MOUNTAINVIEW ENERGY LTD (the “Company”) a Canadian Public Company listed on the TSX VENTURE EXCHANGE today announces its SEDAR filings for the year ending December 31, 2003 including its notices of and pertinent documentation for the Annual Meeting of its Shareholders to be held June 17, 2004.
With this filing the Company’s reserves have been evaluated and updated, as per the guidelines of NI101-51, by the Company’s Engineering Firm, Citadel Engineering Ltd, of Calgary, Alberta, effective December 31, 2003. Proved Producing reserves increased from 147,944 barrels in 2002 to 195,264 in 2003.
Gross Revenues from oil sales for the year ending December 31, 2003 of $1,131,173 increased 50% over the revenues received during the same period in 2002 of $623,221. Costs of Sales for the year were approximately $17.00 per barrel, which remained constant from the same period in 2002. The Company’s major operating expense is for power, which is supplied by the local electric company. This expense is comprised of charges for power to pump the wells. Management is currently evaluating the establishment of a wind-turbine farm to offset the high electric/power operating expenses.
MOUNTAINVIEW ENERGY LTD
J.V. Montalban, Chairman of the Board
President & Chief Executive Officer
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.Back to top