MOUNTAINVIEW ENERGY LTD, Chairman, President & Chief Executive Officer, J.V. Montalban today announced that the Company completed the Fall Workover and Re-completion program in the Red Creek Field, Glacier County, Montana in late December 2002.
During the program a Cut Bank Gas Discovery was made in the Red Creek #29 well, located in Section 12-T37N-R5W, when the Upper Cut Bank Sandstone was perforated and a new gas zone resulted. The well tested 1,200 mcf per day on a ¾” oreface at 90 pounds pressure during an 8 hour test. The other highlight of this program is the Red Creek #10C-1 re-completed in the Madison Formation with initial production of 48 barrels of oil per day and no water.
As a result of this Fall Program, total field production increased from 42 barrels of oil per day to over 110 barrels of oil per day. Field sales jumped from 1,800 barrels of oil in November to 2,400 barrels of oil in December. With an estimated average price per barrel of $23.00 (U.S. Funds), revenues for the month of December would be approximately $55,000.00. The Company plans to begin a winter program in mid-January when the service rig becomes available again.
Management is currently studying other acquisitions in Northern Montana and Southern Alberta, Canada.
Mountainview Energy Ltd is a Canadian oil and gas exploration and production company traded on the TSX Venture Exchange and headquartered in Cut Bank, Montana at the CBM Bldg — 33 1st Avenue SW — PO Box 200, Cut Bank, Montana 59427-0200.
MOUNTAINVIEW ENERGY LTD
” J.V. Montalban”
J.V. Montalban, Chairman of the Board
President & Chief Executive Officer
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