Dissapointing news out - no oilGuess people in the know are the ones selling this morning.
Bonanza Resources plugs Nowlin well, not productive
2010-02-01 12:03 ET - News Release
Mr. Byron Coulthard reports
BONANZA RESOURCES RECEIVES DRILL ASSESSMENTS ON THE NORTH FORK 3-D PROJECT THAT THE MORROW SANDS ARE NOT PRODUCTIVE
Bonanza Resources Corp. has been informed by the operator that the Nowlin No. 1-19 has been drilled to a depth of 8,836 feet and after reviewing the drilling logs, it has been determined that the targeted Morrow A and B sands are not productive. Bonanza and its partners are currently reviewing the geologic and geophysical data to determine if there are any oil targets within the leased acreage of the North Fork. The Nowlin No. 1-19 was plugged and the rig released on Sunday, Jan. 31, 2010. President Byron Coulthard states, "Bonanza is continuing to work with our operators on the Lasley project and the Bakken oil prospect in southeast Saskatchewan and is constantly reviewing prospects that will enhance shareholder value."