resources Ltd. 35%, Austin Developments Corp. 30%, Blackrock Petroleum Corp. 30% and Park Place Energy Corp. 5%.
The JV Partners are encouraged with all of the results achieved to date on the Morgan Highpoint Project and look forward to announcing completion plans in due course.
On behalf of the Board of Directors
Austin Developments Corp.
Per:
"Patrick Power"
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Patrick Power
President and Director
Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. There can be no assurances that future developments affecting Austin will be those anticipated by management.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.