VANCOUVER, Nov. 3 /PRNewswire-FirstCall/ -- Great Northern Oilsands Inc. ("Great Northern") is pleased to announce that the operator Montello Resources Ltd., (TSXV: MEO) has informed Great Northern that the Joint Venture Partnership at Morgan Highpoint has purchased the John Bowen Land Package complete with mineral rights.
Great Northern's President and CEO, David Lane stated "This acquisition will reduce the potential royalty payable by Great Northern (OTC: Pink Symbol "GNNS:PK") as to a 5% interest, from an estimated 18% down to approximately 8% should the John Bowen Lands be commercial. This acquisition gives the operator flexibility to install a facility that could accommodate future development in the area. This also gives total flexibility to install a pipeline system to the East Tennessee Gas Hub (Duke Midstream) which would allow shipping to potential markets in the southeast. Great Northern is pleased with this acquisition and thanks its Joint Venture Partners and shareholders for their continued support.
The John Bowen # 2 Test Well now has casing set and is currently drilling ahead at 8,000 plus feet. It is anticipated that total depth of the well, as previously estimated, will be 9,500 feet.
Great Northern will keep shareholders apprised of developments with respect to this project as they occur.
Certain statements in the release are forward-looking statements or information (collectively "Forward-Looking Statements"), within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. We are hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in these Forward-Looking Statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intend," "plan," "projection," "could," "vision," "goals," "objective" and "outlook") are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the Forward-Looking Statements.
CONTACT: David Lane, Great Northern Oilsands Inc. President & Chief Executive Officer, Email:
