MOUNTAINVIEW ENERGY LTD (the “Company”), a Canadian Public Company listed on the TSX VENTURE EXCHANGE today announced the SEDAR filings for the 3rd Quarter 2004. Included in this filing are the Financial Statements for the 3rd Quarter ending September 30, 2004 along with the requisite Management’s Discussion and Analysis and other disclosure documents.
The Company realized Gross Revenues from oil sales for the Quarter Ending September 30, 2004 of US$246,639 (CDN$325,523), which is a marked improvement over the same period in 2003 of US$184,878 (CDN$269,427). This increase in revenues from 3rd Quarter 2003 to 3rd Quarter 2004 is a direct result of the steady increase in the price received per barrel of oil. During the 3rd Quarter of 2003, the average price per barrel of oil was US$25.34, significantly increasing to an average of $38.24 per barrel of oil for the 3rd Quarter of 2004.
The steady revenues for the quarter carried through to the bottom line with the Company experiencing a gain from operations of $20,266 and an overall gain for the 3rd Quarter 2004 of $2,002, as a result of a reduction for a “Provision for Income Taxes” of $18,264. The Company’s Working Capital position continues to remain healthy with a figure of $432,025 for the Quarter Ending September 30, 2004. With steady monthly revenues and a strong Working Capital position the Company continues to meet its ongoing obligations.
The Company completed a successful workover program in the Red Creek Field during the 3rd Quarter of 2004, yielding the following results:
- Red Creek No. 12A-12: The Red Creek No. 12A-12 was acidized and re-completed for production in the Madison/Cut Bank formations.
- Red Creek No. 13: The Red Creek No. 13 well was re-completed as a Madison oil well.
- Red Creek 22: The Red Creek No. 22 well was acidized and re-completed as a Cut Bank oil well.
- Red Creek 23: The Red Creek #23 well was re-completed as a Madison oil well.
This program has resulted in an increase in the Red Creek Fields total average daily production to some 95 BOPD. This in turn has lead to an increase in revenues, as evidenced during the past month in which the Company received Gross Revenues of $131,353 for oil sales during the month of October 2004.
Management has postponed the planned multi-well drilling program in the Red Creek Field until Spring 2005. As a rig was not available this Fall, Management did not want to begin drilling operations during winter weather. As for the newly acquired Judith Basin/Shannon Project, Management continues to study the prospect for drilling locations for a program to commence next year.
MOUNTAINVIEW ENERGY LTD
J.V. Montalban, Chairman of the Board
President & Chief Executive Officer
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