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BONANZA ANNOUNCES JANUARY SPUD DATE FOR FIRST WELL ON NORTH FORK 3-D PROSPECT, OKLAHOMA
December 15, 2009
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VANCOUVER, British Columbia – December 15, 2009 – Bonanza Resources Corporation (BRS-TSX.V: BRSUF – OTC: B4G-Frankfurt) (the “Company”) has been informed by the operator (Ryan Petroleum) that the 1st well is scheduled to spud during the week of January 17th on the North Fork 3-D project in Beaver County, Oklahoma. The well location has been determined by extensive review and interpretation of 3-D seismic data. Morgan creek has the right to earn a 70% of Bonanza's 85% WI position, by drilling and completing a well on the prospect which consists of 5,600 acres. Bonanza and the operator have paid for and shot proprietary 3-D seismic over 8,500 acres. It was determined by the operator not to renew 2,900 acres, which were not evaluated by the seismic and to concentrate the acreage position on the areas in which seismic data was obtained. The AFE costs for the 1st well is $950,000 to drill and complete. Morrow A and B Sands in this region have been shown to produce between 300 and 500 barrels of oil per day.
ON BEHALF OF THE BOARD
“Byron Coulthard”
President/CEO
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For further information, please contact:
Bonanza Resources Corporation
+1 604 340-4853
email: info@bonanzaresources.com
website: www.bonanzaresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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