Joseph V. Montalban the Chairman and CEO of Mountainview Energy Ltd. today announced that the workover program in the recently acquired Red Creek Field, which is located along the US/Canada border, in northern Montana, commenced in early September, 2002. This field was acquired from Summit Resources Ltd. of Calgary and contains 28 wells.
Three wells were tested and reworked resulting in increased daily production from some 40 barrels to 70 barrels of oil per day. The enhanced production along with escalating oil prices resulted in a revenue increase from an average of $35,000USD per month to $42,000USD in September 2002. Additional wells will be reworked in early November when the service rig returns to Red Creek.
The management of Mountainview Energy Ltd. is continuing in its efforts to identify new properties for development in Southern Alberta and Northern Montana. Several properties are now under study and consideration. With the completion of the Private Placement in June, 2002 the Company is now debt free and has sufficient working capital to make new acquisitions.
On behalf of the Board
MOUNTAINVIEW ENERGY LTD.
:signed “Joseph V. Montalban”
Joseph V. Montalban
Chairman and CEO
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